More affordable housing under construction in Downtown Memphis - WMC Action News 5 - Memphis, Tennessee

More affordable housing under construction in Downtown Memphis

(Source: WMC Action News 5) (Source: WMC Action News 5)
MEMPHIS, TN (WMC) -

Real estate has become a booming business in Downtown Memphis.

Apartments are often rented within a week of being on the market, but things are changing downtown with new rental properties bringing in new residents

“During the recession, things stopped, but in the last few years it’s really, really picked up,” said Kendall Haney with 901 Real Estate Services. “We’ve had a lot of growth as far as apartments. A tremendous amount of those. Which is great because it brings a lot of people downtown.”

Haney said the boom started in 2014 and hasn't stopped.

“Our market is very, very strong right now,” Haney said. “We rent just about everything we have within just a week or two.”

The downtown market is also changing as new affordable apartments projects near completion.

Apartments at the Patterson Flats, a few blocks away from the buzzing South Main area, start off at $615 per month.

It’s an option welcomed by Ellen Eubank with Memphis Housing Authority.

“And it’s important for the viability of the city, for the viability of the neighborhoods that there are affordable options for people who work those important jobs that are needed in any city and any neighborhood,” Eubank said.

Construction on an additional 248 mixed-income apartments starting soon at the site of the old Foote Homes project.

These new projects are coupled with mixed-use transformations of Central Station and the Tennessee Brewery, as well as hundreds of new apartments in the South End to bring an influx of younger and more diverse residents downtown.

Construction on the Foote Homes replacement begins in a few weeks. The first phase of the project to open next summer.

Copyright 2018 WMC Action News 5. All rights reserved.

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