We have been discussing the positives to the Memphis market as a whole for many years now. The position of the market is constantly changing based on announcements from new employers, on new projects and new incentives for growing firms in the Memphis area.
All of these developments weigh on the success of the Memphis housing market as well. When jobs are growing; when companies are expanding; when there are new opportunities being created in the city, the positives from these types of developments spill over onto the housing market.
The city itself and the surrounding areas grow from a migration of new residents. Job growth pushes down the unemployment rate. Job growth helps drive up demand for housing on both the owner-occupied side and the renter side of the equation. With greater demand comes appreciation, especially in more stable and desirable areas, as well as a rise in rents.
Both developments are great for long-term real estate investing.
Now comes word from Wambrodt Hotel Investments that they are high on the Memphis market and are looking at several hotel projects in the city of Memphis. This is a big development because Memphis is sorely lacking in this area. We need more hotel rooms and more updates to existing infrastructure.
With several hundred rooms under construction or slated for construction in the downtown area, Memphis will be in the position to host future and larger events. With that construction comes jobs during all phases including after they are complete. Those jobs are big!
Here is the newsletter from Herb Wombrodt highlighting why they are excited about Memphis!