Memphis absorbed 613 units on a trailing 12-month basis through Q1 2026, against 1,268 units delivered over the same period, an outpaced supply cycle that has sustained and kept occupancy under pressure.
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The under-construction pipeline has contracted 65% year-over-year, down to 524 units, representing just 0.5% of the metro's 103,000-unit inventory.
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Average effective rents rose 1.3% quarter-over-quarter to $1,149, snapping two quarters of declines, though annual rents remain down 1.2% year-over-year.
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MARKET OUTLOOK
The supply setup heading into the back half of 2026 is meaningfully more constructive than it was a year ago. The pipeline has...
