Rental numbers for Shelby County, TN
The typical home here runs -$529 a month at 7.78% with 25% down, breaking even at about 2.5%. 8 of 30 ZIP codes with full Zillow data in this county are cash-flow positive; the median gross yield is 7.4%.
- Gross yield
- 7.4%
- typical home, Zillow
- Median ZIP yield
- 7.4%
- 30 ZIPs with full data
- Cash flow
- -$529/mo
- at 7.78%, 25% down
- Typical price
- $219,000
- Zillow ZHVI, Aug 2026
- Typical rent
- $1,348/mo
- Zillow ZORI, Aug 2026
ZIP codes in Shelby County
33 with published figures
| 38108Memphis | $72,000 | $1,103 | 18.3% | 11.3% | +$292 | +8.7% |
| 38106Memphis | $58,000 | $870 | 17.9% | 9.9% | +$166 | +3.1% |
| 38126Memphis | $76,000 | $1,060* | 16.7% | 9.7% | +$205 | n/a |
| 38109Memphis | $92,000 | $1,162 | 15.1% | 8.8% | +$179 | +2.5% |
| 38127Memphis | $91,000 | $1,101 | 14.6% | 8.4% | +$148 | +4.0% |
| 38114Memphis | $75,000 | $894 | 14.4% | 7.8% | +$82 | +1.1% |
| 38105Memphis | $112,000 | $1,164 | 12.4% | 7.1% | +$61 | n/a |
| 38107Memphis | $112,000 | $1,151 | 12.3% | 7.1% | +$63 | +2.1% |
| 38112Memphis | $127,000 | $1,241 | 11.8% | 6.8% | +$37 | +0.9% |
| 38111Memphis | $135,000 | $1,284 | 11.4% | 6.3% | -$13 | +1.9% |
| 38118Memphis | $125,000 | $1,148 | 11.0% | 5.9% | -$60 | +0.8% |
| 38122Memphis | $126,000 | $1,089 | 10.4% | 5.4% | -$114 | -0.8% |
| 38141Memphis | $191,000 | $1,604 | 10.1% | 5.7% | -$125 | +3.2% |
| 38128Memphis | $148,000 | $1,186 | 9.6% | 5.1% | -$173 | +1.3% |
| 38053Millington | $244,000 | $1,572 | 7.7% | 4.2% | -$452 | +0.9% |
| 38135Bartlett | $298,000 | $1,879 | 7.5% | 4.0% | -$605 | -0.2% |
| 38115Memphis | $167,000 | $1,012 | 7.3% | 3.1% | -$468 | +0.4% |
| 38116Memphis | $157,000 | $924 | 7.1% | 2.8% | -$481 | +0.9% |
| 38133Bartlett | $273,000 | $1,578 | 6.9% | 3.3% | -$720 | -1.2% |
| 38018Cordova | $289,000 | $1,656 | 6.9% | 3.4% | -$732 | +0.4% |
| 38117Memphis | $268,000 | $1,483 | 6.6% | 2.8% | -$826 | +2.4% |
| 38125Memphis | $278,000 | $1,511 | 6.5% | 3.2% | -$763 | +2.1% |
| 38134Bartlett | $227,000 | $1,222 | 6.5% | 2.7% | -$704 | -0.2% |
| 38138Germantown | $435,000 | $2,319 | 6.4% | 3.1% | -$1,222 | +4.3% |
| 38119Memphis | $292,000 | $1,519 | 6.2% | 2.5% | -$960 | -2.0% |
| 38016Cordova | $293,000 | $1,506 | 6.2% | 2.7% | -$913 | -1.3% |
| 38104Memphis | $254,000 | $1,285 | 6.1% | 2.4% | -$865 | +2.3% |
| 38002Lakeland | $407,000 | $1,948 | 5.7% | 2.7% | -$1,284 | +0.4% |
| 38103Memphis | $322,000 | $1,533 | 5.7% | 2.3% | -$1,128 | +0.2% |
| 38017Collierville | $508,000 | $1,979 | 4.7% | 1.8% | -$1,995 | +1.3% |
| 38120Memphis | $423,000 | $1,518 | 4.3% | 1.0% | -$1,935 | +0.1% |
| 38139Germantown | $590,000 | $1,910* | 3.9% | 1.1% | -$2,653 | n/a |
| 38028Eads | $606,000 | $1,430* | 2.8% | 0.7% | -$2,923 | n/a |
* HUD Fair Market Rent, 2 bedroom, where Zillow publishes no rent index. Conservative.
Trends
Five years to August 2026
- Price, 12 months
- -1.3%
- Rent, 12 months
- +1.2%
- Rent minus price growth
- +2.5 pts
- Property tax
- 0.97%
- effective rate, ACS 2024
Show the numbers
| Month | Typical value | Rent |
|---|---|---|
| Aug 2021 | $195,027 | $1,150 |
| Aug 2022 | $230,180 | $1,240 |
| Aug 2023 | $226,140 | $1,266 |
| Aug 2024 | $225,586 | $1,311 |
| Aug 2025 | $222,038 | $1,332 |
| Aug 2026 | $219,232 | $1,348 |
HUD Fair Market Rent
FY2027, Memphis, TN-MS-AR HUD Metro FMR Area
| Bedrooms | Studio | 1 bed | 2 bed | 3 bed | 4 bed |
|---|---|---|---|---|---|
| Fair Market Rent | $1,095 | $1,191 | $1,301 | $1,717 | $1,981 |
The 40th percentile gross rent for a standard unit, set by HUD each October and used for Section 8 payment standards. It runs below market rent; Zillow's index is shown above where it exists.
Supply
- Permits per 1,000 households
- 4.4
- 1,596 units, last 12 months
- National percentile
- 45th
- among US counties
Tools
Test a listing in Shelby County against today's rate.
Open the calculatorPart of the Memphis, TN metro.
Questions
- Is Shelby County good for rental property?
- The typical home here runs -$529 a month at 7.78% with 25% down, breaking even at about 2.5%. 8 of 30 ZIP codes with full Zillow data in this county are cash-flow positive; the median gross yield is 7.4%. The figures use a typical home, 7.78% with 25% down and default costs shown on each ZIP page. They describe the market, not any one property.
- What is the property tax rate in Shelby County?
- About 0.97% of value, from Census ACS median taxes paid over median home value. On a $219,000 home that is about $2,138 a year.
- What is Fair Market Rent in Shelby County?
- HUD's FY2027 Fair Market Rent here is $1,191 for a 1-bedroom, $1,301 for a 2-bedroom and $1,717 for a 3-bedroom. Typical cash flow at today's rate is -$529 a month.
Sources and method
- Zillow Home Value Index (ZHVI), mid tier, smoothed and seasonally adjusted
Zillow Research. Read: 2026-08.
Typical home value by ZIP, county, metro and state, and the price trend.
- Zillow Observed Rent Index (ZORI), all homes plus multifamily, smoothed
Zillow Research. Read: 2026-08.
Typical market rent by ZIP, county and metro, and the rent trend (tier A pages).
- HUD Small Area Fair Market Rents, FY2026
US Department of Housing and Urban Development. Read: FY2026.
Rent by bedroom count for every ZIP. The rent used on tier B pages, and a reference on all pages. It is the 40th percentile gross rent, so it runs below market.
- HUD Fair Market Rents by county, FY2027
US Department of Housing and Urban Development. Read: FY2027.
County rent by bedroom count on county pages.
- American Community Survey 5-year estimates, 2020 to 2024 (B25103 median real estate taxes paid, B25077 median home value, B11001 households)
US Census Bureau. Read: 2020 to 2024.
Effective property tax rate (median taxes paid divided by median value) by ZIP code tabulation area, county and state; households for the permits ratio.
- Freddie Mac Primary Mortgage Market Survey, 30-year fixed (FRED series MORTGAGE30US)
Freddie Mac via the Federal Reserve Bank of St. Louis. Read: 2026-09-24.
The weekly 30-year rate. The site adds a disclosed investor premium to it for the loan payment.
- Building Permits Survey, county monthly files
US Census Bureau. Read: 2025-09 to 2026-08.
New housing units permitted in the last 12 months per 1,000 households, a supply-pressure signal.
Data: Zillow Research (ZHVI, ZORI), HUD, US Census Bureau, Freddie Mac. Every formula is on the methodology page.
Estimates from public data for a typical property. Not investment, tax or legal advice. Your property, financing and costs will differ.