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Will rent prices in Memphis continue to climb?

According to Zumper.com's national rental report, the median price for a one-bedroom in Memphis is $850.

MEMPHIS, Tenn. — Have you looked for an apartment lately? If so you have noticed rising rent prices. A Memphis real estate broker said he expects prices to keep climbing.

"We're probably about 99% occupancy rate, so our inventory is extremely low," said Kendall Haney, the owner of 901 Real Estate Services. "We rent most places prior to the tenant moving out. There is a huge demand, absolutely."

901 Real Estate Services specializes in condos and homes. He's seeing a large demand in rental properties like the rest of Memphis. The cost of living is rising in the Bluff City. According to Zumper.com's national rental report, the median price for a one-bedroom in Memphis is $850. There's been a 7.6% increase from June 2020 to this month. Many are relocating to Memphis for jobs and for affordable housing. Haney said COVID-19 had a significant impact on the real estate market.

"It affected in a lot of ways because people were staying home more and working out of their homes. A lot of people did move around to get more space," Haney said.

More and more people in their late twenties to early thirties are attracted to live downtown.

"I think there will always be an increase especially downtown because a lot of people want to live down there," Haney said.

As residents grow families the suburbs will be an attractive move.