Cheapest rent in the Memphis area, by ZIP code
Typical rent (monthly), September 2026 · Zillow ZORI (Sep 2026), seasonally adjusted (Zillow) · updated 2026-11-15
ZIP code 38106 (Memphis, TN) has the lowest typical monthly rent of the 40 ZIP codes ranked in the Memphis area: $908, 35% below the figure for the metro area as a whole ($1,393).
The 10 lowest run from $908 to $1,119; the highest of all 40 is $2,304, 2.5 times the lowest.
35 of the 40 ZIP codes are below the U.S. typical rent of $1,932; the median ZIP code in the Memphis area is at $1,469.
Cheapest rent in the Memphis area, by ZIP code: the first 30 of 40
| Rank | ZIP code | Typical rent (monthly) | Rents, 1-year change | Typical home value |
|---|---|---|---|---|
| 1 | 38106Memphis, TN | $908 | +3.2% | $54,692 |
| 2 | 38116Memphis, TN | $928 | −0.3% | $151,000 |
| 3 | 38114Memphis, TN | $929 | +3.3% | $70,757 |
| 4 | 38115Memphis, TN | $1,029 | +0.9% | $161,000 |
| 5 | 38019Covington, TN | $1,062 | – | $206,000 |
| 6 | 38108Memphis, TN | $1,085 | +7.4% | $66,544 |
| 7 | 38127Memphis, TN | $1,085 | +4.1% | $86,555 |
| 8 | 38105Memphis, TN | $1,101 | – | $107,000 |
| 9 | 72364Marion, AR | $1,105 | – | $239,000 |
| 10 | 38122Memphis, TN | $1,119 | +1.9% | $121,000 |
| 11 | 38109Memphis, TN | $1,151 | +1.6% | $87,743 |
| 12 | 38118Memphis, TN | $1,178 | +1.0% | $120,000 |
| 13 | 38128Memphis, TN | $1,198 | +1.5% | $143,000 |
| 14 | 72301West Memphis, AR | $1,200 | – | $132,000 |
| 15 | 38134Bartlett, TN | $1,206 | −0.7% | $223,000 |
| 16 | 38107Memphis, TN | $1,227 | +0.7% | $104,000 |
| 17 | 38112Memphis, TN | $1,233 | +3.9% | $120,000 |
| 18 | 38104Memphis, TN | $1,265 | +2.3% | $249,000 |
| 19 | 38111Memphis, TN | $1,280 | +2.3% | $131,000 |
| 20 | 38117Memphis, TN | $1,466 | +4.3% | $264,000 |
| 21 | 38119Memphis, TN | $1,472 | +2.1% | $288,000 |
| 22 | 38637Horn Lake, MS | $1,485 | +0.3% | $202,000 |
| 23 | 38016Cordova, TN | $1,495 | −2.2% | $290,000 |
| 24 | 38671Southaven, MS | $1,505 | +0.1% | $234,000 |
| 25 | 38125Memphis, TN | $1,516 | +3.9% | $276,000 |
| 26 | 38053Millington, TN | $1,533 | −0.5% | $240,000 |
| 27 | 38103Memphis, TN | $1,538 | +0.9% | $319,000 |
| 28 | 38120Memphis, TN | $1,563 | +3.0% | $422,000 |
| 29 | 38141Memphis, TN | $1,570 | +2.8% | $188,000 |
| 30 | 38133Bartlett, TN | $1,648 | +0.1% | $271,000 |
- Under $1,100
- $1,100–$1,250
- $1,250–$1,500
- $1,500–$1,700
- $1,700+
- Not ranked
More rankings for the Memphis area
- Cheapest ZIP codes
- Most expensive ZIP codes
- Where home prices are falling
- Where home prices are rising fastest
- Highest rent by ZIP code
- Where rents are falling
- Where rents are rising fastest
- Richest ZIP codes (household income)
- Cheapest suburbs
- Most expensive suburbs
- Richest suburbs (household income)
- Largest suburbs (population)
- Memphis metro area: all figures
Cheapest rent by ZIP code in other metro areas
- New York, NY
- Los Angeles, CA
- Chicago, IL
- Dallas, TX
- Houston, TX
- Atlanta, GA
- Washington, DC
- Miami, FL
- Philadelphia, PA
- Phoenix, AZ
- Boston, MA
- Riverside, CA
- San Francisco, CA
- Detroit, MI
- Seattle, WA
- Minneapolis, MN
- Tampa, FL
- San Diego, CA
- Denver, CO
- Orlando, FL
- Charlotte, NC
- Baltimore, MD
- St. Louis, MO
- San Antonio, TX
- Austin, TX
- Portland, OR
- Sacramento, CA
- Pittsburgh, PA
- Las Vegas, NV
- Cincinnati, OH
- Kansas City, MO
- Columbus, OH
- Indianapolis, IN
- Nashville, TN
- Cleveland, OH
- San Jose, CA
- Virginia Beach, VA
- Jacksonville, FL
- Providence, RI
- Raleigh, NC
- Milwaukee, WI
- Oklahoma City, OK
- Louisville, KY
- Richmond, VA
- Salt Lake City, UT
- Fresno, CA
- Birmingham, AL
- Grand Rapids, MI
- Buffalo, NY
Source and method
Typical rent (monthly): Zillow ZORI (Sep 2026), seasonally adjusted (Zillow); figures for September 2026. ZIP codes with at least 1,000 residents and a published figure are ranked (40 of them in the Memphis area). The metro area is the Memphis, TN-MS-AR metropolitan statistical area. Place names for ZIP codes are the neighborhood or city the ZIP code mostly covers. Compiled by Home Economics.
Zillow's "typical" home value and rent are index values for the middle of the market (the Zillow Home Value Index and Observed Rent Index), not median sale prices or asking rents. One-year changes are over the 12 months to September 2026. Income and population come from the Census Bureau's American Community Survey and carry sampling error, most of all in small places.