Franklin, Tennessee Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Franklin, Tennessee rental market.
Franklin, Tennessee
Average Apartment Rent
$2,006
Y-o-Y Change in Average
Apartment Rent
-1.2%
As of July 2024
Compared to a year ago, Franklin, Tennessee apartments have recorded a -1.2% rent decrease.
Franklin, Tennessee Average apartment rent trend
Franklin, Tennessee Average Apartment Rent
Franklin, Tennessee Apartment rent ranges
At 53.24%, apartments priced $1,500 - $2,000 represent the bulk of Franklin, Tennessee rentals, while condos priced $1,000 - $1,500 hold the lowest share of the market – 4.83%.
Franklin, Tennessee Housing tenure**
Renters take up 36% of Franklin, Tennessee real estate, occupying a total of 11,862 units, while homeowners live in 20,908 properties.
Median number of rooms of renter-occupied housing units**
3.9
Renter median household income**
$79,599
Average household size of renter-occupied housing units**
2.07
Rental vacancy rate**
5%
Franklin, Tennessee Renter-occupied housing units by no. of bedrooms**
There are 5,657 rentals in Franklin, Tennessee with 2 beds making up the highest share of the market, at 48%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 163 units. Overall, the median number of rooms in Franklin, Tennessee homes for rent is 3.9.
Franklin, Tennessee Renter-occupied units by age of householder**
Most condos for rent in Franklin, Tennessee are occupied by residents in the 25 - 34 years age group (30%), followed by those in the 35 - 44 years age group (23%). At the same time, people in the 60 - 64 years age group make up the lowest share of the local rental market – 3%.
Franklin, Tennessee Renter-occupied housing units by family type**
Franklin, Tennessee Renter-occupied housing units by the presence of own children**
A total of 5,949 apartments for rent in Franklin, Tennessee, or 50% of all rentals are family households. Additionally, 27% of rental homes include children under the age of 18 – that’s 3,188 units. All in all, the median size of a renter-occupied household in Franklin, Tennessee is 2.07.
Franklin, Tennessee Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 61% of the rental market. In contrast, residents with less than a high school degree reside in 4% of the homes for rent in Franklin, Tennessee.
Franklin, Tennessee Renter-occupied units by year structure built**
The highest share of Franklin, Tennessee apartment rentals, namely 33% or 3,913 units, were Built 2010 - 2019, followed by those Built 1990 - 1999 (20%, 2,335 units), and the ones Built 1980 - 1989 (15%, 1,767 units).
Franklin, Tennessee Renter-occupied units by year householder moved in**
Median year renter moved into unit 2019
Most Franklin, Tennessee renters (47%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Franklin, Tennessee condos for rent is 2019.
Franklin, Tennessee Renter-occupied housing units by vehicles available**
When it comes to transportation options, 44% of Franklin, Tennessee renters have 1 vehicle available per household, 40% of them have 2 vehicles available, and 8% have No vehicle available.
Franklin, Tennessee Means of transportation to work of householders living in renter-occupied housing units**
Franklin, Tennessee Geographical mobility in the past year for householders living in renter-occupied housing units**
Franklin, Tennessee Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Franklin, Tennessee apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
