Memphis shows pronounced share rotation within a small continuing cohort: SFR independents and one large MF/BTR operator are absorbing listings volume from incumbents whose activity contracted sharply. Median DOM of 37 days and +2.36% rent growth suggest a stable but unspectacular demand backdrop against which this operator churn is playing out.

The continuing cohort of 43 operators shows steep divergence. Reedy & Company, Envolve Communities, River City Asset Management, and Memphis Passive each posted triple-digit share gains driven primarily by listing-volume expansion, not market shrinkage. Offsetting losses are concentrated among operators whose T12 counts fell dramatically — Evernest Memphis, Premier Property Management Group, and Corsair Management each shed 70–85pp share as their active inventory contracted by roughly 70–80% year-over-year. The pattern reads as incumbent pullback or portfolio attrition, not broad fragmentation.

The 7-cell quadrant data is not populated for this market, so cell-level DOM and rent comparisons are unavailable. What the taxonomy does confirm is that Memphis is heavily SFR-weighted: all five top share gainers and all five share losers carry SFR Independent, SFR Institutional, or Hybrid classifications. The sole Large MF/BTR Independent with notable share movement is Envolve Communities. Three cross-market institutional operators — Progress Residential, Mynd Property Management, and DLP Real Estate Management — maintain a presence, reflecting Memphis's established SFR institutional footprint.

Reedy & Company is the dominant signal: it appears both as the top continuing-cohort share gainer (+164pp, 1,060 T12 listings) and as a large new-in-coverage entity (585 additional T12 listings under a separate profile), suggesting a canonical identity consolidation question worth monitoring. Envolve Communities (+299pp, 308 listings) is the only large MF/BTR operator gaining meaningfully. Premier Property Management Group (-81.5pp, down from 774 to 149 listings) represents the sharpest absolute volume loss in the cohort.