The Memphis rental real estate market has grown exponentially over the past year, with more and more families opting for property rentals over standard home ownership. As Memphis has developed to be one of the best places to live in Tennessee, the requirements of tenants in Memphis are significantly different today than what they were a few years ago.
People from diverse age groups are looking for rentals in Memphis, all with their own set of needs. However, despite all the variety, there are a few common features that all tenants are looking for, in their Memphis rental.
1. Economic housing that fits their budget
One of the first things that Memphis tenants seek is rent that is within their reach. Fortunately, there is a wide variety of rental options in all Memphis neighborhoods. Average rental costs vary depending on whether you live in Midtown, or Downtown, or East Memphis, or Germantown, as well as on the type of property – whether it is an apartment or a condo, or a home; so, you need to set your rent expectations accordingly. On the whole, well-maintained and spacious properties are preferred by tenants, even if their rent is slightly higher than the average but still within the tenant’s budget.
2. Efficient property management in Memphis
The biggest reason that people tell us why they move is the lack of efficient property management by landlords. Tenants expect smooth property management systems to be put in place by the landlords. A few repairs here and there are fine, but if a property starts requiring too much maintenance and the landlord is not responsive, tenants opt for relocation.
To avoid such a situation for your rental property, you can enlist the services of trusted and experienced Memphis property managers like RiverTown Realty, which can give you an advantage over your competitors.
3. Open channels of communication
Memphis residents seek open channels of communication between them and property managers. It is very difficult to live in a house where the manager is difficult to reach or is unresponsive. Providing your tenants with a way to communicate their difficulties easily and quickly is important. They should be able to discuss their issues and get their problems resolved as early as possible. Having a good property manager can be a great help here, as you may not always be able to come down and sort the issue out immediately.
4. Essential Amenities
While all tenants do not necessarily expect granite countertops and custom kitchen cabinets in an economic Memphis rental, it doesn’t mean they don’t expect reasonable amenities. Most Memphis tenants are looking for all the essential amenities like power backup, 24/7 water supply, parking, security systems, proximity to restaurants, shops, theatres, and more and in most cases, a tenant won’t compromise on these requirements.
5. Ability to maintain a work-life balance
Memphis is fast becoming the new home of millennials who are active members of the workforce. In addition, millennials are also starting families and are hence looking for rentals that can give them the desired work-life balance. Memphis has a great art and music scene as well as great school districts, making it an attractive option for tenants.
Our houses play a major role in impacting our comfort, our lifestyle, our finances, and even our professional life; hence, it is important to choose one that best suits our needs. This is where professional Memphis property management service providers like RiverTown Realty come in. We help tenants find the house that is best suited to their wants and bring property owners the best tenants for their properties. Contact us to find out more about tenants needs in the Memphis area.