Knoxville rent rises 61% since 2020, report says

Rising housing costs are a key contributor for the high inflation rate, according to the report.
Rent has been increasing in Knoxville.
Rent has been increasing in Knoxville.(WAVE 3 News)
Published: Jul. 28, 2022 at 12:53 PM EDT
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KNOXVILLE, Tenn. (WVLT) - Rent prices are one of the key contributors to the rising inflation rate, and a new report outlined the rising rent in Knoxville.

In Knoxville, the current median rent for a one-bedroom apartment is $1,189 while a two-bedroom apartment will cost around $1,494, according to a report from Apartment List.

Knoxville rent has risen 61% since the start of the COVID-19 pandemic, the report stated.

Those prices rose just in the past month. In 2022, the month of June saw a 3.7% increase in rent prices, and the report said this is 2.4% higher than the national median monthly rent increase.

Since 2021, Knoxville rent growth rose 26.6%. The national median rent grew 12% at the same time.

The housing market in Knoxville is looking more optimistic.

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