Tennessee Rent Report – September 2019

• The national average rent went up by 3.2% in the past year but dipped by 0.1% month-over-month, reaching $1,471 in September according to data from Yardi Matrix.
• Goodlettsville and Collierville renters saw the highest monthly increases in September, with their average rates reaching $1,143 and $1,275 per month, respectively. 
• Germantown apartments are the most expensive, while apartments in Oak Ridge have the cheapest rents. 

The first monthly decline in over two years brings the U.S. average rent down to $1,471

As part of a seasonal respite, the national average rent decreased for the first time since February 2017, dipping by -0.1% ($1) from last month to $1,471. The decrease might seem insignificant, but coupled with the slowest year-over-year hike in the past 13 months, 3.2% ($45), it points to a slight wind-down in rent prices in the context of a more volatile financial climate, according to Yardi Matrix.

Renting in and around Nashville

The average rent near the state’s capital is generally lower than the national average rent. In September, Goodlettsville rental apartment prices saw an increase of 1.7% ($19) month-over-month. Murfreesboro apartments saw an increase of 0.5%, making them $6 more expensive than last month, while in Mount Juliet, Franklin and Smyrna prices decreased by 0.2% ($3, $3 and $2, respectively) compared to August.

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 $1,497. On the other hand, the cheapest city to rent an apartment is Lebanon, with an average apartment rent of $1,047.

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 September were in Collierville, where rental apartment prices increased by 1.7% ($21) month-over-month, reaching $1,275. Germantown apartments saw an increase of 1.1% ($17) in rent compared to last month, having the highest average price in the state, $1,590. The slowest rising rents were in Memphis, where prices increased by 0.5% ($4) compared to August, reaching $811.

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