Q3 2022 Memphis SFR Market Update for Real Estate Investors

Q3 2022 Memphis SFR Market Update for Real Estate Investors

On Nov. 10, Meridian Pacific Properties’ executives recorded their quarterly live webinar for real estate investors. In addition to the regular market and inventory updates, the team unveiled a new incentive program to enhance returns for investors looking to buy between now and year end.

Click on the timestamps below to view highlights.

Corporate Update and National Market Trends – Brian Conlon, Director of Business Development, and Kent Coykendall, President

4:31  Meridian’s business is designed to be nimble. We’re adjusting our plans to accommodate the current economic cycle and ensure we continue to provide sound investments to our clients.

7:33  Memphis is fairing well in comparison to many other metros. We’ve seen double-digit home appreciation the past two years and only modest depreciation. While inventory has crept up slightly, the market remains affordable.

13:20  Commutable to Ford’s BlueOval City, Astoria Square will feature 446 residential units, 65,000 square feet of commercial/retail, a hotel, and a central square. This project will provide much needed housing in the growing city of Millington.

Overview of Memphis Market – Kent Coykendall, President

17:51  We’ve seen tremendous increases in monthly rents since the beginning of the year. Now we’re seeing moderations as the market adjusts to its new normal.

20:43  We’re tracking renewal rates carefully and pursuing appropriate increases to ensure the best returns. Kent cautions investors from believing everything they see online and encourages them to trust Meridian’s on-the-ground leasing experts.

23:08  Evictions remain very low considering the number of properties Meridian Property Management manages. In the majority of cases, pay-and-stay arrangements are made, avoiding resident “put-outs” and economic vacancy.

30:06  The Leasing team is identifying properties in need of maintenance or in “transitioning” neighborhoods. We will be reaching out to owners to discuss the benefits of trading for a new property.

Q3 2022 Sales Overview – Brian Conlon, Director of Business Development

35:28  We are still expecting at or above historical averages for rent appreciation in the Memphis area over the next few years.

37:03  Let’s talk about incentives! Between now and year end, Meridian is offering a $10k-$15k discount off our sales prices, a credit of up to $5k toward closing costs; and a credit of up to $5k toward property management fees and maintenance. We’ll show you how these incentives dramatically affect upfront costs and overall returns.

41:21 There are a number of year-end tax strategies and benefits to discuss with your qualified CPA.

46:31  Hear about current investment opportunities and those coming online in early 2023.