Why Invest in Memphis Real Estate?
Memphis, Tennessee is an iconic cultural center that attracts over 11 million visitors annually. Tourists and business men and women come to Memphis from all over the world; especially Canada, UK, Germany, France, Brazil, and of course right here at home in the U.S.
Memphis boasts a number of historically significant attractions such as Graceland, Beale Street, Sun Studio, the National Civil Rights Museum, the Blues Hall of Fame, and the Rock ‘n’ Soul Museum.
Musically, Memphis has the market cornered with a pedigree of musical legends who hail from “the Birthplace of Rock ‘n Roll,” including Elvis Presley, Kirk Whalum and Justin Timberlake. An even longer list of iconic musicians have drawn inspiration from the depths of Memphis’ soul. B.B King moved to Memphis from Mississippi, while dozens of others started their careers in this city, like Otis Redding, Roy Orbison, Jerry Lee Lewis, Aretha Franklin and many more.
All this goes to show that Memphis is an attractive place to live, with a rich cultural scene and a vibrant social setting. But what is it about Memphis that makes it especially appealing for real estate investors?
Memphis By The Numbers
Just over 646,700 people call Memphis home, according to the U.S. Census Bureau. The cost of living in Memphis is 15.7% lower than the U.S average. There are nearly 71,000 companies in Memphis, providing plenty of job opportunities for residents.
Fortune 500 companies with a corporate presence in Memphis include FedEx, International Paper and AutoZone. Other major employers based in Memphis are Cargill Cotton, Allenberg Cotton, Baker, the prestigious law firm of Donelson, Bearman, Caldwell & Berkowitz, Perkins Restaurant and Bakery, ServiceMaster, Varsity Brands and Gibson Guitars, St. Jude Children’s Research Hospital is based in Memphis, as are dozens of healthcare, pharmaceutical and biotech companies.
States mandate tenant-landlord laws. As a city in the landlord-friendly state of Tennessee, Memphis is considered a landlord-friendly city.
- Security deposits are not capped. You can charge whatever you want for a security deposit. You just have to return it within 30 days after the move-out, less any charges for damage.
- Rents are not capped. You can set any rent price you want since there is no rent control in Tennessee.
- Late fees are allowed. You can charge a rent late fee as soon as five days after the due date, up to 10% of the amount due.
- Eviction filings can begin in 14 days. If the tenant hasn’t paid the rent by just 14 days after the due date, the landlord can notify for eviction.
- Move deadline is just 16 days. After an eviction notice, the tenant can be forced to move in just 16 days, allowing for a quick turnaround to get a paying tenant into the property.
These factors make Memphis an appealing location for real estate investors; the abundance of attractions and entertainment options, the economic diversity and the landlord-friendly attitude of the state and local government.
MartelTurnkey has procured several cash flowing turnkey rental properties in the Memphis area. If you’d like to get in on the lucrative rental market in Memphis, please browse our Memphis rental properties listings. When you’ve found one or two that interest you, please contact us to learn more.
I think it’s great that you’re in Memphis; I’ve been hearing frequently that it is a great second tier city to get into real estate investment so I’m sure you’re killing it there. Keep it up and I’m eager to invest soon!