Memphis, Tennessee, is one of the most up-and-coming cities in the United States. With a rich history and a vibrant culture, it’s no wonder that more and more people are looking to call Memphis home. And what’s more, Memphis is a great place for real estate investing. Realtor.com rates Memphis as the number one real estate market where homebuyers compete against investors for homes.
You should consider Memphis, Tennessee, real estate if you’re an investor. Here are a few reasons why the investment might be your best decision.
Investors in Memphis real estate have seen significant appreciation in recent years. Data shows that in 2021, the median sale price of homes in the area increased by 25.7 percent year-over-year.
Memphis is one of the top 10 markets projected to have the highest home price appreciation in the country. If you’re an investor, this should be enough to convince you to invest in Memphis, Tennessee, real estate. The current data means that your investment will likely increase value over time.
You can also force your investment in real estate to appreciate through renovations or other activities seeking to improve the property. An example is when you invest in undervalued houses and fix them. You’ll increase your home’s value faster than natural appreciation would.
A Growing Population
One of the reasons behind Memphis’s recent real estate boom is the city’s growing population. The city sits in one of the most populous counties in Tennessee.
As more people move to the area, the demand for housing will go up, driving prices up. And according to the U.S. Census Bureau, the population is projected to continue growing in the coming years.
This growth is attributed to an increase in the number of young professionals moving to the city. The city is also seeing an influx of retirees.
The combination of these two groups creates a housing market with consistent demand. As an investor, you can be sure that there will always be people looking to rent or buy your properties. A growing population will lead to increased demand for housing and higher prices.
A Strong Rental Market
Another reason to invest in real estate in Memphis, Tennessee, is the city’s strong rental market. The rental market in Memphis is growing stronger because of the low home supply in the city.
With the population continuing to grow and the number of homes not keeping up, there is an increased demand for rentals. Investors who buy rental properties in Memphis can expect high occupancy rates and good returns on their investment as the rent increases.
As the battle for single-family homes between investors and homebuyers intensifies, investors continue to win. This means you’ll have an opportunity to scoop up a house and turn it into a rental property.
So, if you’re interested in rental property investment, Memphis is the perfect place for you.
Low Cost of Living
One of the best things about Memphis is its low cost of living. The cost of living in Memphis is way below the national average. This is good news for you as an investor because the low cost of living will attract a huge population looking for homes or rentals.
A high population will translate into a high demand for rental properties in Memphis. As a result, your real estate investments will go further in Memphis than in other cities. And as an investor, you’ll be able to charge lower rents and still make a good return on your investment.
Memphis Is a Vibrant City
One of the things that the Memphis real estate market can offer is a vibrant city, making it a great place to live. The city is known for its rich history and vibrant culture. It’s also home to several attractions, including museums, art galleries, and historical sites.
There’s also a lively music scene, with Memphis being the birthplace of rock and roll. The Memphis in May International Festival also attracts visitors, performers, and musicians from worldwide. There are also the famous Memphis barbecue restaurants.
In short, there’s something for everyone in Memphis. This makes it an attractive city for renters, which is good news for you as an investor.
The weather in Memphis is also great, with mild winters and hot summers. The city is a great place to live for people who love the outdoors.
There are also several good schools in Memphis, making it a great place to raise a family. This is another plus for investors, as families always look for good rental properties in areas with good schools.
A Strong Economy
Another reason to invest in Memphis real estate is the city’s strong economy. The economy is growing, with a diverse mix of businesses attracting new residents and visitors. You’ll find a diverse mix of industries, including manufacturing, healthcare, construction, leisure, and hospitality.
Memphis is also a hotbed of jobs that are in high demand, such as transport and moving. You’ll also find many financial operations businesses. These industries provide stability and opportunities for economic growth.
The job market is also robust, with good opportunities for skilled and unskilled workers. Memphis is home to many large companies, including FedEx, AutoZone, and International Paper.
All these opportunities mean the demand for housing in the city will continue to increase. If you invest in real estate in Memphis, Tennessee, you’ll benefit from this booming economy. You’ll have a large pool of prospects to buy and occupy your property.
Invest in Memphis, Tennessee, Real Estate
If you’re a real estate investor, Memphis has a lot to offer. Our article gives you a few reasons why you’ll be making the best decision by choosing Memphis, Tennessee, real estate. If you’re looking for a real estate market with a strong rental market and high appreciation potential, Memphis is your city.
Are you interested in investing in Memphis, Tennessee, real estate? Consider buying your first property from Memphis Investment Properties today, as you can never go wrong with us. Contact us today to learn about the opportunities in the area.