The past year or so has been a challenge for many multifamily markets and Memphis is no different.
The latest report from CBRE that analyzed the city's asset class found that rents dipped by 2.1 percent in 2024 to $1,198. Annual rents fell the furthest on Class C assets in East Memphis, which suffered a 12.9 percent plunge to $914. Meanwhile, North Memphis' Class B group saw the largest gains (6.6 percent to $1,131).
The fourth quarter saw a 164 basis point drop in rents from the previous three months. Class A properties led the way in the declines for the period, taking a 263 basis point dive.
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