The pandemic had an impact on rent prices in major cities and neighborhoods across the U.S. To quantify the impact, we’re focusing attention on some of the major cities and neighborhoods in the U.S. We will be presenting our findings in a series of year-over-year neighborhood snapshots.
The subject of today’s snapshot is the city of Memphis, TN. Based upon our analysis, the year-over-year average rents in Memphis look positive across all unit types. They had a 16% growth in 1 bedroom units, 5% growth in 2BR, and 10% growth in 3 bedroom units.
Our standard City analysis uses a 12-month “LookBack” to establish an average baseline rent. The 12-month LookBack analyzes the rent data from the last 12-months, and for this analysis, the rent data included would be from May 1, 2020 – May 1, 2021.
The results from the 12-month LookBack analysis are presented in the table below:
As the table shows, rents in all unit types increased from their 2020 rates by 16%, 5%, and 10%. As demonstrated by the year-over-year table, the Memphis market varied depending on the number of bedrooms, but all have done better in 2021 than last year.
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This article was written by the Rentometer Content Team. The Rentometer Blog features fresh takes and insights on rental housing topics, services, and technology.