Morristown Tennessee Residential Rent and Rental Statistics
The median monthly gross residential rent in Morristown, TN (the Morristown metro area) was $732 in 2019 according to the Census ACS survey.1 Average gross rent in Morristown was $705 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 Morristown median and average rent data will be released in September of 2021.
Data is also available below for Morristown rental vacancy rates, Morristown rent as a percent of median income and the fraction of renters in Morristown.
Real Gross Rent in Morristown 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% |
| Morristown, TN Median Gross Rent | $732 | +5.93% | -0.41% |
Morristown, TN Real Gross Rent Trends
Median gross rent for Morristown peaked in real terms in 2016 at $735 and is now $3 (0.41%) lower. Average gross rent for Morristown peaked in real terms in 2018 at $747 and is now $42 (5.62%) lower.
Real Gross Rent in Morristown: Morristown TN Median, Morristown TN Average, Tennessee Median, US Median
Real Gross Rent History for Morristown
| Date | US Median |
Tennessee Median |
Morristown, TN Median |
Morristown, TN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $904 | $732 | $705 |
| 2018 | $1,077 | $877 | $691 | $747 |
| 2017 | $1,043 | $859 | $692 | $656 |
| 2016 | $1,027 | $844 | $735 | $666 |
| 2015 | $1,017 | $833 | $700 | $634 |
| 2014 | $986 | $813 | $697 | $644 |
| 2013 | $953 | $788 | $655 | $615 |
| 2012 | $940 | $777 | $629 | $590 |
| 2011 | $941 | $772 | $696 | $620 |
| 2010 | $955 | $779 | $670 | $646 |
| 2009 | $960 | $777 | $637 | $521 |
| 2007 | $927 | $745 | $679 | $586 |
| 2005 | $910 | $729 | $589 | $543 |
Morristown 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 Morristown Tennessee was 9.28% according to Census ACS data.
Rental Vacancy Rate in Morristown Tennessee
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Tennessee | 7.27% | -0.29% | +0.59% |
| Morristown, TN | 9.28% | +5.29% | +4.82% |
Trends in Morristown, TN Rental Vacancy Rate
At 9.28%, Morristown residential rental vacancy rate in 2019 is at the highest point since 2005, the beginning of our reporting for this series.
Rental Vacancy Rate: Morristown TN, Tennessee, US
Historical Rental Vacancy Rate data for Morristown
| Date | US | Tennessee | Morristown, TN |
|---|---|---|---|
| 2019 | 5.97% | 7.27% | 9.28% |
| 2018 | 6.15% | 7.56% | 3.99% |
| 2017 | 6.18% | 6.67% | 5.19% |
| 2016 | 5.89% | 6.68% | 4.46% |
| 2015 | 5.85% | 7.13% | 7.52% |
| 2014 | 6.32% | 7.24% | 5.94% |
| 2013 | 6.49% | 7.86% | — |
| 2012 | 6.77% | 7.89% | 2.95% |
| 2011 | 7.40% | 8.54% | 8.75% |
| 2010 | 8.17% | 10.33% | 5.25% |
| 2009 | 8.43% | 10.52% | 5.70% |
| 2007 | 7.87% | 9.20% | — |
| 2005 | 7.74% | 8.82% | — |
Rent as a Fraction of Income
Using median household income data for Morristown, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Morristown, median monthly gross rent as a fraction of median household income was 18.56% in 2019 according to the ACS.
Morristown 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% |
| Morristown, TN | 18.56% | +1.38% | -0.43% |
Trends in Morristown, TN Rent as a Fraction of Income
The fraction of median Morristown household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 22.06%. Since then it has fallen by 3.50% to 18.56%.
Fraction of Income towards Rent: Morristown TN, Tennessee, US
Historical Data for Annual Rent as a Fraction of Income in Morristown Tennessee
| Date | US | Tennessee | Morristown, TN |
|---|---|---|---|
| 2019 | 20.03% | 19.35% | 18.56% |
| 2018 | 20.50% | 19.73% | 17.18% |
| 2017 | 20.13% | 19.47% | 17.96% |
| 2016 | 20.43% | 19.92% | 19.00% |
| 2015 | 20.63% | 19.93% | 19.78% |
| 2014 | 20.89% | 20.83% | 20.55% |
| 2013 | 20.78% | 20.26% | 18.22% |
| 2012 | 20.65% | 20.48% | 18.60% |
| 2011 | 20.70% | 20.58% | 22.06% |
| 2010 | 20.50% | 20.17% | 19.43% |
| 2009 | 20.12% | 19.61% | 19.09% |
| 2007 | 18.66% | 17.96% | 18.76% |
| 2005 | 18.89% | 18.00% | 15.50% |
Renter Fraction in Morristown Tennessee
You can calculate the renter fraction in Morristown 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 Morristown as a fraction of total Morristown households. In 2019 24.56% of households were renters according to Census ACS data.
Morristown 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% |
| Morristown, TN | 24.56% | -4.07% | -5.86% |
Trends in the Morristown, TN Renter Fraction
The Morristown household renter fraction peaked in in 2015 at 32.95% and is now 8.39% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Morristown TN, Tennessee, US
History of Morristown Renter Fraction
| Date | US | Tennessee | Morristown, TN |
|---|---|---|---|
| 2019 | 35.89% | 33.49% | 24.56% |
| 2018 | 36.05% | 33.77% | 28.63% |
| 2017 | 36.13% | 34.57% | 29.53% |
| 2016 | 36.88% | 34.91% | 30.42% |
| 2015 | 36.97% | 34.18% | 32.95% |
| 2014 | 36.90% | 33.86% | 32.07% |
| 2013 | 36.50% | 33.62% | 31.40% |
| 2012 | 36.09% | 33.31% | 24.62% |
| 2011 | 35.42% | 32.72% | 27.07% |
| 2010 | 34.65% | 31.87% | 27.76% |
| 2009 | 34.13% | 30.85% | 23.74% |
| 2007 | 32.80% | 30.06% | 25.30% |
| 2005 | 33.10% | 30.74% | 25.75% |
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. ↩
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