Knox County Tennessee Residential Rent and Rental Statistics
The median monthly gross residential rent in Knox County TN was $924 in 2019 according to the Census ACS survey.1 Average gross rent in Knox County was $884 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Knox County median and average rent data will be released in September of 2021.
Data is also available below for Knox County rental vacancy rates, Knox County rent as a percent of median income and the fraction of renters in Knox County.
Real Gross Rent in Knox County Tennessee (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Tennessee Median Gross Rent | $904 | +3.08% | +7.11% |
| Knox County TN Median Gross Rent | $924 | +3.36% | +8.32% |
Knox County TN Real Gross Rent Trends
At $924, real median gross rent in Knox County was at its highest level in 2019 since the series began in 2005. Average gross rent for Knox County peaked in real terms in 2017 at $892 and is now $8 (0.90%) lower.
Real Gross Rent: Knox County TN Median, Knox County TN Average, Tennessee Median, US Median
Real Gross Rent History for Knox County
| Date | US Median |
Tennessee Median |
Knox County TN Median |
Knox County TN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $904 | $924 | $884 |
| 2018 | $1,077 | $877 | $894 | $888 |
| 2017 | $1,043 | $859 | $907 | $892 |
| 2016 | $1,027 | $844 | $853 | $850 |
| 2015 | $1,017 | $833 | $854 | $847 |
| 2014 | $986 | $813 | $834 | $817 |
| 2013 | $953 | $788 | $838 | $813 |
| 2012 | $940 | $777 | $813 | $817 |
| 2011 | $941 | $772 | $800 | $768 |
| 2010 | $955 | $779 | $788 | $764 |
| 2009 | $960 | $777 | $785 | $782 |
| 2007 | $927 | $745 | $785 | $748 |
| 2005 | $910 | $729 | $718 | $704 |
Knox County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Knox County Tennessee was 5.97% according to Census ACS data.
Rental Vacancy Rate in Knox County Tennessee
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Tennessee | 7.27% | -0.29% | +0.59% |
| Knox County TN | 5.97% | -1.02% | +1.50% |
Trends in Knox County TN Rental Vacancy Rate
The rental vacancy rate in Knox County peaked in 2006 at 9.60%. Since then it has fallen by 3.63% to 5.97%. Data records for this series originated in 2005. From a 2008 post peak low of 4.37%, the rental vacancy rate has increased by 1.60%.
Rental Vacancy Rate: Knox County TN, Tennessee, US
Historical Rental Vacancy Rate data for Knox County
| Date | US | Tennessee | Knox County TN |
|---|---|---|---|
| 2019 | 5.97% | 7.27% | 5.97% |
| 2018 | 6.15% | 7.56% | 6.99% |
| 2017 | 6.18% | 6.67% | 5.40% |
| 2016 | 5.89% | 6.68% | 4.47% |
| 2015 | 5.85% | 7.13% | 6.37% |
| 2014 | 6.32% | 7.24% | 7.07% |
| 2013 | 6.49% | 7.86% | 4.66% |
| 2012 | 6.77% | 7.89% | 4.39% |
| 2011 | 7.40% | 8.54% | 5.92% |
| 2010 | 8.17% | 10.33% | 5.58% |
| 2009 | 8.43% | 10.52% | 6.10% |
| 2007 | 7.87% | 9.20% | 4.47% |
| 2005 | 7.74% | 8.82% | 8.61% |
Rent as a Fraction of Income
Using median household income data for Knox County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Knox County, median monthly gross rent as a fraction of median household income was 18.39% in 2019 according to the ACS.
Knox County Tennessee Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Tennessee | 19.35% | -0.38% | -0.58% |
| Knox County TN | 18.39% | -0.55% | -0.38% |
Trends in Knox County TN Rent as a Fraction of Income
The fraction of median Knox County household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 20.23%. Since then it has fallen by 1.84% to 18.39%.
Fraction of Income towards Rent: Knox County TN, Tennessee, US
Historical Data for Annual Rent as a Fraction of Income in Knox County Tennessee
| Date | US | Tennessee | Knox County TN |
|---|---|---|---|
| 2019 | 20.03% | 19.35% | 18.39% |
| 2018 | 20.50% | 19.73% | 18.94% |
| 2017 | 20.13% | 19.47% | 19.11% |
| 2016 | 20.43% | 19.92% | 18.77% |
| 2015 | 20.63% | 19.93% | 18.50% |
| 2014 | 20.89% | 20.83% | 20.23% |
| 2013 | 20.78% | 20.26% | 19.43% |
| 2012 | 20.65% | 20.48% | 19.85% |
| 2011 | 20.70% | 20.58% | 19.95% |
| 2010 | 20.50% | 20.17% | 19.40% |
| 2009 | 20.12% | 19.61% | 18.23% |
| 2007 | 18.66% | 17.96% | 17.83% |
| 2005 | 18.89% | 18.00% | 16.38% |
Renter Fraction in Knox County Tennessee
You can calculate the renter fraction in Knox County 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 Knox County as a fraction of total Knox County households. In 2019 36.55% of households were renters according to Census ACS data.
Knox County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Tennessee | 33.49% | -0.28% | -1.42% |
| Knox County TN | 36.55% | +0.79% | -0.07% |
Trends in the Knox County TN Renter Fraction
The Knox County household renter fraction peaked in in 2013 at 37.25% and is now 0.70% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Knox County TN, Tennessee, US
History of Knox County Renter Fraction
| Date | US | Tennessee | Knox County TN |
|---|---|---|---|
| 2019 | 35.89% | 33.49% | 36.55% |
| 2018 | 36.05% | 33.77% | 35.76% |
| 2017 | 36.13% | 34.57% | 36.16% |
| 2016 | 36.88% | 34.91% | 36.62% |
| 2015 | 36.97% | 34.18% | 35.95% |
| 2014 | 36.90% | 33.86% | 35.25% |
| 2013 | 36.50% | 33.62% | 37.25% |
| 2012 | 36.09% | 33.31% | 36.39% |
| 2011 | 35.42% | 32.72% | 36.11% |
| 2010 | 34.65% | 31.87% | 33.72% |
| 2009 | 34.13% | 30.85% | 32.16% |
| 2007 | 32.80% | 30.06% | 32.22% |
| 2005 | 33.10% | 30.74% | 33.60% |
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. ↩
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