Knoxville, 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 Knoxville, Tennessee rental market.
Highlights
An apartment for rent in Knoxville, Tennessee typically goes for $1,753 per month, while a single-family home for rent in Knoxville, Tennessee has a monthly cost of around $2,159. Renter-occupied units make up 54% of the local housing market, while the rental vacancy rate in Knoxville, Tennessee is at 5.7.
Knoxville, Tennessee
Average Apartment Rent
$1,753
Y-o-Y Change in Average
Apartment Rent
2.9%
Average Single-Family Rent
$2,159
As of November 2024
Compared to a year ago, Knoxville, Tennessee apartments have recorded a 2.9% rent increase.
Knoxville, Tennessee Average apartment rent trend
Knoxville, Tennessee Average Apartment Rent
Knoxville, Tennessee Apartment rent ranges
At 41.7%, apartments priced $1,000 - $1,500 represent the bulk of Knoxville, Tennessee rentals, while condos priced $500 - $700 hold the lowest share of the market – 0.02%.
Knoxville, Tennessee Housing tenure**
Renters take up 54% of Knoxville, Tennessee real estate, occupying a total of 45,256 units, while homeowners live in 38,939 properties.
Median number of rooms of renter-occupied housing units**
4.1
Renter median household income**
$36,080
Average household size of renter-occupied housing units**
2.05
Rental vacancy rate**
5.7%
Knoxville, Tennessee Renter-occupied housing units by no. of bedrooms**
There are 18,532 rentals in Knoxville, Tennessee with 2 beds making up the highest share of the market, at 41%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 291 units. Overall, the median number of rooms in Knoxville, Tennessee homes for rent is 4.1.
Knoxville, Tennessee Renter-occupied units by age of householder**
Most condos for rent in Knoxville, Tennessee are occupied by residents in the 25 - 34 years age group (26%), followed by those in the 15 - 24 years age group (21%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Knoxville, Tennessee Renter-occupied housing units by family type**
Knoxville, Tennessee Renter-occupied housing units by the presence of own children**
A total of 16,352 apartments for rent in Knoxville, Tennessee, or 36% of all rentals are family households. Additionally, 21% of rental homes include children under the age of 18 – that’s 9,419 units. All in all, the median size of a renter-occupied household in Knoxville, Tennessee is 2.05.
Knoxville, Tennessee Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 29% of the rental market. In contrast, residents with less than a high school degree reside in 9% of the homes for rent in Knoxville, Tennessee.
Knoxville, Tennessee Renter-occupied units by year structure built**
The highest share of Knoxville, Tennessee apartment rentals, namely 19% or 8,400 units, were Built 1970 - 1979, followed by those Built 1980 - 1989 (14%, 6,274 units), and the ones Built 1990 - 1999 (12%, 5,441 units).
Knoxville, Tennessee Renter-occupied units by year householder moved in**
Median year renter moved into unit 2019
Most Knoxville, Tennessee renters (46%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Knoxville, Tennessee condos for rent is 2019.
Knoxville, Tennessee Renter-occupied housing units by vehicles available**
When it comes to transportation options, 49% of Knoxville, Tennessee renters have 1 vehicle available per household, 26% of them have 2 vehicles available, and 16% have No vehicle available.
Knoxville, Tennessee Means of transportation to work of householders living in renter-occupied housing units**
Knoxville, Tennessee Geographical mobility in the past year for householders living in renter-occupied housing units**
Knoxville, 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 Knoxville, 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
