Price is always a major factor to consider in real estate, and Memphis has been doing great in offering out-of-state investors an advantage in this regard, enabling them to invest in local homes for investment properties.
According to reports from the Memphis Business Journal, great homes in Memphis are getting huge offers when they hit the market and are often selling for more than the market price.
Although Memphis real estate is a booming market, other factors made it so, aside from price margins.
The city houses many attractive events like the Elvis’ Graceland, Blues Hall of Fame, superb BBQ, and gives visitors a taste of high-class hospitality. Nestled along the Mississippi River, you could have a tour around the river for a cruise or head out for one of the many Beale Street bars and restaurants.
This article highlights some of the reasons why Memphis is an amazing location to invest in rental property.
Population Growth
Memphis consists of a gross population that is majorly categorized with youths. This youthful concentration has kept the region growing at a scale of 4% for the last ten years. Memphis boasts almost 1.4 million inhabitants earning it the title of the 42nd largest city in the United States. The vast demographic in Memphis makes it a promising spot for real estate investors.
Job Market
The booming rate of the economy and job opportunities make it an attractive site for many. With many companies moving to a remote job structure, we’re seeing a trend of moving away from major, coastal cities.
According to Bloomberg, the city of Memphis has been the number one metropolitan area for job creation over the past ten years, ranging from jobs on construction, transportation, ICT, politics, and business.
Real Estate Market
Statistics from WalletHub indicate that Memphis is the best area for the real estate market. These statistics detail the demand for houses and rental property, the influx of individuals into the city, and the shortage of homes makes it a great market for rental property.
Strong Renters’ Market
The low availability of homes fuels the strong margin on the rental property market compared to housing facilities’ demand. The shortage of homes in Memphis allows out-of-state investors to put up homes for the rental market. As long as there is an attractive pump in the diversified economy of Memphis, an attractive labor market, and beautiful quality of life for residents and visitors, investments in rental property will always yield high returns.
Historic Price Changes and Housing Affordability
Experienced real estate investors make use of price margins, fluctuations and housing affordability to determine how well a rental property or asset will perform in a place over some time.
Affordability helps you understand if and how people will purchase these items or rent them, while studying the price index will help you to conclude how fast or slow it takes the market to rise or fall.
Quality of Life
Memphis ranks as one of the top 10 most affordable places to live while boasting amazing weather and culture. Nine months of patio weather, mild winter seasons, and average temperatures during Summer months, make Memphis an ideal area to live.
Investing in Memphis begins with understanding the attractive potential returns that comes from doing so. Rental homes will be a lucrative opportunity in Memphis, Tennessee. If you’re interested in learning more about investing in real estate in Memphis, contact our team today!
