If you look to buy property for investments, you will look where the iron is the hottest. Memphis investment properties have grown in interest for several reasons recently. Did you know that the Memphis housing market increased 17.6% in September?
Real estate investors are seeing the unique factor that makes this city a prime location. So if you want to know the benefits of owning property in Memphis, keep reading. This guide will give you an insight into one of the hottest real estate markets in America.
1. The Growth Landscape
As a business choice, Memphis has a lot more to offer. Set against the Mississippi River, Memphis has more transportation access than most cities. In addition, the central location allows companies like FedEx and Amazon to rely on the network of 18 highways, rail, and shipping ports for distribution.
As a result, the transportation industry thrives on large numbers of people moving goods produced in Memphis. Then in the manufacturing plants, thousands of blue-collar workers live within the Memphis city limits.
2. High Quality of Living
Attractions like Graceland, the home of Elvis, and fantastic BBQ make Memphis unique. The city got the distinction, the Home of the Blues in Congress, so music lovers flock to Beale Street every night. So the tourist scene is vibrant in Memphis, which adds commerce.
As well, nightclubs, restaurants, and shops attract a younger demographic. Finally, hometown fans have an NBA franchise to cheer for at the FedEx Forum.
3. Affordable Living
The cost of living in Memphis is lower than the national average. Still, homeownership is out of reach for many residents. But, renters enjoy a high quality of life at affordable rates.
Investments in real estate see an immediate return from rental income by residents. Yet, the market is also prime for AirBnB rentals because of the tourism industry. In addition, many Fortune 500 companies also look for short-term rentals in the city of Memphis.
4. Landlord Friendly
In general, Memphis tenant laws favor landlords. The city mandated a 14-day eviction notice so investors could solve issues quicker.
Tennessee laws also allow landlords to charge any security deposit amount they wish. But the mandate also protects renters by creating rules for property upkeep.
There are several neighborhoods of varying types for rental properties. For more information, this quick guide gives an overview of the advantages of owning real estate in Memphis.
5. Environment For Profit
The Memphis housing market is still moderate in price compared to other regions. Yet, almost half of the city’s residents are renters. In addition, the linear market allows for steady increases in property values without volatility.
Note also that real estate inventory is decreasing, so as a result, prices will rise. So there’s no better time to buy property than now.
Act Now On Memphis Investment Properties
With growth and profitability on the rise, Memphis won’t be a secret for long with investors. So these five unique factors of the Memphis housing market will entice lots of interest.
If real estate is part of your plans, Memphis investment properties will sustain you for a long time. So take a closer look today.
And if you enjoyed what this article had to offer, come back for some more valuable insights.