MARKET SNAPSHOT

Memphis q3 2026

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AVERAGE RENT

$1,142 Q3 2026

OCCUPANCY RATE

86.5% Q3 2026

NET ABSORPTION

1,667 T4Q

ANNUAL RENT CHANGE

0.5% Q3 2026

YoY OCCUPANCY CHANGE

20 BPS

UNIT COMPLETIONS

750 T4Q

KEY TAKEAWAYS
Renter demand in Memphis swung sharply positive in 2026, with trailing four-quarter absorption reversing from -278 units a year ago to 1,667 units now, comfortably outpacing new supply even as the market works through still-elevated vacancy.
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The pipeline has contracted 55% from its 2024 peak to just 1.3% of inventory, now lighter than nearly all peer markets in the region, with starts and completions both falling in tandem, pointing to reduced supply pressure through 2027.
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Rent growth turned positive for the first time in two years while occupancy improved for a second straight quarter, trends that are expected to continue given the market's unusually limited pipeline.
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MARKET OUTLOOK

Memphis enters the next few quarters with a notably light supply pipeline and strengthening demand, even though occupancy has further ground to make up. The forecast shows occupancy remaining under pressure...

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Featured Tennessee Research Reports:

Austin Fragoletti

Austin Fragoletti

Managing Director

austin.fragoletti@mmgrea.com

Sam Jackson

Sam Jackson

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sam.jackson@mmgrea.com

Jake Sullivan_2023

Jake Sullivan

Senior Advisor

jake.sullivan@mmgrea.com

John Endom

John Endom

Associate Advisor

john.endom@mmgrea.com

Kellen Warner

Kellen Warner

Associate Advisor

kellen.warner@mmgrea.com

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