MARKET SNAPSHOT

Memphis q1 2025

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AVERAGE RENT

$1,166 Q1 2025

OCCUPANCY RATE

87.7% Q1 2025

QUARTERLY NET ABSORPTION

213 Q1 2025

ANNUAL RENT CHANGE

0.9% Q1 2025

ANNUAL OCCUPANCY CHANGE

+30 BPS Q1 2025

QUARTERLY COMPLETIONS

1,196 Q1 2025

KEY TAKEAWAYS

Average rent in Q1 2025 reached $1,166, with a 0.9% annual increase—the strongest growth in four quarters. Occupancy rose to 87.7%, up 60 basis points from the cycle low, though still just below the market's 10-year average (89.1%).

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Net absorption hit 213 units, nearly double the long-term norm, but only offset 18% of the 1,196 new units delivered—the highest quarterly supply in over two decades.

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Supply-side relief is in sight as the under construction inventory dropped 75% year-over-year and construction starts are down to the lowest level since 2010. This should lead to more balanced supply-demand dynamics and improved occupancy & rent trends.

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