ZIP Code · TN

ZIP 38122

Part of Memphis, TN

Pop. 26,021·Shelby County·136th most expensive ZIP in Tennessee

Median rent (all units)

$1,119/mo

Year-over-Year

+1.9%

Month-over-Month

+0.9%

vs US Median

-$813

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 38122 · $1,119

More affordable than 95% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,030

1 BR

$1,120

2 BR

$1,240

3 BR

$1,640

4 BR+

$1,910

Research median

$1,240/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

August. Asking rents in ZIP 38122 usually run 0.8% below trend in August and 0.6% above it in November, about $16 a month apart at today's median. Based on 5 years of data.

Compared with the peak

Rent in ZIP 38122 is at its highest level since Zillow's records here began in September 2021.

Past year vs. the rest of Tennessee

Rent in ZIP 38122 changed +1.9% 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 7 of the last 12 months.

What a typical income covers

30% of the median household income ($48,710) is $1,218 a month. That covers HUD's Fair Market Rent for up to a 1-bedroom ($1,120); a 2-bedroom is $1,240.

Rank in Memphis

7th cheapest of 22 ZIP codes in Memphis.

Cheaper nearby

ZIP 38114, 6 miles away, rents for 17% less ($929/mo), about $2,300 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 38122. 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

$13,428/yr

At $1,119/mo median

Location

CityMemphis

StateTN

CountyShelby County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (1.9% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+1.9% YoY, +0.9% MoM), not inventory.

Demographics

Who lives here

ZIP 38122 (Memphis, TN) is roughly split between renters and owners, has a large share of families with children, has a median income below the national average, 23.8% of residents hold a bachelor's degree or higher.

Population

26,021

Median income

$48,710

Median age

30.4

Renters

47.3%

Age distribution

34.1%

22.8%

23.8%

Under 1834.1%

18–3422.8%

35–5423.8%

55–648.2%

65+11.2%

Gender

47.3%

52.7%

Male47.3%

Female52.7%

Race & ethnicity

38.7%

20.1%

38.2%

White38.7%

Black20.1%

Hispanic38.2%

Asian1.9%

Other1.1%

Education (25+)

26%

26.2%

24%

23.8%

No HS diploma26%

HS diploma26.2%

Some college24%

Bachelor's+23.8%

Housing tenure

52.7%

47.3%

Owner52.7%

Renter47.3%

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

2022 vs 2026

How ZIP 38122 in Memphis, TN has changed in 5 years

Rent

$992 → $1,119

up 12.8%

Income

$40,674 → $48,710

up 19.8%

Population

22,961 → 26,021

up 13.3%

Renter share

48.8% → 47.3%

-1.5 pts

Bachelor's+

20.8% → 23.8%

+3.0 pts

Median age

32.7 → 30.4

-2.3 yrs

Rent in ZIP 38122 in Memphis, TN has increased 12.8% since 2022, going from about $992 per month to roughly $1,119 today. Median household income grew from $40,674 to $48,710 between 2021 and 2024, a 19.8% shift. Income growth outran rent by about 7.0 percentage points, easing the affordability math somewhat compared with 2021. Headcount in the area went from 22,961 to 26,021 between 2021 and 2024, a 13.3% change. About 47.3% of households rent today, against 48.8% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 20.8% to 23.8%. Taken together, the five-year picture in ZIP 38122 in Memphis, TN reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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About renting in ZIP 38122

Last updated: October 17, 2026

ZIP code 38122 covers Memphis, TN. The median rent here is $1,119/mo as of October 2026. A 1-bedroom rents for a median of $1,120/mo. A 2-bedroom rents for a median of $1,240/mo.

At 28% of local median household income ($48,710/yr), ZIP 38122 ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.9% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38122?

To keep rent at or below 30% of gross income, you would need to earn at least $45,000/year (about $22/hour full-time) to afford the median rent of $1,119/mo in ZIP 38122. The local median household income is $48,710/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 38122?

Rent in ZIP 38122 has risen 1.9% over the past year as of September 2026. That is the highest level since Zillow's records here began in September 2021.

When is the cheapest time to rent in ZIP 38122?

Asking rents in ZIP 38122 are usually lowest in August, about 0.8% below their yearly trend, and highest in November, about 0.6% above it. At today's median that is a gap of roughly $16 a month. This pattern comes from 5 years of Zillow rent data.

How does ZIP 38122 compare to other ZIPs in Tennessee?

ZIP 38122 is one of the more affordable among Tennessee ZIP codes for rent, ranking #136 of 147 at $1,119/mo. Over the year to September 2026, rent in ZIP 38122 changed +1.9%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.