Rent in Knoxville, TN, increased 5.2% in June versus a national average of 2.3% according to the Knoxville Rent Report by ApartmentRent.com. Even more startling in the report is the 19.4% annual increase over June 2020. Apartment Rent reports that median rent in Knoxville is $956 for a single bedroom apartment and $1,194 for a two bedroom unit. Although these figures are still less than other cities in the United States, the increases are a cause for concern.
While rental rates continue to rise around the region, Knoxville homes for sale have never been more affordable! Historically low mortgage interest rates make it possible to purchase a house with a monthly installment amount comparable to what you may be paying in rent right now. Even better, your mortgage payment helps you build equity which contributes to your overall wealth and allows you to benefit from future appreciation in the value of your home. It’s a long-term game that benefits you in the future.
Reach out to Knoxville’s real estate experts if you think it is time to begin your homeownership journey. Our team is here to help you search for the home of your dreams and can connect you with the right lender, if necessary, to make it happen. Call us today at 865.577.SOLD and follow us on Facebook for daily listing updates, Knoxville real estate news, and more!
Don’t wait! Start your search with some affordable options in East Tennessee.