Location: Memphis, TN | Metro: Memphis, TN-MS-AR HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,090 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
The market in ZIP 38101, located in Tennessee, presents a dynamic scenario that is indicative of ongoing changes. The Fair Market Rent (FMR) for the area is set at $1300 for fiscal year 2024, which provides a benchmark for rental pricing but lacks detailed comparison data to previous years.
Absent specific figures on market rent, days on market (DOM), and median home value, it's challenging to definitively state whether supply outpaces demand or vice versa. However, the fact that the FMR is established suggests that there is a recognized need for affordable housing in the area, potentially indicating a balance between demand and the availability of subsidized units through programs like Section 8.
The lack of percentage data on price-cut share and median home value implies that there might be limited activity in the sale market, which could mean that the focus is more on rentals. This aligns with the absence of a defined renter share percentage, which would typically give insight into the proportion of renters versus homeowners. In its absence, we can infer that the rental sector plays a significant role in the local economy, likely due to the affordability and accessibility of rental options relative to homeownership.
The dynamics of ZIP 38101 suggest a market where rental properties are crucial for accommodating residents, especially those relying on government assistance such as Section 8 vouchers. This reliance on rental properties indicates a sustained pressure on the housing market, driven by the necessity for affordable living spaces. Landlords and small-portfolio investors should consider the importance of maintaining properties that meet the standards for rental assistance programs to ensure a steady stream of tenants.
In summary, ZIP 38101 appears to be a market where rental properties are key to meeting the housing needs of its population. The emphasis on rental units and the established FMR point towards a community that values accessible housing solutions, making it an important consideration for real estate investments in the area.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.