Matrix Multifamily Knoxville Report-April 2023 April 27, 2023

Knoxville Outperforms Nation

Knoxville’s year-over-year rent growth remained above the U.S. average in February, continuing a trend it sustained through most of the pandemic. In fact, YoY growth of 12.8% was well above the 4.8% national figure. On a T3 basis, rents stayed flat at $1,391 while the U.S. average depreciated 0.1 percent to $1,702. Occupancy declined slightly in the 12 months ending in January, but remained tight at 97.6 percent.