The top rental markets in Tennessee are Nashville, Knoxville, and Memphis.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Tennessee Rental Trends:
Tennessee is not only a tourist destination, but also a great and affordable location to live in the South. With the Appalachian Mountains, lakes, and country music, Tennessee is an excellent place to own investment property. Here are some highlights from the top rental markets in the Volunteer State.
Days on Market:
The city with the lowest days on market is Knoxville at 14 – under the national average which sits at 15 days; Nashville has the highest number of days on market at 20.
Leads:
The top three towns for the largest amount of leads per listing are above or around the national average sitting at 38. Here they are:
- Memphis – 60 leads per listing
- Nashville – 38 leads per listing
- Chattanooga – 36 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Knoxville comes under that with the lowest average rent of $839 for a two-bedroom compared to the highest rent in Tennessee at $1,449 in Nashville.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Tennessee’s highest median sale price comes above that at $308,000 in Nashville with its lowest median sale price lower than the national average at $135,000 in Memphis.
Median Income:
Tennessee’s median income rings in at $43,550 – under the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Tennessee cities between 2018 and 2019. With the largest being an increase of 26.32% in Knoxville at $1,200, and the largest decrease in Chattanooga at -28.57% with the current average at around $1,000 – under the national average for security deposits which is $1,200.
Livability Score:
All of the Tennessee cities have a livability score of 65 or higher with the highest being both Nashville and Knoxville at 69!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.
