The PHA sets a payment standard ranging from 90% to 110% of the Fair Market Rents (FMRs).

Memphis, TN 38119's Section 8 Fair Market Rent

In the year 2024, as a landlord, if you're looking to rent your property to a Section 8 tenant or another housing voucher program in the 38119 zip code area, you can consider the following rental prices based on HUD income limits.

Efficiency:The efficiency rental rates range from a low of $1,053 to a high of $1,287, with an average of $1,170.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,170, a maximum of $1,430, and an average of $1,300.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,323, peaking at a maximum of $1,617, and averaging at $1,470.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,746, a maximum of $2,134, and an average of $1,940.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,034 to a maximum of $2,486, with an average of $2,260.

The fair market rent mentioned already includes all utilities. If a landlord chooses not to provide utility coverage, they can subtract the utility costs from the rent to determine the adjusted rental price.

Each housing authority establishes its own rental rates, so you should check the pricing set by that specific housing authority to determine the maximum amount they can offer. It's advisable to adhere to their pricing guidelines.

HUD's Fair Market Rent guides Section 8 rates for your rental unit.

Year City, State, Zipcode HUD Fair Market Rent Bedrooms
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
2024 Memphis, TN 38119 Low Rent (90%) $1,053 $1,170 $1,323 $1,746 $2,034
Average Rent $1,170 $1,300 $1,470 $1,940 $2,260
High Rent(110%) $1,287 $1,430 $1,617 $2,134 $2,486
2023 Memphis, TN 38119 Low Rent (90%) $792 $900 $1,026 $1,359 $1,575
Average Rent $880 $1,000 $1,140 $1,510 $1,750
High Rent (110%) $968 $1,100 $1,254 $1,661 $1,925
2022 Memphis, TN 38119 Low Rent (90%) $684 $783 $900 $1,206 $1,386
Average Rent $760 $870 $1,000 $1,340 $1,540
High Rent(110%) $836 $957 $1,100 $1,474 $1,694
2021 Memphis, TN 38119 Low Rent (90%) $675 $765 $891 $1,197 $1,377
Average Rent $750 $850 $990 $1,330 $1,530
High Rent (110%) $825 $935 $1,089 $1,463 $1,683
2020 Memphis, TN 38119 Low Rent (90%) $648 $738 $864 $1,179 $1,341
Average Rent $720 $820 $960 $1,310 $1,490
High Rent(110%) $792 $902 $1,056 $1,441 $1,639
2019 Memphis, TN 38119 Low Rent (90%) $639 $729 $855 $1,170 $1,341
Average Rent $710 $810 $950 $1,300 $1,490
High Rent (110%) $781 $891 $1,045 $1,430 $1,639


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