After a Q2 uptick, demand stayed positive with 95 units absorbed in Q3 2025, but 12-month absorption remains soft at 136 units, pressured by outsized move-outs in Class C and weaker leasing trends in Southeast Memphis.
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New supply continues to outpace demand, with 2,525 units delivered over the past year, the highest 12-month total on record. However, deliveries should slow as starts have fallen and the active pipeline has tightened by 29%.
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Rent trends have been largely flat over the past four quarters, in contrast to many Sun Belt metros that have posted declines, while occupancy is at 86.6%, below the national average and among the lowest of the top 50 metros despite recent stabilization.
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MARKET OUTLOOK
Memphis is positioned for gradual rebalancing through 2026...
