The richly colorful culture of Memphis has always been a draw to tourists but thanks to creative innovation and reinvention, a rebirth of real estate investment is also on the horizon. The riverfront city is a lively reminder of how imagination and insight can turn a stagnant market into a viable opportunity for investors. Memphis is now quickly joining other great Southern cities like Austin and Nashville in record-breaking development and expansion.
Memphis is a City Full of Character
Memphis is the ultimate destination for both music-lovers and foodies and, for the locals, an exciting and satisfying place to call home. The city is known for its fall-off-the-bone barbecue eateries, thriving nightlife, and unmatched musical vibe. Theater aficionados can get their fill at great venues like the New Daisy Theatre or Orpheum Theatre, a plush and historic stage which has been delighting theater-goers for years.
Memphis features pristine outdoor spaces where residents can take advantage of beautiful and well-maintained trails for walking or biking. The popular Shelby Farms Greenline Park is one of the largest urban parks in the country and the Mississippi Greenbelt Park is a tree-lined riverside oasis for picnics and relaxing. Memphis also offers a pleasant mixture of big box store shopping and locally-owned boutique shops and cafes.
Growth and Change
Cities experiencing significant revitalization often need to balance maintaining the essential complexion of the community while introducing new and sometimes transforming innovation. Memphis developers and forward-thinkers are managing to incorporate the city’s unique assets into novel applications stressing improvement over rebuilding. It’s as much of a win/win for the community as it is for investors.
As a result, the future of Memphis is looking good and neighborhoods once destined to fall to disrepair and neglect are reclaiming their place in the city’s fiber. A surge of artisan craft beer breweries have found homes in old warehouse buildings and downtown is continuously being reclaimed by businesses like Loflin Yard, now a social hotspot in a once crime-ridden area. The effort is paying off.
Memphis Real Estate Market Trends
Despite its big city status, Memphis offers the charm and hospitality of any American small town making it a desirable environment for both business and family life. Good climate, affordable cost of living, great medical care and schools all add up to rapid growth potential and diverse opportunities for investors. Real estate prices are still way below the national average with the median home value at $84,200 though Zillow predicts it will rise modestly within the next year.
The non-bubble market is an invitation to investors to buy suburban single-family homes but even more so to pay attention to rental property opportunities. There are more renters than homeowners in Memphis with the average current rental trend at 43% in comparison to 33% in the rest of the United States. It’s a wide open door of potential especially considering recent revitalization efforts and an influx of corporate relocations to the city boosting employment and livability.
Business and Tourism
Memphis is booming in a sustainable and practical way not bursting at the seams only to go bust in the future. The city is on the cutting edge of modern signature developments like Crosstown Concourse, an amazing vertical reimagining of an old Sears distribution center and once an eyesore or the creative conversion of a Wonder Bread factory into spacious apartments. Growth in Memphis has been redefined and the community is all the better for it.
The tourist industry remains a keystone of commerce in the city and recent local enthusiasm has prompted business owners to cash in on the increasing draw to their doors. This along with the larger corporate entities like FedEx, Service Master, and the world-renowned St. Jude Children’s Research Hospital means jobs are plentiful and the city ripe for future expansion.
Reedy and Company Realtors offer the best in investment rental property management in the Memphis area. When you work with a property management company like Reedy & Company Realtors, LLC, you’ll find that the effort and time spent on setting up and managing your rental property is significantly decreased. Contact us anytime for more information about how we can be of service for all your real estate needs.