{"id":7885,"date":"2024-05-13T09:24:00","date_gmt":"2024-05-13T09:24:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7885"},"modified":"2024-10-17T10:30:41","modified_gmt":"2024-10-17T10:30:41","slug":"knoxville-multifamily-market-report-april-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/knoxville-multifamily-market-report-april-2024\/","title":{"rendered":"Knoxville Multifamily Market Report \u2013 April 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/knoxville-multifamily-market-report\/\">Knoxville Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Occupancy Slides, But Rental Market Still Tight<\/h2>\n<p>The metro\u2019s multifamily market had a steady year in 2023, with healthy demand that kept rents up and occupancy well above the U.S. average, while 2024 also got off to a steady start, according to the latest Yardi Matrix Knoxville multifamily market report. The average rent increased 0.1% on a trailing three-month basis through February to $1,459, outperforming the U.S. rate, which was down 0.1%, to $1,713, as noted in the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily market report<\/strong><\/a>. The occupancy rate in stabilized properties declined 40 basis points year-over-year through February, to 96.5%.<\/p>\n<p><iframe id=\"datawrapper-chart-pGyc4\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Knoxville vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/pGyc4\/3\/\" height=\"320\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>In the 12 months ending in December, Knoxville\u2019s employment market added 11,400 jobs, up 3.1% and outperforming the 2.0% national growth rate. The metro has been outpacing the U.S. since August 2022. The unemployment rate stood at 3.3% in January, surpassing the U.S. (3.7%) and the state (3.5%), and trailing Nashville (2.8%). In 2023, information (-400 jobs) and leisure and hospitality (-100 jobs) contracted, while financial activities remained flat. Job gains were led by education and health services (4,700 jobs), government (2,800 jobs) and professional and business services (2,200 jobs).<\/p>\n<p><iframe id=\"datawrapper-chart-Fu5n4\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Knoxville Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/Fu5n4\/1\/\" height=\"423\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The market had 3,573 units under construction in February, while last year just 517 units were delivered. The volume of new construction increased last year, favoring Lifestyle properties. Meanwhile, transaction activity picked up in the second half of 2023, climbing to $303 million in what was a solid year. In 2024 through February, only one asset changed hands.<\/p>\n<p>Read the full Yardi Matrix Knoxville Multifamily Market Report: <a href=\"\/publications\/download\/file\/5491-MatrixMultifamilyKnoxvilleReport-April2024\" rel=\"\"><strong>April 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Occupancy Slides, But Rental Market Still Tight The metro\u2019s multifamily market had a steady year in 2023, with healthy demand that kept rents up and occupancy well above the U.S. average, while 2024 also got off to a steady start, according to the latest Yardi Matrix Knoxville multifamily market report. The average rent increased 0.1% [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[39,511],"class_list":["post-7885","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-2024"],"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 Multifamily Market Report \u2013 April 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Limited new supply and strong population gains kept rents up in Knoxville for most of the post-pandemic period.\" \/>\n<meta name=\"robots\" content=\"index, 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