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ZIP Code · TN

ZIP 38138

Pop. 25,167·Shelby County·7th most expensive ZIP in Tennessee
Median rent (all units)
$2,342/mo
Year-over-Year
+6.6%
Month-over-Month
-4.5%
vs US Median
+$380
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 38138 · $2,342
More expensive than 74% of US ZIP codes · National median $1,962/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: August 17, 2026

Annual cost
$28,104/yr
At $2,342/mo median
Location
StateTN
CountyShelby County
Rent Market Meter
Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are softening (up only 6.6% YoY), so renters have negotiating leverage.
Based on rent-price momentum (+6.6% YoY, -4.5% 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

2021 vs 2026

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

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

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.

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Local insights

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About renting in ZIP 38138

Last updated: August 17, 2026

ZIP code 38138 covers Germantown, TN. The median rent here is $2,342/mo as of August 2026. A 1-bedroom rents for a median of $1,680/mo. A 2-bedroom rents for a median of $1,850/mo.

At 21% of local median household income ($136,297/yr), ZIP 38138 ranks as affordable compared to the national benchmark of 30%. Rents have increased 6.6% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 38138?

As of August 17, 2026, the median monthly rent in ZIP 38138 (Germantown, TN) is $2,342. This is based on aggregated data from public sources and community submissions.

How does ZIP 38138 rent compare to the US average?

ZIP 38138's median rent of $2,342/mo is $380 (19%) above the US national median of $1,962/mo.

How does ZIP 38138 compare to other ZIPs in Tennessee?

ZIP 38138 is one of the pricier ZIP codes in Tennessee, ranking #7 out of 143 ZIPs tracked at $2,342/mo.

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 $94,000/year (~$45/hour full-time) to afford the median rent of $2,342/mo in ZIP 38138. The local median household income is $136,297/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 38138?

Rent in ZIP 38138 has increased 6.6% over the past year as of August 17, 2026, putting upward pressure on renter budgets.

Is ZIP 38138 an affordable place to rent?

ZIP 38138 is considered very affordable for renters. At $2,342/mo, rent takes approximately 21% of the local median household income ($136,297/yr). The standard benchmark is 30%. ZIP 38138 falls comfortably within that range.

What percentage of ZIP 38138 residents rent vs. own?

According to Census data, approximately 20.2% of ZIP 38138 households are renters, while 79.8% are owner-occupied. ZIP 38138 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 38138 compare to the rest of Germantown?

ZIP 38138 is more affordable than Germantown overall. At $2,342/mo, it's $61 below the Germantown citywide median of $2,403/mo.

When was rent data for ZIP 38138 last updated?

Rent data for ZIP 38138 reflects August 17, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
21%
VERY AFFORDABLE

At $2,342/mo, rent takes ~21% of ZIP 38138's median household income ($136,297/yr). The standard benchmark is 30%.

ZIP 38138 21%Benchmark 30%
State income taxNone
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