Posted Tuesday, June 20th, 2023 by Enterprise Property Management
Memphis Rental Market Needs Affordable Move-in Ready Properties; Investors Explore Alternative Loans
As the Memphis rental market experiences increased demand for affordable, move-in ready properties, and investors are exploring alternative loan options to adapt to the current economic climate, we discuss how rents and property prices are stabilizing, benefiting tenants, and allowing homeowners to assess property values accurately. Some expensive areas might see home values go down, while middle-income and lower-income properties should stay stable. Investors who focus on these properties can expect less risk and steady rents in the future.
The 1% rule is helpful for buying properties, but it’s not perfect. It’s important to consider the money coming in and going out of a property. We talk about the rental market in Memphis and different types of investors and why middle-income housing is in such demand. Enterprise Property Management has implemented several changes, which will be discussed in future episodes. Notably, there is an excess of staff in customer service due to the economic slowdown, leading to considerations about the surplus of employees. In terms of operations, PropertyMeld, a web-based service, has improved communication and streamlined maintenance requests within our organization. Finally, we discuss the number of empty properties and how we focus on finding good tenants to make homeowners happy.
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