ZIP Code · TN

ZIP 38138

Part of Germantown, TN

Pop. 25,167·Shelby County·4th most expensive ZIP in Tennessee

Median rent (all units)

$2,259/mo

Year-over-Year

+6.7%

Month-over-Month

+2.2%

vs US Median

+$327

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 38138 · $2,259

More expensive than 72% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,540

1 BR

$1,680

2 BR

$1,850

3 BR

$2,440

4 BR+

$2,840

Research median

$1,850/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

Compared with the peak

Rent in ZIP 38138 is at its highest level since Zillow's records here began in January 2023.

Past year vs. the rest of Tennessee

Rent in ZIP 38138 changed +6.7% over the year to September 2026. Across the 127 Tennessee ZIP codes Zillow tracks, the typical change was +1.8%.

Recent direction

Rent has risen 5 months in a row, and rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($136,297) is $3,407 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($2,840).

Cheaper nearby

ZIP 38119, 3 miles away, rents for 35% less ($1,472/mo), about $9,400 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 38138. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$27,108/yr

At $2,259/mo median

Location

CityGermantown

StateTN

CountyShelby County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 6.7% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+6.7% YoY, +2.2% MoM), not inventory.

Demographics

Who lives here

ZIP 38138 (Germantown, TN) is majority owner-occupied, has a large retiree population, has a median income above the national average, 69.1% of residents hold a bachelor's degree or higher.

Population

25,167

Median income

$136,297

Median age

44.6

Renters

20.2%

Age distribution

24.8%

25.4%

26.8%

Under 1824.8%

18–3411.9%

35–5425.4%

55–6411%

65+26.8%

Gender

47.3%

52.7%

Male47.3%

Female52.7%

Race & ethnicity

84.6%

White84.6%

Black5.2%

Hispanic2.3%

Asian5.3%

Other2.6%

Education (25+)

18.8%

69.1%

No HS diploma2.6%

HS diploma9.6%

Some college18.8%

Bachelor's+69.1%

Housing tenure

79.8%

20.2%

Owner79.8%

Renter20.2%

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

2023 vs 2026

How ZIP 38138 in Germantown, TN has changed in 5 years

Rent

$1,886 → $2,259

up 19.8%

Income

$115,400 → $136,297

up 18.1%

Population

25,459 → 25,167

down 1.1%

Renter share

18% → 20.2%

+2.2 pts

Bachelor's+

65.4% → 69.1%

+3.7 pts

Median age

42.8 → 44.6

+1.8 yrs

Across the past five years, the going rent in ZIP 38138 in Germantown, TN has shifted from $1,886 to $2,259, up 19.8% since 2023. Local incomes tracked alongside that move, going from a median of $115,400 in 2021 to $136,297 more recently. Census counts show ZIP 38138 in Germantown, TN losing about 292 residents over the five-year window, down 1.1% on net. The renter share has risen from 18% to 20.2%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 65.4% to 69.1% across the same window. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 38138 in Germantown, TN market of 2023.

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About renting in ZIP 38138

Last updated: October 17, 2026

ZIP code 38138 covers Germantown, TN. The median rent here is $2,259/mo as of October 2026. A 1-bedroom rents for a median of $1,680/mo. A 2-bedroom rents for a median of $1,850/mo.

At 20% of local median household income ($136,297/yr), ZIP 38138 ranks as affordable compared to the national benchmark of 30%. Rents have increased 6.7% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 38138?

To keep rent at or below 30% of gross income, you would need to earn at least $90,000/year (about $43/hour full-time) to afford the median rent of $2,259/mo in ZIP 38138. The local median household income is $136,297/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 38138?

Rent in ZIP 38138 has risen 6.7% over the past year as of September 2026. That is the highest level since Zillow's records here began in January 2023.

How does ZIP 38138 compare to other ZIPs in Tennessee?

ZIP 38138 is one of the pricier among Tennessee ZIP codes for rent, ranking #4 of 147 at $2,259/mo. Over the year to September 2026, rent in ZIP 38138 changed +6.7%, against a typical +1.8% across the 127 Tennessee ZIP codes Zillow tracks.