Location: Weakley County, TN | Metro: Henry County, TN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
The ZIP code 38229 presents a dynamic rental market with clear indications of how supply and demand interact. The Fair Market Rent (FMR) set at $930 for the fiscal year 2026 reflects the government's benchmark for what is considered a fair rent price in the area. Meanwhile, the actual market rent stands at $685, as reported by the Census Bureau's American Community Survey (ACS). This suggests that the current market rent is below the FMR, indicating that landlords have room to increase their rents without significantly deterring tenants.
The median home value of $156,710 in ZIP 38229 provides insight into the overall affordability of the area. It is a figure that could attract first-time homebuyers and those looking for an affordable place to live, but it also means that owning a home might be more financially viable than renting for many residents.
A key factor in understanding the rental market dynamics is the 20.5% renter share. This percentage tells us that over one-fifth of the population in 38229 are renters, which can imply ongoing housing pressure. As the renter share is relatively low, it suggests that there is a strong inclination towards homeownership in the area. However, this also indicates that any significant increase in the renter population could quickly lead to higher rental demand, potentially pushing up market rents closer to the FMR.
The lack of data on price-cut share and days on market (DOM) prevents a complete analysis of the supply-demand balance. However, the gap between the FMR and the current market rent, combined with the median home value, suggests that the supply of rental properties may currently exceed demand. This scenario benefits landlords who can maintain or slightly increase their rental rates without facing significant vacancy risks.
In conclusion, ZIP 38229 operates under a market where homeownership is prevalent, but the rental sector is poised for growth if the renter population increases. Landlords and small-portfolio investors should keep an eye on demographic shifts and economic trends that could influence the balance between supply and demand in the rental market.
Data Sources: FMR data from HUD (2027). 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.