{"id":74,"date":"2020-11-19T10:24:48","date_gmt":"2020-11-19T10:24:48","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=74"},"modified":"2023-03-10T08:15:51","modified_gmt":"2023-03-10T08:15:51","slug":"knoxville-real-estate-market-trends-fall-2020","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/knoxville-real-estate-market-trends-fall-2020\/","title":{"rendered":"Knoxville Real Estate Market Trends &#8211; Fall 2020"},"content":{"rendered":"<h2>Steady Demand Boosts Rent Growth<\/h2>\n<p>Knoxville has displayed remarkable resilience in the shadow of the pandemic. Multifamily demand remained steady, with the average rent maintaining positive performance through September.<br \/>\nKnoxville rents ended the third quarter with an increase of 0.6% on a trailing three-month basis, to $1,058. The occupancy rate in stabilized properties underpinned the market\u2019s resilience, rising 10 basis points to 96.0% for the 12 months ending in August.<\/p>\n<p>In the wake of economic volatility, Knoxville\u2019s job market fared better than most larger, coastal metros. Unemployment dropped to 8.0% in July, with the preliminary August figure at 6.6%, less<br \/>\nthan half the 13.5% April rate. Initial unemployment claims filed across the state between mid-March and early October surpassed 870,000, but the metro\u2019s employment pool contracted by just 3.5% in the 12 months ending in July, faring better than the 6.6% U.S. rate. Forward-looking projects, under construction or in the planning stage, exude optimism and include infrastructure improvement and expansion along Interstate 275 and a $142 million mixed-use stadium, expected to be a valuable addition to East Knoxville.<\/p>\n<p>Supply and transaction activity were limited\u2014just 172 units were delivered through September, an additional 1,522 apartments were underway, and two sales totaling a combined $65 million\u2014<br \/>\nwith a per-unit price of $145,818\u2014were completed.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1135-MatrixMultifamilyKnoxvilleReport-Fall2020?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>Read the full Matrix Multifamily Knoxville Report<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Steady Demand Boosts Rent Growth Knoxville has displayed remarkable resilience in the shadow of the pandemic. Multifamily demand remained steady, with the average rent maintaining positive performance through September. Knoxville rents ended the third quarter with an increase of 0.6% on a trailing three-month basis, to $1,058. The occupancy rate in stabilized properties underpinned the [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[39,16],"class_list":["post-74","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-knoxville","tag-multifamily-outlook"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Knoxville Real Estate Market Trends - Fall 2020 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Knoxville has displayed remarkable resilience in the shadow of the pandemic. Multifamily demand remained steady, with the average rent maintaining positive performance through September.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/knoxville-real-estate-market-trends-fall-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Knoxville Real Estate Market Trends - Fall 2020\" \/>\n<meta property=\"og:description\" content=\"Knoxville has displayed remarkable resilience in the shadow of the pandemic. Multifamily demand remained steady, with the average rent maintaining positive performance through September.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/knoxville-real-estate-market-trends-fall-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-19T10:24:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-10T08:15:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Knoxville-iStock-1184733762.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Knoxville Real Estate Market Trends - Fall 2020 - Yardi Matrix Blog","description":"Knoxville has displayed remarkable resilience in the shadow of the pandemic. 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