After three quarters of net absorption losses, Memphis recorded a demand rebound with 321 units absorbed in Q2 2025, though 12-month absorption remains weak, weighed down by persistent softness in Southeast Memphis.
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New supply continues to exceed demand, with 2,527 units delivered over the past year, the highest annual total on record, although future deliveries are expected to slow as construction starts have declined sharply.
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Rent growth remains modest at 0.3% year-over-year, while occupancy stands at 87.2%, well below the national average and among the lowest of the top 50 metros, despite recent stabilization.
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MARKET OUTLOOK
Memphis continues to contend with excess supply and only moderate demand...
