Trouble with vacancy in Memphis

[Jeff Bethke]

Is anyone having trouble filling vacancies in Memphis right now? I have a 3bd/2ba south of Germantown and west of Collierville. Brand new house, rent is set at $1495, market value is $192k. I'm having trouble getting it rented through my PM and curious if the market has shifted at all and there is an excess of inventory?

[Stephen Akindona]

There is definitely not an access of inventory, but there are several factors that could be contributing the extended vacancies. Are you looking to get more than market rents? If you are truly seeking market rent than there could be a problem in the marketing of the property. Is your rental advertised online, is there a sign in the yard? Lastly it could just be the property management company not following up on leads. Also keep in mind that when you have higher priced rents those could potentially take longer only because the potential tenant base is significantly reduced!