Memphis, TN | 2025 Q2 Multifamily Market Overview

Market Overview

The Memphis metro area supports a multifamily base of 109,056 units across 540 properties of 50+ units. Over the past 12 months, developers delivered 2,347 units and have approximately 1,300 more projected for 2025. Average asking rent is $1,176, with year-over-year growth of 0.7 percent. Vacancy remains elevated at 85.9 percent occupied (14.1 percent vacant), but projections suggest gradual tightening toward 12.2 percent vacancy. Economic fundamentals are strong: the region has reached a Gross Regional Product of $102.9 billion and employment of 656,600 jobs on the back of growth in logistics, healthcare, and manufacturing.

About The Kirkland Co.

The Kirkland Co. is a regional real estate advisory firm rooted in the Memphis market. Its multifamily research combines localized economic insight, pipeline tracking, and rent fundamentals with broader regional context—providing investors, developers, and stakeholders with a grounded view of market dynamics in a key Southeast metro.