ZIP Code · TN

ZIP 38118

Part of Memphis, TN

Pop. 39,107·Shelby County·132nd most expensive ZIP in Tennessee

Median rent (all units)

$1,178/mo

Year-over-Year

+1.0%

Month-over-Month

+0.2%

vs US Median

-$754

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 38118 · $1,178

More affordable than 92% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,020

1 BR

$1,110

2 BR

$1,230

3 BR

$1,620

4 BR+

$1,890

Research median

$1,230/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

February. Asking rents in ZIP 38118 usually run 0.4% below trend in February and 0.4% above it in September, about $9 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 38118 is 0% below its high of $1,178 in June 2026, at $1,178 as of September 2026.

Past year vs. the rest of Tennessee

Rent in ZIP 38118 changed +1.0% over the year to September 2026. Across the 127 Tennessee ZIP codes Zillow tracks, the typical change was +1.8%.

Recent direction

Rent rose in 6 of the last 12 months.

What a typical income covers

30% of the median household income ($43,446) is $1,086 a month. That covers HUD's Fair Market Rent for up to a studio ($1,020); a 1-bedroom is $1,110.

Rank in Memphis

9th cheapest of 22 ZIP codes in Memphis.

Cheaper nearby

ZIP 38115, 4 miles away, rents for 13% less ($1,029/mo), about $1,800 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 38118. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$14,136/yr

At $1,178/mo median

Location

CityMemphis

StateTN

CountyShelby County

Rent Market Meter

Balanced Market

Renter's MarketBalancedLandlord's Market

Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.

Based on rent-price momentum (+1.0% YoY, +0.2% MoM), not inventory.

Demographics

Who lives here

ZIP 38118 (Memphis, TN) is majority renter-occupied, has a large share of families with children, has a median income below the national average, 12.1% of residents hold a bachelor's degree or higher.

Population

39,107

Median income

$43,446

Median age

29.1

Renters

60.2%

Age distribution

33.5%

27.4%

19.9%

Under 1833.5%

18–3427.4%

35–5419.9%

55–649.9%

65+9.2%

Gender

47.3%

52.7%

Male47.3%

Female52.7%

Race & ethnicity

71.9%

20.9%

White6.6%

Black71.9%

Hispanic20.9%

Asian0.8%

Education (25+)

21.1%

35.8%

31%

12.1%

No HS diploma21.1%

HS diploma35.8%

Some college31%

Bachelor's+12.1%

Housing tenure

39.8%

60.2%

Owner39.8%

Renter60.2%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 38118 in Memphis, TN has changed in 5 years

Rent

$891 → $1,178

up 32.2%

Income

$38,589 → $43,446

up 12.6%

Population

38,931 → 39,107

up 0.5%

Renter share

57.5% → 60.2%

+2.7 pts

Bachelor's+

10.3% → 12.1%

+1.8 pts

Median age

28.3 → 29.1

+0.8 yrs

Compared with 2021, rent in ZIP 38118 in Memphis, TN has climbed by $287 per month, settling near $1,178 after starting the period at $891. On the earnings side, the typical household in ZIP 38118 in Memphis, TN now reports about $43,446, up from $38,589 in 2021. Rent outpaced income growth by roughly 19.6 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. About 60.2% of households rent today, against 57.5% in 2021. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 38118 in Memphis, TN reflects that arc in its own way.

Community

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About renting in ZIP 38118

Last updated: October 17, 2026

ZIP code 38118 covers Memphis, TN. The median rent here is $1,178/mo as of October 2026. A 1-bedroom rents for a median of $1,110/mo. A 2-bedroom rents for a median of $1,230/mo.

At 33% of local median household income ($43,446/yr), ZIP 38118 ranks as moderate compared to the national benchmark of 30%. Rents have increased 1.0% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38118?

To keep rent at or below 30% of gross income, you would need to earn at least $47,000/year (about $23/hour full-time) to afford the median rent of $1,178/mo in ZIP 38118. The local median household income is $43,446/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 38118?

Rent in ZIP 38118 has risen 1.0% over the past year as of September 2026. It sits 0% below its high of $1,178 in June 2026.

When is the cheapest time to rent in ZIP 38118?

Asking rents in ZIP 38118 are usually lowest in February, about 0.4% below their yearly trend, and highest in September, about 0.4% above it. At today's median that is a gap of roughly $9 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 38118 compare to other ZIPs in Tennessee?

ZIP 38118 is one of the more affordable among Tennessee ZIP codes for rent, ranking #132 of 147 at $1,178/mo. Over the year to September 2026, rent in ZIP 38118 changed +1.0%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.