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Typical Rent in 38128 — Memphis, TN
The typical 1-bedroom rent in 38128 (Memphis, TN) is $1,262/month as of 2026, based on 5 data sources. Rents have fallen 1.1% year over year, so an increase above 1.1% exceeds the local market trend. Studio: $1,120. 2-bedroom: $1,350.
Rents in Memphis have changed approximately -1.8% – +0.2% over the past year based on local market data. A rent increase above 0.2% is above the local market trend.
Estimated Rent · 1-Bedroom
$1,262/mo
Source: HUD Estimated Rent
Data through
Based on 5 independent data sources including local market trends and nearby listings.
The HUD Fair Market Rent for a 1-bedroom in 38128 (Memphis, TN) is $1,220 for FY2026.
Rents in 38128 have decreased 1.1% year-over-year based on local market data.
The confidence level for this estimate is high based on 5 data sources.
Based on local market data, a fair rent increase in Memphis (38128) is approximately 1.1% for 2026. The typical 1-bedroom rent is $1,262/month. Any increase significantly above 1.1% exceeds the local market trend and may be worth negotiating.
Sources: local market data, HUD SAFMR FY2026, Rentcast. Updated February 2026.
What Should Rent Cost in 38128 (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 38128 (Memphis) typically rents for $1,120 – $1,210.
Rents above $1,392 are in the top 25% for this area.
A 1-bedroom in 38128 (Memphis) typically rents for $1,220 – $1,318.
Rents above $1,516 are in the top 25% for this area.
A 2-bedroom in 38128 (Memphis) typically rents for $1,350 – $1,458.
Rents above $1,677 are in the top 25% for this area.
A 3-bedroom in 38128 (Memphis) typically rents for $1,780 – $1,922.
Rents above $2,210 are in the top 25% for this area.
A 4-bedroom in 38128 (Memphis) typically rents for $2,080 – $2,246.
Rents above $2,583 are in the top 25% for this area.
Current Asking Rents in 38128
What are apartments actually renting for near 38128? Click below to see live asking rents from current listings.
Live market data · Updated daily
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Rent Trends in Memphis, TN
-1.1%
Rents in 38128 (Memphis) are cooling at -1.1% year-over-year.
− Estimated trend
Market sources range from -1.8% to +0.2%
Local vacancy rate: 8.8%
Sources: Apartment List, Zillow ZORI, HUD Fair Market Rent
Federal Rent Benchmarks for 38128
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 | Estimated Rent |
|---|---|---|
| Studio | $1,120 | $1,159 |
| 1-Bedroom | $1,220 | $1,262 |
| 2-Bedroom | $1,350 | $1,393 |
| 3-Bedroom | $1,780 | $1,840 |
| 4-Bedroom | $2,080 | $2,142 |
Source: HUD SAFMR FY2026 · Updated
Questions about rent in 38128
What is the average 1-bedroom rent in 38128?
The typical 1-bedroom rent in 38128 (Memphis, TN) is $1,262/month as of 2026. This page also shows nearby bedroom benchmarks, including studio rent at $1,120 and 2-bedroom rent at $1,350.
What is a fair rent increase in 38128?
A rent increase up to about 1.1% is in line with the recent local market trend in 38128. 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 38128?
Rents in 38128 have fallen 1.1% year over year based on the local trend data used on this page.
How much do studios and 2-bedrooms cost in 38128?
On this page, studio rent in 38128 is $1,120/month and 2-bedroom rent is $1,350/month. These figures help show whether your current or proposed rent fits the broader local bedroom mix.
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Similar Rents in Other Areas
These zip codes have similar 1-bedroom rents to 38128 ($1,220/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 →