Tennessee Rent Report – August 2019

• The national average rent reached $1,472 in August, up by 3.3% ($47) year-over-year, and 0.1% ($2) month-over-month, according to data from Yardi Matrix.
• Cleveland, TN renters saw the highest monthly rent increase in August, with the average rate reaching $882 per month. 
• Germantown apartments are the most expensive among the state’s largest cities, while apartments in Oak Ridge have the cheapest rents. 

The national average rent ends the peak season at $1,472

Continued interest in rental apartments and slowing construction keeps the national average rent on a strong upward trend, with a yearly increase of 3.3% ($47), having reached $1,472 in August, according to the latest survey from Yardi Matrix. With the peak rental season coming to an end, rent prices dwindled in the past month, displaying the slowest rise since February, 0.1% ($2). Rates rose slower than they did in August last year, exhibiting a shy monthly uptick commonly seen during the sluggish Autumn-Winter season.

Renting in and around Nashville

The average rent near the state’s capital is generally lower than the national average rent. In August, Lebanon rental apartment prices remained the same month-over-month. Murfreesboro apartments saw a slight decrease of 0.1%, making them $1 less expensive than last month, while in Smyrna prices decreased by 0.8% ($9) compared to July.

Of the cities analyzed in this area, Brentwood apartments are the most expensive for renters, with an average rent of $1,513, followed by apartments in Franklin, where the average rate is $1,500. On the other hand, the cheapest city to rent an apartment is Lebanon, with an average apartment rent of $1,046.

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 August were in Memphis, where rental apartment prices increased by 0.1% ($1) month-over-month, reaching $807. Germantown apartments saw no change in rent compared to last month, yet still have the highest average price in the state, $1,575. The slowest rising rents were in Collierville, where prices decreased by 1.4% ($18) compared to July, reaching $1,254.

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