Memphis population growth?

[Joe LeGolvan]

Just bought my first property in Memphis and wondering what your insights are on Memphis population growth. I see mixed data throughout. Seems like there’s been a good deal of appreciation in both rents and housing prices the last year… Thanks!

[Chris Clothier]

Originally posted by @Joe LeGolvan:

Just bought my first property in Memphis and wondering what your insights are on Memphis population growth. I see mixed data throughout. Seems like there’s been a good deal of appreciation in both rents and housing prices the last year… Thanks!

The growth is slow and steady.  Roughly 3.8% annual growth for the past decade with a slow slow down toward the end of the decade.  Nothing that is earth shattering, but much like the real estate market has been for a while, just slow and steady.  An interesting point to look into is the one-way U-Haul rental report from 2020.  It lists Tennessee as the #1 destination state for one-way rentals - i.e. migration.  Now, most of that traffic is landing in Middle and East Tennessee, but a percentage is landing in the Memphis area as well.  All-in-all Memphis has some work to do before it can plan to see high percentage growth and to be fair, 3% annual growth may be perfectly fine, but I think the city and certainly business leaders have other ideas.  Still, I love the city and the market as an investment market.  Love that you invested in the city and wish you the best of luck!