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Fair Market Rent in 38048 — Memphis, TN
The HUD Fair Market Rent for a 1-bedroom in 38048 (Memphis, TN) is $940/month for FY2026. Limited market trend data is available for this area. Studio: $860. 2-bedroom: $1,060.
Fair Market Rent · 1-Bedroom
$940/mo
Source: HUD Fair Market Rent
This area has limited data coverage. For more detailed rent data, see the city-level analysis for Memphis.
Data through
The HUD Fair Market Rent for a 1-bedroom in 38048 (Memphis, TN) is $940 for FY2026.
Rents in 38048 have decreased 9.6% year-over-year based on HUD Fair Market Rent.
The confidence level for this estimate is limited based on 1 data source.
Based on HUD Fair Market Rent, a fair rent increase in Memphis (38048) is approximately 9.6% for 2026. The typical 1-bedroom rent is $940/month. Any increase significantly above 9.6% exceeds the local market trend and may be worth negotiating.
Sources: HUD Fair Market Rent, HUD SAFMR FY2026, Rentcast. Updated October 2025.
What Should Rent Cost in 38048 (Memphis)?
Typical rent ranges based on HUD benchmarks and market data. In areas with limited listing data, ranges reflect federal benchmarks and may be wider than actual market conditions.
A studio in 38048 (Memphis) typically rents for $860 – $989.
Rents above $1,137 are in the top 25% for this area.
A 1-bedroom in 38048 (Memphis) typically rents for $940 – $1,081.
Rents above $1,243 are in the top 25% for this area.
A 2-bedroom in 38048 (Memphis) typically rents for $1,060 – $1,219.
Rents above $1,402 are in the top 25% for this area.
A 3-bedroom in 38048 (Memphis) typically rents for $1,390 – $1,598.
Rents above $1,838 are in the top 25% for this area.
A 4-bedroom in 38048 (Memphis) typically rents for $1,620 – $1,863.
Rents above $2,142 are in the top 25% for this area.
Current Asking Rents in 38048
What are apartments actually renting for near 38048? Click below to see live asking rents from current listings.
Live market data · Updated daily
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Federal Rent Benchmarks for 38048
HUD Fair Market Rents are federal rent benchmarks used for housing programs, published annually by HUD.Note: These values represent the HUD metro-area benchmark for the Memphis, TN-MS-AR HUD Metro FMR Area area, not zip-specific rates.
| Bedroom Size | Fair Market Rent |
|---|---|
| Studio | $860 |
| 1-Bedroom | $940 |
| 2-Bedroom | $1,060 |
| 3-Bedroom | $1,390 |
| 4-Bedroom | $1,620 |
Source: HUD SAFMR FY2026 · Updated
Questions about rent in 38048
What is the average 1-bedroom rent in 38048?
The HUD Fair Market Rent for a 1-bedroom in 38048 (Memphis, TN) is $940/month for FY2026. This page also shows benchmark rents for studios and 2-bedroom apartments in the same area.
What is a fair rent increase in 38048?
A rent increase up to about 9.6% is in line with the recent local market trend in 38048. An increase above that level is above trend and may justify a closer review against local pricing and comparable apartments.
Are rents going up or down in 38048?
Rents in 38048 have fallen 9.6% year over year based on the local trend data used on this page.
How much do studios and 2-bedrooms cost in 38048?
On this page, studio rent in 38048 is $860/month and 2-bedroom rent is $1,060/month. These figures help show whether your current or proposed rent fits the broader local bedroom mix.
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These zip codes have similar 1-bedroom rents to 38048 ($940/mo) — useful for comparing what your rent gets you in other markets.
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Market data updated monthly from public and third-party sources. Actual rents vary by unit, building, and lease terms. For informational purposes only — not legal or financial advice. See methodology →