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 38186, located in Tennessee, presents a dynamic scenario that can be inferred from the available data points. The Fair Market Rent (FMR) for the area is set at $1300 for fiscal year 2024, which provides a benchmark for rental prices in the region. However, the absence of current market rent data suggests a lack of recent activity or reporting, indicating either a stable market or an underreported one.
The incomplete dataset, including missing percentages for price-cut shares and days on market (DOM), complicates a straightforward analysis of whether supply outpaces demand or vice versa. Nonetheless, the presence of FMR data without corresponding market rent figures hints at a market that might not be fully competitive or where the rental sector is less developed compared to other areas.
A critical piece of missing information is the percentage of renters in the area. This figure would directly inform us about the long-term housing pressure. In a typical market, a higher renter share often correlates with greater housing pressure, as it indicates a significant portion of the population relies on rental properties rather than owning homes. The unknown renter share in ZIP 38186 leaves a gap in understanding the local housing dynamics and the potential challenges for landlords and small-portfolio investors.
While the median home value is also not specified, the FMR gives landlords a clear guideline for setting rents that align with the affordability standards of the area. This ensures that rental properties remain accessible to tenants who qualify for Section 8 housing assistance, maintaining a steady occupancy rate.
In summary, ZIP 38186 operates within a defined framework, particularly concerning affordable housing benchmarks, but lacks sufficient current data to fully assess the balance between supply and demand. Landlords and investors should focus on leveraging the known FMR to attract eligible tenants while being prepared for potential fluctuations as more detailed market data becomes available.
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.