Memphis, TN-MS-AR Fair Market Rent (FY2026)
Memphis, TN-MS-AR HUD Metro FMR Area · TN, MS, AR · 5 counties · pop. 1,263,943 (2023)
The FY2026 Fair Market Rent for a 2-bedroom in Memphis, TN-MS-AR is $1,274/month. Across bedroom sizes the HUD FMR runs from $1,060 (studio) to $1,959 (4-bedroom). That 2-bedroom figure is $299 above the US national median FMR of $975 — well above the national median FMR — and ranks #68 of 75 among the largest metros (1 = most expensive). FMR is the federal voucher rent standard, not the market median.
Source: HUD USER, FY2026 Fair Market Rents (40th percentile, revised final). Data as of June 2026.
Memphis, TN-MS-AR FMR by bedroom size
| Unit size | Monthly FMR | ≈ Weekly | Annual |
|---|---|---|---|
| Studio / efficiency | $1,060 | $245 | $12,720 |
| 1-bedroom | $1,154 | $267 | $13,848 |
| 2-bedroom | $1,274 | $294 | $15,288 |
| 3-bedroom | $1,683 | $389 | $20,196 |
| 4-bedroom | $1,959 | $452 | $23,508 |
Source: HUD USER, FY2026 Fair Market Rents (40th percentile, revised final). Data as of June 2026.
Weekly and annual figures are simple conversions of the monthly FMR (÷4.33 and ×12). The monthly FMR is HUD's published value. Verify on huduser.gov.
What this FMR means
Fair Market Rent is HUD's estimate of the 40th-percentile gross rent — contract rent plus tenant-paid utilities — for a modest, non-luxury unit in Memphis, TN-MS-AR. It is recalculated each fiscal year from American Community Survey rent data and a current-year inflation factor. Public housing agencies use the FMR to set Housing Choice Voucher (Section 8) payment standards, typically 90–110% of the FMR. A higher FMR means the program will cover a higher rent in this area; it does not mean landlords charge exactly this much.
Memphis, TN-MS-AR vs its state and the US
| Benchmark | 2-bedroom FMR |
|---|---|
| Memphis, TN-MS-AR | $1,274 |
| Tennessee state median | $933 |
| US national median | $975 |
Memphis, TN-MS-AR sits in Tennessee, where the median area's 2-bedroom FMR is $933 and areas range from $925 to $1,730.
Metro areas with a similar FMR
The five areas closest to Memphis, TN-MS-AR on the 2-bedroom FMR scale:
| Metro area | Studio | 1 BR | 2 BR | 3 BR | 4 BR |
|---|---|---|---|---|---|
| Memphis, TN-MS-AR (this area) | $1,060 | $1,154 | $1,274 | $1,683 | $1,959 |
| Louisville, KY-IN | $966 | $1,047 | $1,272 | $1,625 | $1,891 |
| Cleveland, OH | $933 | $1,058 | $1,279 | $1,646 | $1,760 |
| Birmingham-Hoover, AL | $1,024 | $1,155 | $1,266 | $1,583 | $1,801 |
| Pittsburgh, PA | $1,001 | $1,077 | $1,299 | $1,661 | $1,789 |
| Oklahoma City, OK | $939 | $1,017 | $1,244 | $1,675 | $1,857 |
Frequently asked questions
What is the FY2026 Fair Market Rent for a 2-bedroom in Memphis, TN-MS-AR?
The FY2026 HUD Fair Market Rent for a two-bedroom unit in the Memphis, TN-MS-AR HUD Metro FMR Area is $1,274 per month. FMR is the 40th-percentile gross rent (including utilities) HUD uses to set Housing Choice Voucher payment standards — it is not the local market median. Verify the current figure at huduser.gov.
What are the FMRs for other bedroom sizes in Memphis, TN-MS-AR?
In FY2026 the FMRs are $1,060 (studio), $1,154 (1-bedroom), $1,274 (2-bedroom), $1,683 (3-bedroom) and $1,959 (4-bedroom) per month. Larger units have higher FMRs because they assume more bedrooms and occupants.
Is rent in Memphis, TN-MS-AR high compared with the rest of the US?
Its 2-bedroom FMR of $1,274 is $299 above the national median FMR of $975 (+31%) — well above the national median FMR. Among the 75 largest metros it ranks #68 of 75 by 2-bedroom FMR (1 = most expensive).
Does the FMR mean my voucher will cover that much rent?
Not exactly. The local public housing agency (PHA) sets a "payment standard" usually between 90% and 110% of the FMR, and your subsidy is based on that standard minus roughly 30% of your adjusted income. The FMR is the benchmark, not a guaranteed amount — check with the PHA that serves Memphis, TN-MS-AR.
Keep exploring
Source & accuracy
FY2026 Fair Market Rents, U.S. Dept. of Housing & Urban Development — HUD USER (public domain). FMR is the federal voucher rent standard, not the market median. Figures are a June 2026 snapshot of HUD's revised final FY2026 file; verify the current value on huduser.gov before relying on it.
Last updated: 2026-06-20