Memphis Property Management: Costs, Services, and How to Choose (2026)

If you own a rental in Memphis and you are deciding whether to self-manage or hire a company, this is the plain-English version of everything you need to weigh. No jargon, no sales pitch, just how property management actually works in this market in 2026 and what it should cost you.

What property management costs in Memphis

Most Memphis managers charge a monthly management fee as a percentage of collected rent. The typical range is 8 to 12 percent for long-term rentals. Short-term and vacation rentals run higher, usually 15 to 25 percent, because the work is heavier: nightly pricing, guest messaging, turnovers, and reviews.

On top of the monthly fee, watch for the add-ons, because that is where the real cost hides:

• A leasing or tenant-placement fee, often half a month to a full month of rent, charged each time a new tenant is placed.
• A renewal fee when a tenant re-signs.
• A maintenance markup, where the manager adds a percentage on top of every repair invoice.
• Setup or onboarding fees.

The headline percentage is easy to compare. The add-ons are where two companies with the same advertised rate end up costing very different amounts. When you compare managers, ask for the all-in number on a real property, not just the management percentage.

For reference, our long-term management fee is 8 percent of collected rent, and our short-term fee is 10 percent of gross booking revenue, all-in, which sits below most of the market and never adds a maintenance markup on top.

What management actually includes

A full-service Memphis property manager should handle:

• Marketing the unit and screening applicants, including income, credit, criminal, and eviction history.
• Signing the lease and collecting rent, deposits, and late fees.
• Coordinating repairs and routine maintenance.
• Handling tenant issues, notices, and, when it comes to it, the eviction process.
• Owner reporting and year-end tax documents.
• For short-term rentals, everything above plus nightly pricing, guest communication, and turnovers.

The differences between companies show up less in the list and more in how each line is executed. Screening depth, maintenance speed, and how fast vacancies get filled are where owners feel the gap.

The maintenance question is the real one

Maintenance is the single biggest swing factor in what a Memphis rental nets. There are two models:

• Outsourced: the manager calls a third-party vendor for every repair and often adds a markup on top. In Memphis those markups commonly run 30 to 50 percent.
• In-house: the manager employs its own technicians and bills repairs at cost.

A water heater that runs 1,600 dollars from an in-house crew can cost 3,000 dollars or more once a vendor markup is layered on. Over a year of normal repairs, that difference is often larger than the entire management fee. When you interview a manager, ask directly: do you use in-house technicians, and do you mark up repair invoices? The answer tells you more about your future cash flow than the fee percentage does.

Long-term vs short-term management

The right structure depends on the property and your goals:

• Long-term rentals are steadier, lower-touch, and easier to underwrite. Most Memphis single-family rentals fit here.
• Short-term rentals can earn more per night but require a permit under Ordinance 5631, active management, and tolerance for seasonality.

If you are not sure which way a specific property leans, that is a numbers question, and it should be answered with real local comps rather than a guess.

How to choose a Memphis property manager

Six questions cut through most sales pitches:

1. What is the all-in monthly cost on a property like mine, including every fee? 2. Do you use in-house maintenance, and do you mark up repairs? 3. What is your average days-on-market to fill a vacancy? 4. What is your rent-collection rate? 5. How exactly do you screen tenants? 6. Can I see a real owner statement, not a sample?

A good manager answers all six without flinching. If any answer is vague, that is your signal.

Next steps

• Compare local firms side by side on our Memphis property management companies page.
• Read the six-question deep dive in how to choose a Memphis property management company.
• If you already know you want long-term management, see long-term rental management. For Airbnb and vacation rentals, see short-term rental management.
• New to the market entirely? Start with the 2026 Memphis real estate investing guide.

Quick answers