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Typical Rent in 38131 — Memphis, TN
The typical 1-bedroom rent in 38131 (Memphis, TN) is $1,262/month as of 2026, based on 3 data sources. Rents have fallen 2.2% year over year, so an increase above 2.2% exceeds the local market trend. Studio: $1,070. 2-bedroom: $1,280.
Rents in Memphis have changed approximately -4.1% – -1.8% over the past year based on local market data. Rents are declining in this area — any increase is above the local market trend.
Estimated Rent · 1-Bedroom
$1,262/mo
Source: HUD Estimated Rent
Data through
Based on federal benchmarks and 2 additional market sources.
The HUD Fair Market Rent for a 1-bedroom in 38131 (Memphis, TN) is $1,160 for FY2026.
Rents in 38131 have decreased 2.2% year-over-year based on local market data.
The confidence level for this estimate is moderate based on 3 data sources.
Based on local market data, a fair rent increase in Memphis (38131) is approximately 2.2% for 2026. The typical 1-bedroom rent is $1,262/month. Any increase significantly above 2.2% 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 38131 (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 38131 (Memphis) typically rents for $1,070 – $1,159.
Rents above $1,333 are in the top 25% for this area.
A 1-bedroom in 38131 (Memphis) typically rents for $1,160 – $1,262.
Rents above $1,451 are in the top 25% for this area.
A 2-bedroom in 38131 (Memphis) typically rents for $1,280 – $1,393.
Rents above $1,602 are in the top 25% for this area.
A 3-bedroom in 38131 (Memphis) typically rents for $1,690 – $1,840.
Rents above $2,116 are in the top 25% for this area.
A 4-bedroom in 38131 (Memphis) typically rents for $1,970 – $2,142.
Rents above $2,463 are in the top 25% for this area.
Current Asking Rents in 38131
What are apartments actually renting for near 38131? Click below to see live asking rents from current listings.
Live market data · Updated daily
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Rent Trends in Memphis, TN
-2.2%
Rents in 38131 (Memphis) are cooling at -2.2% year-over-year.
− Estimated trend
Market sources range from -4.1% to -1.8%
Local vacancy rate: 8.8%
Sources: Apartment List, HUD Fair Market Rent
Federal Rent Benchmarks for 38131
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 | $1,070 | $1,159 |
| 1-Bedroom | $1,160 | $1,262 |
| 2-Bedroom | $1,280 | $1,393 |
| 3-Bedroom | $1,690 | $1,840 |
| 4-Bedroom | $1,970 | $2,142 |
Source: HUD SAFMR FY2026 · Updated
Questions about rent in 38131
What is the average 1-bedroom rent in 38131?
The typical 1-bedroom rent in 38131 (Memphis, TN) is $1,262/month as of 2026. This page also shows nearby bedroom benchmarks, including studio rent at $1,070 and 2-bedroom rent at $1,280.
What is a fair rent increase in 38131?
A rent increase up to about 2.2% is in line with the recent local market trend in 38131. 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 38131?
Rents in 38131 have fallen 2.2% year over year based on the local trend data used on this page.
How much do studios and 2-bedrooms cost in 38131?
On this page, studio rent in 38131 is $1,070/month and 2-bedroom rent is $1,280/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 38131 ($1,160/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 →