I was reading an article in the Daily News about Memphis as an investor Mecca, because rental properties thrive in tough economic times. This may be especially true for single family houses, since families who may have lost their homes would probably tend to rent houses rather than moving to apartments or other multi-family buildings. The article makes some interesting points about investing here and the number of out of town investors who favor Memphis. But one statement really jumped out at me. One of the folks featured stated the Memphis is 48% rental. That got me searching for some data.
The only numbers I could find were on City-data.com, and their stats showed Memphis has a 44% rental rate, as compared to 30% in the state. But maybe this isn’t so bad, since Nashville has a 45%, Jackson, Ms- 43% and Atlanta, GA- 56%.
City-data.com reports Memphis housing as:
| Total Houses | 271,723 |
| Occupied Houses | 250,810 |
| Vacant Houses | 20,913 |
| Renters | 110,727 |
| Owner-Occupied | 140,083 |
I think the info may reflect housing units and not actual houses, but there is no additional explanation. The information is provided by Onboard Infomatics, and it would be nice to know a little bit more about the methodology. What , if anything, do you think this says about home ownership, and do you think the trend is toward more and more rentals?
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What do you think? Leave your comments.