Memphis, TN: Bluff City
With 633,104 residents, Memphis is the second-largest city by population in Tennessee. It serves as the county seat of Shelby County. It is known for its music scene, particularly the Memphis blues genre, and has been nicknamed “Homes of the Blues.” There are several historic blues clubs that line Beale Street and act as major tourist attractions today.
In addition to music, Memphis’s arts and culture scene are also defined by visual arts, theater, and literature. Notable locations include the Memphis Brooks Museum of Art, the Dixon Gallery and Gardens, the Orpheum Theatre, the National Civil Rights Museum, and Sun Studio. Colleges and universities residing within the city include the University of Memphis, Memphis College of Art, Rhodes College, and Christian Brothers University.
Memphis is also known for its local cuisine and Memphis-style barbecue. The city even holds the World Championship Barbecue Cooking Contest. Other cultural events include the Beale Street Music Festival, the Great River Run, International Week, Africa in April Cultural Awareness Festival, the Memphis Italian Festival, Carnival Memphis, and more.
What Is Memphis’s Rental Market Like?
In Memphis, there are affordable homes. The median listing price in this city is $170,000, though homes can sell for as high as $3.3 million. Property investors flock to Memphis because of its affordable real estate and wide pool of renters. In fact, renters make up 53.4% of the city’s population.
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When it comes to monthly rent, Memphis boasts an average rent of $967. This represents a 13% year-over-year change. The average apartment size in Memphis is 909 sq. ft. While $967 is below the national average, there are many apartments in Memphis that fall between the $1,001 and $2,000 rental rate range.
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Apart from that, Tennessee is a relatively landlord-friendly state. There are no rent control laws that currently exist in the state. Plus, there are only a few policies that dictate living standards that landlords must provide.
How a Memphis Property Management Company Can Help
Managing a rental property requires time, dedication, and expertise — three things that not all landlords have. To become a successful landlord, you need to juggle a multitude of tasks. This includes collecting rent, enforcing the lease, and abiding by the countless landlord-tenant laws that apply to you. To the untrained, it can be too overwhelming.
This is where a Memphis rental management company comes in. A management company can take over most of a landlord’s duties, if not all. You can rest assured knowing your rental property is in capable hands. What can you expect from a rental management company?
- Advertise your listing
- Screen and process tenants
- Oversee property showings
- Set and collect rent
- Create a lease agreement
- Perform move-in, move-out, and routine inspections
- Enforce your lease terms
- Manage maintenance and repairs
- Respond to tenant complaints
- Manage your budget
- Help with tax calculations
- File evictions
In Search of Property Management in Memphis?
Finding a rental management company in Memphis can come as a challenge. Rental Choice aims to make it much less difficult for landlords and property investors everywhere. Using our online directory, you can search for property management companies by city or state as well as gain access to their contact information — all in one easy-to-use site!
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