Rental Market Reports > Single-Family Home Reports > Tennessee 

This rental market report examines the average rent in Tennessee for five of the most analyzed cities on Rentometer in Q3 2023.

Summary - Year-Over-Year Rent Change

This rental market report highlights the Q3 2023 average rent prices for three-bedroom (3-BR) single-family rentals (SFRs) in these five Tennessee cities: Nashville, Knoxville, Clarksville, Chattanooga, and Memphis.

According to our data, Knoxville had the largest year-over-year rent price increase of 3%, while Nashville had a decrease of 3%. 

Methodology

• Geography: This report considers rent changes in Rentometer’s five most analyzed SFR markets in Tennessee during Q3 2023.

• Property Type: 3-BR SFRs with all bathroom counts.

• Analysis: Rent data was analyzed year-over-year for each city.

• Data: New rents collected at the beginning and end of each quarter are reported, excluding outliers below $500 and above $10,000.

Year-Over-Year Change in Average Rent: 3-BR SFRs

Rent prices in these five Tennessee cities experienced the following year-over-year rent increases and decreases in Q3 2023:

• The average Knoxville rent price is $2,235 with a year-over-year rent price increase of 3%
• The average Clarksville rent price is $1,718 with a year-over-year rent price increase of 2%
• The average Memphis rent price is $1,472 with a year-over-year rent price decrease of 1%
• The average Chattanooga rent price is $1,981 with a year-over-year rent price decrease of 1%
• The average Nashville rent price is $2,661 with a year-over-year rent price decrease of 3%

 

City/State	Q3 2022 Average Rent	Q3 2023 Average Rent	YoY % Change
Knoxville, TN	$2,171	$2,235	3%
Clarksville, TN	$1,686	$1,718	2%
Memphis, TN	$1,482	$1,472	-1%
Chattanooga, TN	$2,007	$1,981	-1%
Nashville, TN	$2,736	$2,661	-3%

 

 

 

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