Top 5% schools, new construction, and a $400M mixed-use development reshaping the city

Lakeland is one of the Memphis metro's best-kept secrets — but not for much longer. With a population that's grown steadily to nearly 15,000, a school system ranked in the top 5% statewide, and a $400 million mixed-use development (The Lake District) bringing walkable retail, restaurants, and townhomes to the city's core, Lakeland is transitioning from a quiet bedroom community into a self-sustaining suburb with serious momentum. The median household income sits above $113,000, homes are among the newest in the nation, and the vacancy rate is extremely low — all signals that rental demand here outpaces supply.



Longstep Property Solutions provides full-service property management for Lakeland 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 Lakeland's growing neighborhoods so you get area-specific expertise, not a one-size-fits-all approach.

Key Neighborhoods in Lakeland

Stonebridge & East Shores

Stonebridge Grove at Lakeland and the East Shores community are among the most sought-after addresses in the city. These neighborhoods feature newer construction with modern floorplans, community amenities, and proximity to Lakeland's school campuses. Tenants here are typically families who prioritize school zoning and are willing to pay a premium to be in-district. East Shores in particular benefits from its location near Garner Lake, giving it a lifestyle appeal that drives strong rental demand and longer lease terms.

The Lake District & Lakeland Town Square

The Lake District is Lakeland's headline development — a 160-acre mixed-use project bringing chef-driven restaurants, retail (Starbucks, Chick-fil-A, Villa Castrioti), and 108 planned townhomes to a walkable center. Lakeland Town Square, an adjacent luxury apartment community, is already leasing and attracting young professionals and downsizers who want new-build amenities without a mortgage. As The Lake District buildout continues under new ownership, properties within walking distance will see increasing demand from tenants drawn to the live-work-play lifestyle this corridor is creating.

Windward Slopes & Lakeland Estates

These are Lakeland's legacy neighborhoods — homes built from the 1970s through the early 2000s on larger lots with price points ranging from $300,000 to $900,000. The housing stock here is more varied, which creates opportunity for investors. A well-renovated 4-bedroom in Lakeland Estates or Windward Slopes can command strong rents because it delivers the square footage and school zoning families want at a price point below new construction. These are the neighborhoods where smart upgrades yield the best return on rent.

Lakeland Long-Term Rental Market

Lakeland's long-term rental market is defined by two things: elite schools and tight supply. The Lakeland School System ranks in the top 5% of all Tennessee public schools, with math proficiency at 62% and reading at 58% — both roughly double the state average. Lakeland Elementary is a National Blue Ribbon School, and Lakeland Preparatory ranks in the top 10% statewide. That kind of academic reputation drives families to rent in-district, often for years at a time, making Lakeland one of the most stable rental markets in Shelby County.

With 80% of households owner-occupied and a housing stock that skews heavily toward single-family detached homes, the rental inventory in Lakeland is extremely limited. That scarcity is your advantage as a property owner. The 2-bedroom average of $1,849 reflects the quality of homes here — these are newer builds with modern finishes, not aging apartment stock. And with The Lake District development adding commercial and residential density, the long-term trajectory for rents and property values in Lakeland points up.

$1,520

Average Monthly Rent

$1,849

2-Bedroom Average

Top 5%

School District Rating

80%

Owner Occupied

Lakeland Short-Term Rental Market

Lakeland's short-term rental market is small but growing — driven by families visiting the area for school tours and sports events, professionals on temporary assignments at nearby employers like FedEx and Saint Francis Hospital-Bartlett, and guests attending events at The Lake District. With very few active listings in the market, there's minimal competition for well-furnished, family-friendly homes. Properties that perform best as STRs in Lakeland are 3- and 4-bedroom single-family homes booked for midterm stays of one to four weeks — corporate relocations, medical rotations, and families in between homes.

$140-175

Average Daily Rate

55%

Average Occupancy

31

Active  Listings

$35-$50K

Annual STR Revenue

Lakeland Short-Term Rental Permit Requirements