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Best Neighborhoods for Rental Property in Memphis

Buying Rental Property in Memphis

With a stable housing market and rental rates continuously rising, Memphis is an incredible place for property investors. There are a multitude of different options for investors looking for specific types of neighborhoods and rental properties, giving investors the resources they need to make the best decision for their budget and location preferences. 

University District

The University District in Memphis is made up of many homes and apartments that are often rented to college students and those seeking proximity to the best shopping, eating, and dining in the area. 

Easy access to campus and nearby attractions makes the neighborhood extremely marketable. Rental homes in this neighborhood tend to be older homes with smaller square footage that offer low mortgage rates for investors with a high number of renters seeking housing. While the University District is appealing to younger generations, many University of Memphis professors and staff also seek out nearby rental properties. 

Restaurants

Surrounding the University District are a handful of popular restaurants that university students, Midtowners, and East Memphians alike enjoy. From warm and gooey cookies to handmade tacos, residents can find anything they are looking for right around the corner. A few crowd favorites are:

  • Insomnia Cookies
  • Belltower Artisans 
  • Brother Juniper’s
  • Cook Out
  • BurgerIM

Entertainment

The University District offers a variety of entertainment options for individuals. Whether they are looking to watch a sports game with friends or ride bikes at a local park, the University District offers plenty to do, see, and enjoy.

School

University of Memphis students seeking off-campus housing are looking for affordable housing options convenient to campus. With many surrounding neighborhoods that offer several affordable homes, investors will find the University District a great location to invest in rental property.

 

Cordova

Cordova is a suburb east of the Memphis area that offers many perks city residents may not be able to enjoy. With large and small homes that appeal to families and professionals seeking long-term rentals with access to schools and community amenities, Cordova is one of the top Memphis areas to invest in rental property.  

Family-friendly

Cordova is home to many families. In Cordova, parents will find schools with higher graduation rates and more academic and athletic opportunities than in many areas of Memphis.

Nature

Cordova is a great place to live for individuals who love the outdoors, and it’s home to one of the largest urban parks in the country. Shelby Farms offers 4,500 acres of open and wooded hiking, biking, and running trails along with lakes for fishing and kayaking. Shelby Farms also offers outdoor concerts, horseback riding, and other opportunities to get outside and enjoy the outdoors.

Location

Being close to many surrounding Memphis areas has made Cordova extremely marketable. This allows for working individuals to be outside of the city while also staying in close proximity for a short commute. A few nearby communities and neighborhoods include:

  • Arlington
  • Bartlett
  • Collierville
  • Germantown
  • East Memphis

Cordova residents also enjoy access to Interstate 240 which allows commuters an opportunity to reach Downtown Memphis, Midtown Memphis, and DeSoto County, Mississippi in approximately 30 minutes, making any area of the Mid-South quickly accessible.

 

Midtown Memphis

Midtown is known for giving locals and tourists a genuine taste of Memphis. A place for young and old to visit, live, and explore, Midtown is continuously welcoming new faces. From newly renovated homes to older homes with plenty of charm and character, properties here do not stay on the market long thanks to the variety of neighborhood amenities.

Music

It’s no secret that Memphis is well-known for its music. Midtown lives up to that reputation by providing a handful of bars, restaurants, and venues that host local and traveling bands to perform on almost every night of the week. A few places that you can find incredible live music are:

  • Levitt Shell
  • Lafayette’s Music Room
  • The Hi Tone
  • Zebra Lounge
  • Minglewood Hall

Attractions

Midtown Memphis is home to several exciting attractions, including the Memphis Zoo, Overton Park, multiple theaters and concert venues, a variety of museums, and more. Residents of Memphis know well there is always something happening in Midtown. 

Art

Midtown is known as Memphis’s art hub, an exciting and colorful place to be. On almost every corner, you can find extravagant murals and artwork created by local artists. With an artistic and entrepreneurial spirit, Midtown is continually growing. 

 

Downtown Memphis

Living in downtown Memphis is ideal for many individuals. With beautiful views, delicious food, and plenty to do, downtown Memphis is the place to be. Individuals can find condos, townhomes, apartments, and more to rent, and investors can take advantage of the many affordable homes available in Harbor Town, a community with a neighborhood feel that’s just minutes away from Beale Street.

Views

Looking over the beautiful Mississippi River is one of the best ways to spend a relaxing afternoon with family and friends. Downtown offers several breathtaking views including rooftops overlooking the city lights and incredible architecture and homes located near the banks of the Mississippi River where residents and visitors can enjoy a variety of parks and walking trails.

Activities

Downtown Memphis offers Memphians and visitors alike plenty of opportunities to enjoy various attractions and entertainment. Some of the most popular downtown Memphis activities include: 

  • Basketball games at the FedExForum
  • Stage productions at The Orpheum Theatre
  • Musical performances on Beale Street

 

Whitehaven

If you’re looking for rental properties near one of the most iconic tourist attractions, Whitehaven might be the spot for you. With inexpensive lots in high demand, rental property in Whitehaven is a great investment. 

Graceland

Graceland, Elvis Presley’s previous home, brings in thousands of tourists and locals every year. Here you can find iconic music and incredible food options. 

Affordable

Another reason Whitehaven is a great place to invest in rental property is affordability. You can find very affordable homes in and around the area with low mortgage rates, making it ideal for your investment. 

Location

Commuting from Whitehaven is extremely easy and convenient for residents. Nearby I-55 and I-240 make the commute to work every morning a little bit easier in the Memphis traffic. This aspect of Whitehaven makes living here very appealing to those looking for a neighborhood with an easy commute to any part of Memphis, particularly those who may not work in a fixed location every day but travel throughout the area for work. 

 

Frayser

Because Frayser is one of the largest neighborhoods in Memphis, investing in rental property in the area comes with great opportunity. The community in Frayser is located just north of Memphis and is home to a large number of families seeking rental homes.

Growth

Frayser’s community is made up of men and women who dedicate their days to making the neighborhood a better place for everyone. This includes community service, fundraisers, and more. A few of the projects they have worked on are:

  • Frayser Festival
  • 5K for pregnant & parenting teens
  • State housing programs

Commute

Frayser is another Memphis neighborhood that brings convenience to its residents. Close to I-240, residents of the neighborhood can easily and conveniently commute to work, church, activities, and more. 

Activities

The location of Frayser gives the community easy access to different parts of Memphis with activities for the family. Right outside of Bartlett, there are many opportunities for residents to enjoy including:

  • Shelby Farms Park
  • Wolfchase Mall
  • Andy B’s Bowling

 

Let Memphis Cashflow help you find the right investment property for you.

Our team at Memphis Cashflow works to provide investors with ideal locations for rental properties. Several neighborhoods in Memphis have attractions that make them marketable and appealing to every age group. If you are interested in property investment in the Memphis area, contact us today for more information or check out the latest investment properties nearby.

Posted by Clifton Stone at 10:00 AM

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