Did you know that Memphis is widely regarded as the birthplace of Rock ‘n Roll?
Memphis is one of the most culturally rich cities in the United States. Welcoming visitors from around the world, Memphis is a great place to invest in business, tourism, and real estate.
Americans from all parts of the country have noticed the benefits of living in Tennessee and are snatching up property in the best neighborhoods in Memphis.
Interested in investing in Memphis real estate? You’re in the right place. Here’s how to find the best rental property in Memphis.
Benefits of Living in Memphis
Memphis is one of the most affordable cities to live in. While the state is very tax-friendly, the cost of everyday items is also significantly below the national average. This extends to the cost of housing as the property prices in Memphis are below the state average.
However, the property market is slowly on the rise. This means that the real estate investment opportunity is still there for those who act fast.
Memphis Real Estate Market
The real estate market in Memphis has grown dramatically over the last few years. In almost every neighborhood, property prices have increased in value by at least 10% in the last year. The overall real estate market has increased by around 22,1% in the last year.
This makes it one of the fastest-growing real estate markets in the country. What makes the local real estate market unique in Memphis is that most property is being rented to both short-term and long-term tenants. This is due to the fact that the local economy is so diverse that Memphis has become a city to both live in and visit.
How To Find the Perfect Rental Property in Memphis
When looking for property in Memphis, it’s important to find the right location. As mentioned above, some neighborhoods increased in value by over 20% in the last year. While this is impressive, other neighborhoods only increase by around 5%.
Despite this still being an impressive gain, finding a property in the right area can help grow your investment even further.
The Best Neighborhoods in Memphis
Thinking about where to buy property in Memphis? Here are some of the best neighborhoods to consider investing in.
1. Downtown Memphis
Downtown Memphis is the heart of the city. This is where most of the entertainment and businesses are, making it the cultural hub of the entire county. Beale Street is famous for offering some of the best food and drinks in the state. This makes it perfect for tourists who want to be close to everything.
The average property price in this area is around $180,000. This is up from around $100,000 just a few years ago. This makes it one of the fastest-growing neighborhoods in the city.
Midtown is another vibrant part of the city. Also known as Cooper-Young, this neighborhood is filled with bars, restaurants, cafes, and musical theatres. This makes it the perfect place to invest in a short-term rental property for tourists.
Property in this neighborhood is priced reasonably, with the average property costing around $145,000 to $150,000.
3. North Memphis
Located near the Mississippi River, North Memphis is an up-and-coming residential neighborhood. This area offers some of the biggest opportunities as the average property price is well under $100,000 right now.
This neighborhood is filled with modern community centers and parks. This makes it the perfect place for long-term rental property.
4. East Memphis
If you’re looking for a more traditional, residential home, East Memphis is perfect for you. This neighborhood has a population of just over 60,000 people, with excellent schools and businesses throughout the area.
The average property price in this neighborhood is slightly higher than other parts of Memphis at around $225,000. However, the average home size in this area is also much larger than in other parts of the city.
Frayser is the perfect option for nature lovers. Nestled close to the Shelby Forest, this area is known for its natural and secluded atmosphere. With a population of just 45,000 people, Frayser is one of the quieter parts of town. This makes it perfect for those who want to be close to Memphis, but not too close.
The average property price in Frayser is around $30,000. This is significantly lower than other parts of Memphis, making it another opportunity to keep an eye on in the future.
6. Hickory Hill
With a population of over 100,000 people, Hickory Hill is one of the most popular neighborhoods in Memphis. This is a comfortable part of the city that comes with tons of restaurants, cafes, and retail stores. The average property price in this area can range from $80,000 to $170,000.
Elvis Presley’s Graceland is located in Whitehaven, Memphis. This neighborhood borders the airport, making it one of the most popular destinations for tourists visiting the city. However, property prices are still relatively low.
The average property price in Frayser is only $67,000. With shops, restaurants, and businesses opening in the area, this could be a great addition to your property portfolio.
Invest in Memphis Real Estate Today
Investing in real estate is one of the most secure and profitable investments you can make. With property prices steadily on the rise, investing in the best neighborhoods in Memphis can provide you with a passive source of income in no time.
If you have any questions or want to learn more about how we can help you start your real estate investment journey, feel free to contact us. You can also sign up for access to our available inventory so that you can find your dream property as soon as it becomes available.