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Knoxville rent price increased 30% in last year, according to report

The Scruffy City came in at the 58th most expensive rental market in the nation.
The Scruffy City came in at the 58th most expensive rental market in the nation.
Published: May. 24, 2022 at 4:12 PM EDT
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KNOXVILLE, Tenn. (WVLT) - A new report from Zumper highlighted staggering increases in rent prices across Knoxville in the last year. The latest National Rent Report, covering 100 cities nationwide, with data derived from over one million active listings, was released Tuesday.

According to data, Zumper’s National Rent Index hit a new high with the median one-bedroom rent at $1,414, which accounts for a 12.18% increase from last year. The two-bedroom index showed that the median rent sat at $1,758, nearly 14% more than the same time in 2021.

Knoxville came in at the 58th most expensive rental market in the nation, holding prices of one bedroom and two bedrooms at medians of $1,170 and $1,310.

The report noted that the average one-bedroom rent rate had increased by 30% from the same time last year.

Nashville was marked as the 18th most expensive rental market in the nation, which was the highest of all Tennessee. The average prices of one and two bedrooms in the Music City were reported as $1,730 and $1,800.

New York City topped the list with an average median price of $3,590 for a one-bedroom and $3,730 for two-bedroom units.

The full report can be found here.

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