The latest insights from Rentometer.com reveal that the average rent for three-bedroom single-family rentals (SFRs) in Knoxville hit $2,235 in Q3 2023, marking a 3% increase from last year. In contrast, a 3-BR apartment averaged $1,799 during the same period. Notably, Knoxville leads the five largest Tennessee cities with the largest year-over-year rent increase for single-family units!
The trend highlights Knoxville’s growing appeal and rising housing costs, especially when compared to other cities. For instance, renting a single-family home in Nashville used to be 23% more expensive than in Knoxville in Q2 2022; now, that gap has narrowed to 17%. Meanwhile, Chattanooga’s rental prices are now 12% cheaper than Knoxville’s, a notable increase from 7% last year.
