Average rent prices in Tennessee increased 12.1 percent year-over-year as of February, according to data compiled by apartment search engine Rent. Tennessee ranked ninth in the nation for experiencing the biggest increase in rent prices from February 2022 to February 2023.
Tennessee was one of 13 states that saw double-digit yearly increases in average rent prices. The median rent price in Tennessee in February was $1,605.
The Metro Nashville area, including data from Franklin and Murfreesboro, saw an average increase of 9 percent – ranking sixth of the top 50 metropolitan areas of the nation that saw the largest increases in average rent prices year-over-year. The median rent price in the metro Nashville area in February was $2,117.
The metropolitan area of Memphis ranked 13th of the top 50 metropolitan areas, with an average increase of 5.48 percent. The median rent price in the metro Memphis area in February was $1,584.
In 2020, the median rent price in Tennessee was $1,187 – $418 less than today. In 2021, the median price was $1,386.
The states that experienced the largest increases in average rent prices year-over-year from February 2022 to February 2023 were New Hampshire (+23.92 percent), South Dakota (+23.41 percent), Arkansas (+18.68 percent), Florida (+17.79 percent), and Mississippi (+17.33 percent).
The states that experienced the greatest decreases in average rent prices year-over-year were Idaho (-2.98 percent), Nevada (-1.88 percent), and Washington (-1.81 percent).
The Raleigh-Cary, North Carolina metropolitan area saw the most significant yearly rent increase in February at an increase of 19.01 percent. Three other metro areas – Cleveland, Ohio, Charlotte, North Carolina and Columbus, Ohio – all recorded yearly increases above 10 percent.
As of February, the national median rent price was $1,937. In February 2020, the national median price was $1,595. In February 2021, the national median price was $1,635.
“We analyzed rental property prices in February 2022, the last full month of data, from Rent’s available inventory to identify our median rent prices at the national, state and metro levels. Our analysis combines inventory and bedroom types into one simple median that covers all available rental units at the time,” the search engine states regarding its methodology used to compile its report.
– – –
Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network.
Photo “Man Walking in Apartment Complex” by Wladislav Glad.
