Memphis rent prices soar ahead, are we likely to see a drop?

[Divanshu Arora]

Since the start of the pandemic in March of last year, the median cost of an apartment increased from $923 dollars to $1,082 a month. 

For many tenants in Memphis and the Mid-South, the days of rent discounts and pandemic pricing are a thing of the past. The cost of renting in the Memphis area is beginning to soar in what’s being called a red-hot market.

When are we likely to see a price drop?