Oak Ridge, 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 Oak Ridge, Tennessee rental market.
Oak Ridge, Tennessee
Average Apartment Rent
$1,134
Y-o-Y Change in Average
Apartment Rent
-7.7%
As of July 2024
Compared to a year ago, Oak Ridge, Tennessee apartments have recorded a -7.7% rent decrease.
Oak Ridge, Tennessee Average apartment rent trend
Oak Ridge, Tennessee Average Apartment Rent
Oak Ridge, Tennessee Apartment rent ranges
At 31.31%, apartments priced $1,000 - $1,500 represent the bulk of Oak Ridge, Tennessee rentals, while condos priced Over $2,000 hold the lowest share of the market – 0.83%.
Oak Ridge, Tennessee Housing tenure**
Renters take up 36% of Oak Ridge, Tennessee real estate, occupying a total of 4,767 units, while homeowners live in 8,304 properties.
Median number of rooms of renter-occupied housing units**
4.3
Renter median household income**
$47,212
Average household size of renter-occupied housing units**
2.15
Rental vacancy rate**
4.4%
Oak Ridge, Tennessee Renter-occupied housing units by no. of bedrooms**
There are 2,054 rentals in Oak Ridge, Tennessee with 2 beds making up the highest share of the market, at 43%. Units with No bedrooms, on the other hand, hold the lowest percentage (1%), amounting to 31 units. Overall, the median number of rooms in Oak Ridge, Tennessee homes for rent is 4.3.
Oak Ridge, Tennessee Renter-occupied units by age of householder**
Most condos for rent in Oak Ridge, Tennessee are occupied by residents in the 25 - 34 years age group (26%), followed by those in the 45 - 54 years age group (16%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 1%.
Oak Ridge, Tennessee Renter-occupied housing units by family type**
Oak Ridge, Tennessee Renter-occupied housing units by the presence of own children**
A total of 2,226 apartments for rent in Oak Ridge, Tennessee, or 47% of all rentals are family households. Additionally, 31% of rental homes include children under the age of 18 – that’s 1,501 units. All in all, the median size of a renter-occupied household in Oak Ridge, Tennessee is 2.15.
Oak Ridge, Tennessee Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 26% of the rental market. In contrast, residents with less than a high school degree reside in 12% of the homes for rent in Oak Ridge, Tennessee.
Oak Ridge, Tennessee Renter-occupied units by year structure built**
The highest share of Oak Ridge, Tennessee apartment rentals, namely 37% or 1,767 units, were Built 1940 - 1949, followed by those Built 1980 - 1989 (12%, 565 units), and the ones Built 2000 - 2009 (10%, 477 units).
Oak Ridge, Tennessee Renter-occupied units by year householder moved in**
Median year renter moved into unit 2017
Most Oak Ridge, Tennessee renters (46%) moved in 2010 to 2017, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Oak Ridge, Tennessee condos for rent is 2017.
Oak Ridge, Tennessee Renter-occupied housing units by vehicles available**
When it comes to transportation options, 49% of Oak Ridge, Tennessee renters have 1 vehicle available per household, 26% of them have 2 vehicles available, and 13% have No vehicle available.
Oak Ridge, Tennessee Means of transportation to work of householders living in renter-occupied housing units**
Oak Ridge, Tennessee Geographical mobility in the past year for householders living in renter-occupied housing units**
Oak Ridge, 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 Oak Ridge, 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
