Section 8 Fair Market Rent (FMR) for ZIP 38133 - 2027

Location: Memphis, TN | Metro: Memphis, TN-MS-AR HUD Metro FMR Area

Investment Score for ZIP 38133

B
Monthly Rent (2BR)
$1,590
Median Price (2BR)
$151,729
1% Rule
1.05%
Annual Yield
12.58%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size Monthly FMR
Studio$1,340
1 Bedroom$1,460
2 Bedrooms$1,590
3 Bedrooms$2,100
4 Bedrooms$2,420
5 Bedrooms$2,807
6 Bedrooms$3,144
7 Bedrooms$3,396
8 Bedrooms$3,566

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms Monthly FMR Median Price 1% Rule Grade
2BR $1,590 $151,729 1.05% B
3BR $2,100 $233,869 0.9% C
4BR $2,420 $378,600 0.64% D
5BR $2,807 $472,822 0.59% F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population
21,278
Median Household Income
$81,659
Housing Units
8,311
Renter Percentage
32.1%
Occupancy Rate
96.3%
Renter Occupied
2,568

With a Fair Market Rent (FMR) set at $1640 for ZIP code 38133 in Bartlett, TN, for fiscal year 2024, landlords can expect a benchmark for rental pricing. The Zillow Observed Rent Index (ZORI) reflects a slightly lower market rent of $1,519, indicating that while Section 8 rates are generous, there's room for negotiation. A median home value of $273,483 suggests a moderate housing market where property values are stable but not soaring. Renter share stands at 32.1%, showing a significant portion of the population relies on rental properties, which is beneficial for landlords looking to maintain occupancy. Median income in the area is $81,659, providing insight into the economic health of the community and the potential earning capacity of tenants. The average Days on Market (DOM) is 25 days, suggesting a relatively quick turnover for rental listings, which is positive for landlords seeking to minimize vacancy periods. Price-cut share is a modest 0.2%, indicating that property prices in Bartlett are generally holding steady without frequent reductions. Given these figures, the verdict on Section 8 participation is clear: it offers a reliable source of steady rental income, especially for landlords who can navigate the administrative requirements. The combination of generous FMRs, a solid median home value, and a healthy renter base makes Bartlett, TN, a viable location for Section 8 investments.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).

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.