Are you looking for a great market to invest your money in? Would you like to learn more about Memphis real estate?
There has never been a better time for real estate investing, and there’s never been a better place to purchase an investment home than a city like Memphis. But you won’t want to be looking at just any property.
Here’s what you need to know about the real estate opportunities in Memphis.
Why Memphis Real Estate?
It’s no secret that today’s population is beginning to spread out. Due to the pandemic quarantine and other factors, a number of businesses are choosing less pricey locations for their office space.
In addition, many folks are now able to work remotely on a more permanent basis. This means they’re looking for more affordable living options in cities that can still offer them a bustling lifestyle. Cities like Memphis an excellent option.
Rents are continuing to increase in the city, and rentable units continue to make up a comparably large portion of the area. This could be in part because individuals are “trying out” the neighborhood before they invest in it themselves.
Memphis is experiencing population growth, particularly among singles. If your experience and interests are in renting out studios or one or two-bedroom apartments, now is the ideal time to look into Memphis.
What Can Memphis Offer?
Singles coming from coastal cities are used to having busy social calendars. Brunches, shopping, and world-class concerts are part of the high-energy lifestyle they’ve come to know and love.
Cities like LA and New York, however, also have their disadvantages. The cost of living is high and apartments often offer cramped conditions.
Memphis, however, can offer your renters a good dose of what they love. While rent remains reasonable compared to many urban areas, there is still a fantastic lifestyle to enjoy.
In addition, Memphis boasts a low cost of living, especially when it comes to utilities, goods, and services. Tenessee is also one of only nine states that boast no income tax. Young professionals are interested in keeping more of what they make, especially if they are high earners.
Memphis is enjoying considerable job growth, with companies like FedEx and Nike moving to the area.
What Is There To Do in Memphis?
Foodies who love a good bite will find no shortage of options in Memphis. Barbeque is probably the most famous option, but you can also find out-of-this-world craft beer and baked goods. A growing city, Memphis has lots of delicious cuisine options like Asian and Italian joints.
Art museums, sculpture, and botanical gardens are a few of the attractions folks can take advantage of if they are into a thriving art scene. There are also lots of cultural festivals and events.
Music lovers will find no shortage of great places to check out local tunes. Venues for big-name acts, mid-size shows, and intimate performances abound.
Shoppers will find many indoor and outdoor shopping malls with both upscale and bargain options. Sports fans will find baseball, soccer, and even boat racing available for entertainment. There’s also a solid fashion scene you can check out in the independent shops.
Locals love walking along the Mississippi River or checking out the public art on weekend strolls. They also enjoy regular food and music festivals. Fitness fanatics will also enjoy plenty of opportunities for outdoor and indoor workouts.
Milder winters and less traffic are other reasons former northerners are flocking to the city. A quick drive around Memphis can show you why everyone’s investing in local real estate. It’s a great blend of big-city bustle and small-town warmth that lots of young professionals and retirees are seeking.
What Are The Different Memphis Neighborhoods?
Before investing in Memphis property, it’s important to know that not all neighborhoods are the same in the city. Downtown, for example, is only a few blocks from the Mississippi River. It’s a popular place for businesses and booming with restaurant and bar activity at night.
Rental units downtown are still reasonable compared to many urban and even suburban neighborhoods. And they carry the bonus of a booming lifestyle just outside your door. One-three bedroom units are available and popular with young professionals and empty nesters.
If you’re looking to invest in something a little more up-and-coming, you might want to take a look at the artsy Crosstown neighborhood. The expansive building in the center of town that sat vacant for years is currently being transformed into an arts/education/medical center. Around it, great local eateries, art shows, and comedy clubs are gaining popularity and visitors.
Crosstown has typically offered lower rental options to locals but the area is quickly growing. Condos, townhomes, and even single-family properties can all make for great investments.
If you’re looking for properties in a more well-established neighborhood, you can have a look at South Main. It’s home to a plethora of boutiques, galleries, and upscale restaurants.
South Main is popular with wealthy young professionals. There still are, however, a lot of places to find a delicious burger or a cold brew. If you’re looking for a place to invest in a luxury apartment complex, you can look no further.
If you’re hoping to invest in an area with lots of growth and big opportunities, you can’t go wrong with Memphis real estate. With affordable housing and urban happenings, you’ll have a steady income for years to come.
Don’t stop getting smart about investing in Memphis now. For quality opportunities in the area, contact us today.