Cap rates, rent trends, and underwriting benchmarks for Memphis apartment investors.
Memphis offers the highest cap rates among the 30 markets tracked, making it a pure cash-flow play. FedEx and logistics employment provide economic stability. East Memphis and Germantown are the strongest submarkets. Higher management intensity in some areas.
Fewer national lenders active. Local banks and CDFI lenders fill the gap. DSCR requirements of 1.30x or higher. Property condition matters more here.
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