Located in the southwest corner of Tennessee, Memphis is the largest city in the state. In fact, Memphis is the largest city on the Mississippi river and boasts considerable opportunity for single family rentals. With job growth being strong in the medical sector and boosted by expansion from FedEx, the demand for rentals in the area is expected to increase.
Home prices in Memphis have reached new heights and rents show an increase of 2.2% for the year. With vacancy rates continuing to decrease, this is a great time to take advantage of the emerging single family real estate market in the Memphis area.
- The St. Jude Children’s Research Hospital and the ALSAC will add 2,000 staff and researchers to expand sickle-cell anemia research. These high-paying STEM jobs are expected over the next six years.
- The metro’s largest private employer, FedEx Corp., announced plans to hire 500 new employees in the holiday season. The jobs will be cyclical as well as permanent positions that will generate housing demand.
- The Central Station redevelopment project that will include new and renovated apartments, a movie theater, and hotels is likely to be completed by 2017, creating 1,000 construction and 115 permanent positions.
- The share of institutional investors remains above the national average as investors anticipate home price appreciation. The foreclosure rate, meanwhile, fell below the national average earlier this year.
Learn more about the job growth and the investment opportunity they fuel in the Memphis metro by downloading our most recent Market Report.