Memphis saw one of the nation’s best occupancy performances in the past year. Occupancy was at 96% in January, up 140 basis points (bps) in the last 12 months. Among the nation’s largest 50 apartment markets, only Riverside saw stronger improvement (of 180 bps). Helping Memphis gain notable ground in the past year, this market avoided the occupancy softening seen across many other major markets during the COVID-19 pandemic. Except for one month in the last year, occupancy has been steadily improving thanks to strong demand and limited new supply. After hitting an all-time high at 96.3% in November, occupancy in Memphis has hovered at 96% for two months now. In the last five years, Memphis occupancy has averaged much lower – at about 94.3%.
