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.
Average Apartment Rent in June 2022
Y-o-Y Change in Average
Compared to a year ago, Knoxville, Tennessee apartments have recorded a 22% rent increase.
Knoxville, Tennessee |Average apartment rent trend
Knoxville, Tennessee| Average apartment rent
Knoxville, Tennessee | Apartment rent ranges
At 39.38%, 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 – 1.18%.
Knoxville, Tennessee | Housing tenure**
Renters take up 53% of Knoxville, Tennessee real estate, occupying a total of 43,598 units, while homeowners live in 38,490 properties.
Median number of rooms of renter-occupied housing units**
Renter median household income**
Average household size of renter-occupied housing units**
Rental vacancy rate**
Knoxville, Tennessee | Renter-occupied housing units by no. of bedrooms**
There are 18,017 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 379 units. Overall, the median number of rooms in Knoxville, Tennessee homes for rent is 4.2.
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 16,912 apartments for rent in Knoxville, Tennessee, or 39% of all rentals are family households. Additionally, 23% of rental homes include children under the age of 18 – that’s 9,959 units. All in all, the median size of a renter-occupied household in Knoxville, Tennessee is 2.11.
Knoxville, Tennessee | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 30% of the rental market. In contrast, residents with less than a high school degree reside in 10% 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 20% or 8,544 units, were Built 1970 - 1979, followed by those Built 1980 - 1989 (15%, 6,348 units), and the ones Built 1990 - 1999 (13%, 5,674 units).
Knoxville, Tennessee | Renter-occupied units by year householder moved in**
Median year renter moved into unit2016
Most Knoxville, Tennessee renters (54%) moved in 2015 to 2016, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Knoxville, Tennessee condos for rent is 2016.
Knoxville, Tennessee | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 47% of Knoxville, Tennessee renters have 1 vehicle available per household, 27% 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, 2020 American Community Survey 5-Year Estimates