Memphis real estate trends for 2021: is renting on the rise?

Memphis skyline

Let’s face it – last year has been a tough one. Outshining 2020 won’t be so hard to achieve. It is time for a change. With the pandemic nearing its long-awaited end, we should try to pick things up where we’ve left them. Maybe you’ve been looking for a new home and the covid19 outbreak ruined your plans? If that’s the case and if the city you’ve dreamed of relocating to is Memphis, well… Don’t worry. Even though the pandemic has had an undeniable negative impact on the economy, the real estate market seems to be one of the few exceptions to the rule. Although it depends on the perspective. Are you on the lookout for a place to rent? In the article below read about some of the Memphis real estate trends for the annual year. We’ll also try to answer the question: is renting on the rise?

The impact of the pandemic

Let’s say this is sort of an introduction. We’ll try to be quick and concise. The pandemic has changed the way we go about things. It struck the housing market, as it did every part of the nation’s economy. Was it a negative impact? Well, it’s kind of relative. Depends on who’s speaking. For homeowners eager to sell their property during the time of the pandemic – it was great. The demand was high and the median price of real estate got up. The forecast for this year says the value will drop. The trend will continue in the next few years. These are good news for buyers and potential renters.

A street in Memphis, TN
During the covid19 pandemic the median price of a home in Memphis, TN increased

Is renting on the rise in Memphis, TN?

While the society itself is stabilizing after the pandemic, the same will happen with rental prices. This is supposed to happen in the first half of this very year. Rental prices will be lowest in the dense urban areas, including Memphis, and highest in the suburban settlements. Memphis had the fastest-growing renter population in the last couple of years. Although, it still can’t compete with cities like NYC. So, the real question looks like this: is renting still on the rise in Memphis? The answer is: probably, yes. The rental prices will probably go down and the demand for affordable housing, induced by the pandemic, will be high. If you’re looking to rent a Memphis flat in 2021, and you need professionals to help you move – say no more. Rest assured that trained people can help you anytime. Hiring moving labor is almost always the best option.

City view of Memphis, TN
Rental prices in Memphis are predicted to decrease in 2021

Use the situation in your favor

It’s safe to say that timing is everything. It’s also safe to say, having in mind the above-mentioned facts, that the time is now. Rent a home that suits your desires and needs. Contact Spyder Moving to help you get settled. Even though the last year has been a mess, the annual year should give us hope and strength. Making a fresh start in Memphis might be the change you’ve been looking forward to. We’ve provided you with some Memphis real estate trends for 2021. Best of luck.

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