During 2017-2021, an alarming 19 million households, totaling more than 40% of total renter households in the U.S., paid a crippling 30% or higher of their income on housing costs alone! As an apartment renter in 2023, you may be wondering what the rental market in Memphis looks like so you can avoid being part of this statistic this year. With the current state of the economy, it’s important to know what to expect when searching for your new apartment.
In Memphis, apartment living is expected to remain strong in 2023. There are a variety of options available to renters. In this article, we will take a closer look at the rental market in Memphis. We’ll also provide tips for finding your new apartment.
Apartment Living vs House Rental
Apartment living and house rental both have their own unique set of pros and cons. Apartment living is a popular choice for many renters because of its convenience and ease of maintenance. Apartments often come with amenities such as:
- A gym
- Pool
- Green areas for leisure
Landlords are responsible for maintaining common areas and taking care of repairs. They are often located in more populated areas. This can make it easier to access public transportation and other city amenities.
On the other hand, house rental offers more space, privacy, and a front or backyard. Renting a house often comes with more responsibility for the tenant. They are responsible for taking care of yard work, and maintenance.
It can also be more expensive than renting an apartment. It may be more isolated from urban centers.
The choice between renting either one depends on your personal preferences, needs, and lifestyle. If you value convenience and low maintenance, an apartment may be the better option. But if you crave more privacy, space, and outdoor area, a house rental may be the way to go.
It’s important to weigh the pros and cons of each option. Consider factors such as location, cost, and amenities to determine which type of rental is right for you.
Renter Market for 2023
The economic downturn caused by the COVID-19 pandemic is already having an impact on the rental market in the United States. With many Americans facing financial difficulties, landlords are being forced to lower rents in order to fill their units. This is welcome news for renters, who have seen a record 17.6% increase in rents in 2021, as well as additional hikes earlier this year.
The decrease in rents can be attributed to a number of factors. One of the main factors is the high unemployment rate caused by the pandemic. Many Americans have lost their jobs and are struggling to afford rent.
The ongoing economic uncertainty has led many renters to opt for more affordable housing options, such as shared housing or co-living spaces. The decrease in rent is also being driven by an increase in the housing supply. More people opt to buy homes instead of renting.
Landlords are now facing more competition to fill their units, which is leading to lower rents. While the decrease in rents is good news for renters, it’s important to note that it may not last.
The rental market is cyclical and may recover as the economy improves. The decrease in rents may be a temporary trend, and landlords may raise rents again once the market stabilizes.
Memphis Rental Property Market
There is a high demand for rental properties in Memphis. This is due in part to the city’s growing population and the robust job market. The cost of living in Memphis is relatively low compared to other major cities.
This makes it a popular destination for renters. In terms of the types of rentals available, there is a wide range of options to choose from. There are budget-friendly apartments for rent.
There are also more luxurious options for those who are willing to spend more. However, it’s important to note that competition for desirable rentals may be high. Start your search early. Be prepared to act when you find a place you like.
Tips for Finding Your New Apartment
Finding an apartment in 2023 can be a challenge. Here are some tips to help you find the perfect place.
Set a Budget and Stick To It
When searching for an apartment, it’s important to set a budget and stick to it. Make sure you factor in all of your costs, including:
- Rent
- Utilities
- Insurance
- Any other expenses
Know Your Needs
Think about what you need from your rental. Consider factors such as location, size, amenities, and features.
This will help you narrow down your search and make sure you find the right fit.
Start Your Search Early
The earlier you start looking for an apartment, the better your chances of finding a great rental. The Memphis rental property market is very competitive, and the best units tend to get snapped up quickly.
By starting your search early, you’ll have a better chance of finding the perfect apartment before it’s gone.
Get Pre-approved for a Rental
Showing proof of income and having a good credit score can make you a more attractive renter to landlords.
By getting pre-approved for a rental, you’ll be able to move when you find a place you like.
Be Open to Different Neighborhoods
Memphis is a large city with a variety of neighborhoods to choose from. Each neighborhood has its own unique character, so be open to exploring different areas.
You may be surprised by what you find in a neighborhood you overlooked.
Be Prepared to Act
When you find a rental that you like, don’t hesitate to submit your application. The rental market in Memphis is very competitive, and the best units tend to get snapped up.
By being prepared to act fast, you’ll increase your chances of getting your application accepted.
Use Online Resources
Utilize online resources such as rental websites and social media to find available apartments for rent. There are many online resources available that can help you find the perfect rental in Memphis.
By using these resources, you’ll be able to find a rental that fits your needs and budget.
Find a Memphis Rental Property You Like
If you’re interested in apartment living in Memphis, search our website for rental properties and find the perfect fit. At Reedy & Company, we specialize in finding great rentals for renters throughout Memphis.
Use our website to find a rental that best suits your needs and budget.
