Why You Need to Invest in Memphis Now
With a population of almost 652,000 and a diverse culture, Memphis, TN is an interesting city in which to live and work. Of course, residents can avail of the many public amenities like the nearly 400 acres of public park space, 42 bus routes and three trolley routes. But as an investor, you need to be more focused on whether or not Memphis is a good and safe place to put your hard-earned investment dollars. We’re here to tell you that there are tons of good reasons to invest in Memphis. Here are just some of them.
Memphis Laws Favor Landlords
Memphis is one of the few cities in the U.S. where the law favors landlords over tenants. That’s not to imply that tenants are underrepresented; it’s just that city officials are sympathetic to the financial responsibilities that landlords handle. For instance, landlords can charge any amount for use as a security deposit. Any remaining security deposit after justified repairs or replacements still needs to be returned to the tenant within 30 days.
Rent Prices Aren’t Capped
Likewise, landlords can charge whatever rent they want on apartment units, duplexes, single-family homes, etc. This is especially beneficial when you buy a property, make improvements and wish to increase rent to reflect the added value. This is one factor that has allowed real estate investment companies like MartelTurnkey to markedly improve property values in neighborhoods throughout Memphis.
The Eviction Process Favors Landlords, Too
Evictions in Memphis are easier for landlords compared to most other states. For example, after notice has been given to the tenant, they have just 14 days to pay back rent due before landlords can legally file. (Note that COVID restrictions have resulted in temporary eviction moratoriums in Memphis and other cities.) Furthermore, a tenant has just 16 days to vacate the premises after the formal eviction notice is filed. Laws like this greatly help to minimize loss of rental income due to non-paying tenants. In some other cities around the country, tenants have the capability to “squat” in a property indefinitely without paying rent, essentially holding the landlord hostage.
The Real Estate Market is Skyrocketing
It’s impossible to predict how the pandemic is going to affect real estate markets moving forward. But for now, you should invest in Memphis ASAP because the real estate market is skyrocketing. Sales prices for single family homes are climbing and climbing, partially due to the scarcity of available homes. It’s become a seller’s market as homebuyers are offering well over asking price.
The Job Market is Surging
Experts are saying that one of the reasons for the skyrocketing home prices is the surging job market in Memphis. While much of the country has been brought to its knees from the pandemic, Memphis residents have experienced an increase in job growth. Between 2012 and 2020, 60,000 new jobs have been created. Some of that growth has been due to large retailers like Amazon demonstrating their faith in the Memphis worker sector with new distribution warehouses. When you consider how many full-time people Amazon employs to evaluate lucrative cities in which to invest, shouldn’t you follow their lead?
MartelTurnkey is Invested in Memphis
At MartelTurnkey, we’re more invested in Memphis, TN than ever before. Our own Etienne Martel has taken up residence in Memphis to be our boots on the ground; overseeing Memphis acquisitions and renovations. We’re more committed than ever before in leveraging what’s happening in the Memphis real estate market to offer solid and lucrative properties to our investors.
If you’re looking for a strong real estate market in which to invest in 2021, you can’t go wrong with Memphis. And if you’re looking for a way to invest in real estate without sacrificing your personal time and energy, you can’t go wrong with MartelTurnkey turnkey rental properties. Contact us to learn more about why Memphis is the future of real estate investment success.