Knoxville Tennessee Residential Rent and Rental Statistics
The median monthly gross residential rent in Knoxville, TN (the Knoxville metro area) was $872 in 2019 according to the Census ACS survey.1 Average gross rent in Knoxville was $826 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Knoxville median and average rent data will be released in September of 2021.
Data is also available below for Knoxville rental vacancy rates, Knoxville rent as a percent of median income and the fraction of renters in Knoxville.
Real Gross Rent in Knoxville Tennessee (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Tennessee Median Gross Rent | $904 | +3.08% | +7.11% |
| Knoxville, TN Median Gross Rent | $872 | +4.93% | +9.14% |
Knoxville, TN Real Gross Rent Trends
At $872, real median gross rent in Knoxville was at its highest level in 2019 since the series began in 2005. At $826, real average gross rent in Knoxville was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Knoxville: Knoxville TN Median, Knoxville TN Average, Tennessee Median, US Median
Real Gross Rent History for Knoxville
| Date | US Median |
Tennessee Median |
Knoxville, TN Median |
Knoxville, TN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $904 | $872 | $826 |
| 2018 | $1,077 | $877 | $831 | $820 |
| 2017 | $1,043 | $859 | $828 | $798 |
| 2016 | $1,027 | $844 | $799 | $776 |
| 2015 | $1,017 | $833 | $802 | $767 |
| 2014 | $986 | $813 | $779 | $741 |
| 2013 | $953 | $788 | $776 | $757 |
| 2012 | $940 | $777 | $781 | $768 |
| 2011 | $941 | $772 | $790 | $747 |
| 2010 | $955 | $779 | $771 | $742 |
| 2009 | $960 | $777 | $768 | $741 |
| 2007 | $927 | $745 | $755 | $698 |
| 2005 | $910 | $729 | $710 | $690 |
Knoxville Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Knoxville Tennessee was 5.97% according to Census ACS data.
Rental Vacancy Rate in Knoxville Tennessee
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Tennessee | 7.27% | -0.29% | +0.59% |
| Knoxville, TN | 5.97% | -0.68% | +0.15% |
Trends in Knoxville, TN Rental Vacancy Rate
The rental vacancy rate in Knoxville peaked in 2005 at 9.23%. Since then it has fallen by 3.26% to 5.97%. Data records for this series originated in 2005. From a 2012 post peak low of 4.76%, the rental vacancy rate has increased by 1.21%.
Rental Vacancy Rate: Knoxville TN, Tennessee, US
Historical Rental Vacancy Rate data for Knoxville
| Date | US | Tennessee | Knoxville, TN |
|---|---|---|---|
| 2019 | 5.97% | 7.27% | 5.97% |
| 2018 | 6.15% | 7.56% | 6.65% |
| 2017 | 6.18% | 6.67% | 5.63% |
| 2016 | 5.89% | 6.68% | 5.82% |
| 2015 | 5.85% | 7.13% | 5.88% |
| 2014 | 6.32% | 7.24% | 7.00% |
| 2013 | 6.49% | 7.86% | 5.52% |
| 2012 | 6.77% | 7.89% | 4.76% |
| 2011 | 7.40% | 8.54% | 5.91% |
| 2010 | 8.17% | 10.33% | 6.08% |
| 2009 | 8.43% | 10.52% | 7.33% |
| 2007 | 7.87% | 9.20% | 5.07% |
| 2005 | 7.74% | 8.82% | 9.23% |
Rent as a Fraction of Income
Using median household income data for Knoxville, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Knoxville, median monthly gross rent as a fraction of median household income was 18.48% in 2019 according to the ACS.
Knoxville Tennessee Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Tennessee | 19.35% | -0.38% | -0.58% |
| Knoxville, TN | 18.48% | +0.19% | +0.12% |
Trends in Knoxville, TN Rent as a Fraction of Income
The fraction of median Knoxville household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 19.71%. Since then it has fallen by 1.23% to 18.48%.
Fraction of Income towards Rent: Knoxville TN, Tennessee, US
Historical Data for Annual Rent as a Fraction of Income in Knoxville Tennessee
| Date | US | Tennessee | Knoxville, TN |
|---|---|---|---|
| 2019 | 20.03% | 19.35% | 18.48% |
| 2018 | 20.50% | 19.73% | 18.29% |
| 2017 | 20.13% | 19.47% | 18.59% |
| 2016 | 20.43% | 19.92% | 18.36% |
| 2015 | 20.63% | 19.93% | 18.75% |
| 2014 | 20.89% | 20.83% | 19.61% |
| 2013 | 20.78% | 20.26% | 19.63% |
| 2012 | 20.65% | 20.48% | 19.68% |
| 2011 | 20.70% | 20.58% | 19.71% |
| 2010 | 20.50% | 20.17% | 19.20% |
| 2009 | 20.12% | 19.61% | 17.91% |
| 2007 | 18.66% | 17.96% | 17.43% |
| 2005 | 18.89% | 18.00% | 16.48% |
Renter Fraction in Knoxville Tennessee
You can calculate the renter fraction in Knoxville in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Knoxville as a fraction of total Knoxville households. In 2019 31.12% of households were renters according to Census ACS data.
Knoxville Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Tennessee | 33.49% | -0.28% | -1.42% |
| Knoxville, TN | 31.12% | -0.19% | -0.87% |
Trends in the Knoxville, TN Renter Fraction
The Knoxville household renter fraction peaked in in 2012 at 32.88% and is now 1.76% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Knoxville TN, Tennessee, US
History of Knoxville Renter Fraction
| Date | US | Tennessee | Knoxville, TN |
|---|---|---|---|
| 2019 | 35.89% | 33.49% | 31.12% |
| 2018 | 36.05% | 33.77% | 31.31% |
| 2017 | 36.13% | 34.57% | 32.32% |
| 2016 | 36.88% | 34.91% | 31.99% |
| 2015 | 36.97% | 34.18% | 32.24% |
| 2014 | 36.90% | 33.86% | 30.25% |
| 2013 | 36.50% | 33.62% | 32.82% |
| 2012 | 36.09% | 33.31% | 32.88% |
| 2011 | 35.42% | 32.72% | 32.37% |
| 2010 | 34.65% | 31.87% | 30.92% |
| 2009 | 34.13% | 30.85% | 29.77% |
| 2007 | 32.80% | 30.06% | 29.15% |
| 2005 | 33.10% | 30.74% | 30.09% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
