Memphis, TN Multifamily Market Report | MMG Real Estate Advisors | Q1 2026

Market Overview

Memphis's multifamily market saw a more constructive supply setup heading into Q1 2026, with trailing 12-month absorption of 613 units against 1,268 units delivered, an outpaced supply cycle that has kept occupancy under pressure at 85.7%, down 120 basis points annually. Average effective rents rose 1.3% quarter-over-quarter to $1,149, snapping two quarters of declines, though annual rents remained down 1.2% year-over-year. The under-construction pipeline has contracted 65% year-over-year to just 524 units, representing 0.5% of the metro's 103,000-unit inventory, making the supply outlook heading into the back half of 2026 meaningfully more constructive than a year ago. NOTE: The full report requires submitting contact information through a download form; the description above reflects publicly visible market snapshot data only.

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About MMG Real Estate Advisors

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MMG Real Estate Advisors is a multifamily investment sales and research firm tracking apartment market fundamentals across the Southeast, Midwest, and beyond. Their Q1 2026 Memphis multifamily market snapshot tracks rent, occupancy, absorption, and supply trends to help owners and investors assess market timing. To read the full report, click here.