population up 1,800% since 1999, property taxes half of Shelby County, and new construction everywhere you look

Oakland is the growth story of the Memphis metro. What was a rural crossroads of 550 people in 1999 has exploded to over 10,700 residents — and the building hasn't slowed down. Located 30 miles east of Downtown Memphis in Fayette County, Oakland draws buyers and renters with something no Shelby County suburb can match: property taxes at roughly half the rate. Fayette County's effective tax rate sits at 0.43% compared to Shelby County's 0.89%, which means lower carrying costs for investors and more attractive price points for tenants. New-construction subdivisions with resort-style amenities are going up across town, and demand for rental housing is outpacing supply in a market where 88% of homes are owner-occupied.



Longstep Property Solutions provides full-service property management for Oakland owners — handling everything from tenant screening and lease management for long-term rentals to dynamic pricing and guest coordination for short-term units. We know this market because we're local, and we manage properties across Oakland's growing neighborhoods so you get area-specific expertise, not a one-size-fits-all approach.

Key Neighborhoods in Oakland

Hidden Springs

Hidden Springs is Oakland's flagship master-planned community — encompassing Waters of Hidden Springs, Fields of Hidden Springs, and Gardens of Hidden Springs across multiple phases and builders. Ranked as one of the safest places to live in West Tennessee, the community features family-sized lots, walking trails, and a neighborhood feel that new residents consistently cite as the reason they chose Oakland over Shelby County suburbs. Regency Homebuilders and other regional builders offer a range of floorplans here, and rental demand is strong because the homes are new, the finishes are modern, and the price point undercuts comparable new construction in Arlington or Collierville by $50,000 or more.

Riverwood Gardens & Villages of Riverwood

Riverwood Gardens is a D.R. Horton community that represents Oakland's newest wave of construction — featuring a resort-style pool and amenity center, a dog park, and pickleball courts. Nine floorplans range from 1,510 to 2,443 square feet, and every home comes with smart home technology packages. Villages of Riverwood, the adjacent established section, offers mature landscaping and slightly older builds at a lower price point. Together, these two communities create a rental pipeline: tenants who want new-build amenities land in Riverwood Gardens, while budget-conscious renters find strong value in the Villages. Both benefit from Oakland's low tax rate and proximity to the Memphis job market via Highway 64.

Fair Oaks & Cross Creek

Fair Oaks anchors Oakland's western corridor, centered around the Fair Oaks Golf Club — a public 18-hole course that gives the area a lifestyle draw beyond just housing. The Villas at Fair Oaks offer maintenance-friendly living that appeals to downsizers and professionals who don't want a large yard. Cross Creek, nearby, features traditional and ranch-style builds on modest lots with clean streetscapes and HOA standards. These neighborhoods attract tenants who are commuting into Memphis or Collierville for work and want the space and affordability that Fayette County provides without sacrificing neighborhood quality.

Oakland Long-Term Rental Market

Oakland's long-term rental market is defined by one dynamic: explosive growth with almost no rental inventory. The town's population has grown roughly 1,800% in 25 years, but 88% of housing is owner-occupied — the highest rate of any Memphis-area community we manage. That means when a well-maintained rental hits the market in Oakland, it doesn't sit. Tenants are typically families and professionals commuting into Memphis, Collierville, or Germantown who want new-construction quality at a lower cost of living, and they're willing to drive 30 minutes to get it.

For investors, Oakland's math is compelling. The median home price sits around $365,000, but Fayette County's property tax rate (0.43%) is roughly half of Shelby County's (0.89%) — which means your carrying costs are significantly lower on a comparable property. The 2-bedroom average rent of $1,895 reflects the newer housing stock and the premium tenants place on move-in-ready homes in safe, growing communities. With new subdivisions continuing to break ground and the town's commercial infrastructure expanding, Oakland is a market where early investors are positioned for both cash flow and appreciation.

$2,159

Average Monthly Rent

$1,895

2-Bedroom Average

88%

Owner Occupied Households

0.43%

Fayette County Tax Rate

Oakland Short-Term Rental Market

Oakland's short-term rental market is early-stage and lightly competed — with only 14 active listings, there's wide-open opportunity for well-positioned properties. The guest profile here is different from Memphis proper: think traveling nurses and contract workers at nearby medical facilities, families visiting the area for home purchases or school tours, and weekend visitors exploring Fayette County's rural character — golf at Fair Oaks, fishing at the town park's stocked ponds, and day trips to local farms and wineries. Properties that perform best are furnished 3- and 4-bedroom new-construction homes that offer a turnkey experience at a price point below Memphis hotels.

$97

Average Daily Rate

51%

Average Occupancy

14

Active  Listings

$35-$50K

Annual STR Revenue

Oakland Short-Term Rental Permit Requirements