Tennessee Rent Report – October 2019

• The national average rent went up by 3.2% in the past year and 0.1% month-over-month, reaching $1,476 in October, according to data from Yardi Matrix.
• Oak Ridge renters saw the highest monthly rent increase in October, with average rent reaching $782 per month. 
• Germantown apartments are the most expensive, while apartments in Oak Ridge have the cheapest rents. 

The national average rent reaches $1,476 per month in October, up by 0.1%

A sluggish fall rental season has the average national rent at $1,476, following a 3.2% ($46) annual increase. Typical for this time of the year, fewer people are moving into new apartments. The national average rent inched up just 0.1% ($1) in October, with apartment rates essentially flat for the past few months.

Renting in and around Nashville

The average rent near the state’s capital is generally lower than the national average rent. In October, Lebanon and Gallatin rental apartment prices saw an increase of 1.0% ($11) month-over-month. On the other hand, in Murfreesboro prices decreased by 0.6% ($7) compared to September.

Of the cities analyzed in this area, Brentwood apartments are the most expensive for renters, with an average rent of $1,514, followed by apartments in Franklin, where the average rate is $1,507. On the other hand, the cheapest city to rent an apartment is Lebanon, with an average apartment rent of $1,083.

Renting in and around Memphis

The average rent near Tennessee’s second largest city is generally lower than the national average rent. The fastest growing rents in October were in Collierville, where rental apartment prices increased by 0.7% ($9) month-over-month, reaching $1,270. Memphis apartments saw an increase of 0.1% ($1) in rent compared to last month, reaching $809. In Germantown, prices decreased by 0.3% ($5) compared to September, however, still having the highest average price in the state, $1,563.

To compare the rental market in Tennessee with other cities in the U.S., you can also check our national October rent report.

Methodology

RENTCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States.

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.