A High-Demand Rental Market Near Memphis's Largest Campus

The University of Memphis area is one of the most consistent rental markets in the city. With over 20,000 students, nearly 2,500 faculty and staff, and a 1,160-acre urban campus just five miles east of Downtown, the neighborhood generates year-round demand for both long-term and short-term rentals. The surrounding streets feature a mix of single-family homes, duplexes, and small apartment buildings that attract students, university employees, young professionals, and visiting academics.

Longstep Property Solutions provides full-service property management for owners in the University of Memphis area — handling everything from tenant screening and lease management to maintenance coordination and rent collection for long-term rentals, plus full-service short-term rental management for owners on platforms like Airbnb and Vrbo. We know these streets because we're local, and we manage properties across the university district's distinct pockets so you get area-specific expertise, not a one-size-fits-all approach.

Key Neighborhoods in the University of Memphis Area

Highland Strip & University District

The Highland Strip runs along Highland Street directly adjacent to campus, packed with restaurants, bars, coffee shops, and local businesses that cater to students and faculty. Properties within walking distance of campus command premium rents and stay occupied year-round. This is one of the most walkable and in-demand rental pockets in the entire Memphis market.

Normal Station & Southern Avenue

The Normal Station neighborhood south of campus along Southern Avenue offers a quieter, more residential feel with tree-lined streets and charming older homes. This area appeals to graduate students, university staff, and young families who want proximity to campus without the bustle of Highland Street. Properties here offer solid rental yields with lower turnover rates.

The area east of campus along Park Avenue connects to the university's Park Avenue Campus and extends toward East Memphis. This transitional zone offers more affordable investment opportunities with a mix of single-family homes and small multi-family properties. Proximity to both the university and the retail corridors of East Memphis keeps tenant demand steady and vacancies low.

University of Memphis Area Long-Term Rental Market

The University of Memphis area has strong and consistent long-term rental demand driven by the university's enrollment of over 20,000 students, a large faculty and staff base, and proximity to major medical centers and employers along the Park Avenue and Poplar Avenue corridors. The housing stock includes a mix of mid-century single-family homes, duplexes, and apartment complexes that offer solid rental yields for investors willing to maintain their properties.

What makes this area stand out for long-term rentals: tenants get a walkable, amenity-rich neighborhood with the Highland Strip's dining and nightlife, easy access to Midtown, East Memphis, and Downtown, plus proximity to the Memphis VA Medical Center and major hospitals. That combination of convenience, campus energy, and location drives steady demand and reliable occupancy when properties are well-managed and competitively priced.

$1,050

Average Monthly Rent

$925

2-Bedroom Average

+3.1%

Year-over-Year Growth

5.2%

Area Vacancy Rate

University of Memphis Area Short-Term Rental Market

The University of Memphis area's short-term rental market benefits from a steady flow of visiting parents, prospective students, alumni returning for events, guest lecturers, and travelers attending Memphis Tigers games and campus events. The neighborhood's proximity to the Highland Strip's dining scene, Midtown attractions, and easy access to Downtown make it an attractive alternative to traditional hotels. Properties that are clean, well-maintained, and competitively priced perform well, especially those near campus and the Highland entertainment district.

$95-$150

Average Daily Rate

58%

Average Occupancy

1,945+

Active Memphis Listings

$20-$35K+

Annual STR Revenue

Memphis Short-Term Rental Permit Requirements