MARKET SNAPSHOT

Memphis q2 2026

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AVERAGE RENT

$1,151 Q2 2026

OCCUPANCY RATE

86.2% Q2 2026

NET ABSORPTION

1,175 T4Q

ANNUAL RENT CHANGE

0.1% Q2 2026

ANNUAL OCCUPANCY CHANGE

-65 BPS

UNIT COMPLETIONS

1,002 T4Q

KEY TAKEAWAYS

Demand comfortably outpaced supply in Q2, with trailing 12-month absorption of 1,175 units exceeding 1,002 delivered, capped by a 673-unit quarterly result, the strongest in two years and the fourth straight quarter of positive absorption.

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The construction pipeline continues to contract, with starts down to 540 units and just 934 units remaining under construction, or 0.9% of base inventory, positioning the market for reduced supply-side pressure through mid-2027.

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Rents are stabilizing at $1,151 per unit, with quarterly momentum accelerating to 1.4% even as the annual figure holds near flat. Occupancy rose 20 basis points to 86.2%, still below year-ago levels but pointing toward a market finding its footing.

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MARKET OUTLOOK

Memphis's multifamily market is emerging from its supply-wave peak. Just 934 units remain under construction, 0.9% of inventory, and trailing 12-month completions have fallen 58% year-over-year to 1,002 units...

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