Department of Numbers

Morristown Tennessee Residential Rent and Rental Statistics

The median monthly gross residential rent in Morristown, TN (the Morristown metro area) was $660 in 2015 according to the Census ACS survey.1 Average gross rent in Morristown was $598 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Morristown median and average rent data will be released in September of 2017.

Data is also available below for Morristown rental vacancy rates, Morristown rent as a percent of median income and the fraction of renters in Morristown.

Show dollars as: Nominal Real

Real Gross Rent in Morristown Tennessee (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Tennessee Median Gross Rent $785 +2.48% +7.24%
Morristown, TN Median Gross Rent $660 +0.46% +11.30%

Morristown, TN Real Gross Rent Trends

At $660, real median gross rent in Morristown was at its highest level in 2015 since the series began in 2005. Average gross rent for Morristown peaked in real terms in 2010 at $609 and is now $11 (1.81%) lower.

Real Gross Rent in Morristown: Morristown TN Median, Morristown TN Average, Tennessee Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Morristown

Date US
Median
Tennessee
Median
Morristown, TN
Median
Morristown, TN
Average
2015 $959 $785 $660 $598
2014 $930 $766 $657 $607
2013 $898 $743 $617 $580
2012 $886 $732 $593 $557
2011 $887 $728 $656 $584
2010 $901 $734 $632 $609
2009 $905 $733 $601 $491
2008 $920 $737 $608 $585
2007 $874 $702 $640 $553
2006 $883 $710 $618 $537
2005 $858 $687 $555 $511

Morristown Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Morristown Tennessee was 7.52% according to Census ACS data.

Rental Vacancy Rate in Morristown Tennessee

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Tennessee 7.13% -0.11% -0.76%
Morristown, TN 7.52% +1.58% +4.57%

Trends in Morristown, TN Rental Vacancy Rate

The rental vacancy rate in Morristown peaked in 2011 at 8.75%. Since then it has fallen by 1.23% to 7.52%. Data records for this series originated in 2005. From a 2012 post peak low of 2.95%, the rental vacancy rate has increased by 4.57%.

Rental Vacancy Rate: Morristown TN, Tennessee, US

Rental vacancy rate in Tennessee

Historical Rental Vacancy Rate data for Morristown

Date US Tennessee Morristown, TN
2015 5.85% 7.13% 7.52%
2014 6.32% 7.24% 5.94%
2013 6.49% 7.86%
2012 6.77% 7.89% 2.95%
2011 7.40% 8.54% 8.75%
2010 8.17% 10.33% 5.25%
2009 8.43% 10.52% 5.70%
2008 7.86% 10.30% 5.39%
2007 7.87% 9.20%
2006 7.70% 9.61% 8.08%
2005 7.74% 8.82%

Rent as a Fraction of Income

Using median household income data for Morristown, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Morristown, median monthly gross rent as a fraction of median household income was 19.78% in 2015 according to the ACS.

Morristown Tennessee Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Tennessee 19.93% -0.90% -0.56%
Morristown, TN 19.78% -0.77% +1.18%

Trends in Morristown, TN Rent as a Fraction of Income

The fraction of median Morristown household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 22.06%. Since then it has fallen by 2.28% to 19.78%.

Fraction of Income towards Rent: Morristown TN, Tennessee, US

Percent of median household income going towards median monthly gross rent in Morristown Tennessee

Historical Data for Annual Rent as a Fraction of Income in Morristown Tennessee

Date US Tennessee Morristown, TN
2015 20.63% 19.93% 19.78%
2014 20.89% 20.83% 20.55%
2013 20.78% 20.26% 18.22%
2012 20.65% 20.48% 18.60%
2011 20.70% 20.58% 22.06%
2010 20.50% 20.17% 19.43%
2009 20.12% 19.61% 19.09%
2008 19.00% 18.16% 17.59%
2007 18.66% 17.96% 18.76%
2006 18.90% 18.25% 17.54%
2005 18.89% 18.00% 15.50%

Renter Fraction in Morristown Tennessee

You can calculate the renter fraction in Morristown in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Morristown as a fraction of total Morristown households. In 2015 32.95% of households were renters according to Census ACS data.

Morristown Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Tennessee 34.18% +0.32% +0.87%
Morristown, TN 32.95% +0.88% +8.33%

Trends in the Morristown, TN Renter Fraction

At 32.95%, the 2015 household based renter fraction in Morristown was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Morristown TN, Tennessee, US

Fraction of renters in Morristown

History of Morristown Renter Fraction

Date US Tennessee Morristown, TN
2015 36.97% 34.18% 32.95%
2014 36.90% 33.86% 32.07%
2013 36.50% 33.62% 31.40%
2012 36.09% 33.31% 24.62%
2011 35.42% 32.72% 27.07%
2010 34.65% 31.87% 27.76%
2009 34.13% 30.85% 23.74%
2008 33.36% 30.17% 24.68%
2007 32.80% 30.06% 25.30%
2006 32.73% 30.10% 26.95%
2005 33.10% 30.74% 25.75%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.