{"id":822,"date":"2021-04-29T06:48:31","date_gmt":"2021-04-29T06:48:31","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=822"},"modified":"2023-09-12T15:52:04","modified_gmt":"2023-09-12T15:52:04","slug":"knoxville-multifamily-market-report-spring-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/knoxville-multifamily-market-report-spring-2021\/","title":{"rendered":"Knoxville Multifamily Market Report &#8211; Spring 2021"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Demand Keeps Fundamentals Healthy <\/h2>\n\n\n\n<p><strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/tag\/knoxville-housing-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">Knoxville\u2019s solid fundamentals<\/a><\/strong> helped its real estate sector weather the effects of the health crisis well. Its multifamily market saw rents advance, up 0.4% to $1,099 on a trailing three-month basis as of February. Positive in-migration and limited inventory expansion pushed up the occupancy rate in stabilized properties by 160 basis points year-over-year through January, to 97.4%.<\/p>\n\n\n\n<p>The unemployment rate dropped to 4.3% in November, with preliminary data for January pointing to a 30-basis-point increase. The employment market saw a 2.2% contraction in the 12 months ending in December, outperforming the national rate by 420 basis points. Three sectors gained jobs, two of which serve as Knoxville\u2019s main economic drivers: Professional and business services and education and health services expanded by 5.4% and 3.0%, respectively. Knoxville\u2019s largest employment sector\u2014trade, transportation and utilities\u2014shrunk by just 0.7% and points to recovery.<\/p>\n\n\n\n<p>Developers delivered 267 units in 2021 through February and had 1,269 underway. Last year, 292 units came online in Knoxville. Investment activity picked up in the final quarter of 2020, with $190 million in multifamily assets\u2014of the $260 million total\u2014trading for a price per unit that rose by a substantial 58.5% to $169,514.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/1242-MatrixMultifamilyKnoxvilleReport-Spring2021?utm_source=Matrix-Blog&amp;utm_medium=Social\" target=\"_blank\" rel=\"noreferrer noopener\">Matrix Multifamily Knoxville Report-Spring 2021<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Demand Keeps Fundamentals Healthy Knoxville\u2019s solid fundamentals helped its real estate sector weather the effects of the health crisis well. Its multifamily market saw rents advance, up 0.4% to $1,099 on a trailing three-month basis as of February. Positive in-migration and limited inventory expansion pushed up the occupancy rate in stabilized properties by 160 basis [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[39,221],"class_list":["post-822","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-2021"],"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 - Spring 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Knoxville\u2019s solid fundamentals helped its real estate sector weather the effects of the health crisis well.\" \/>\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-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Knoxville Multifamily Market Report - Spring 2021\" \/>\n<meta property=\"og:description\" content=\"Knoxville\u2019s solid fundamentals helped its real estate sector weather the effects of the health crisis well.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/knoxville-multifamily-market-report-spring-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-29T06:48:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T15:52:04+00:00\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/04\/Knoxville-Matrix-Report-iStock-1190675053.jpg\" \/>\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 Multifamily Market Report - Spring 2021 - Yardi Matrix Blog","description":"Knoxville\u2019s solid fundamentals helped its real estate sector weather the effects of the health crisis well.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/knoxville-multifamily-market-report-spring-2021\/","og_locale":"en_US","og_type":"article","og_title":"Knoxville Multifamily Market Report - Spring 2021","og_description":"Knoxville\u2019s solid fundamentals helped its real estate sector weather the effects of the health crisis well.","og_url":"https:\/\/www.yardimatrix.com\/blog\/knoxville-multifamily-market-report-spring-2021\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-04-29T06:48:31+00:00","article_modified_time":"2023-09-12T15:52:04+00:00","author":"lilianam","twitter_card":"summary_large_image","twitter_image":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/04\/Knoxville-Matrix-Report-iStock-1190675053.jpg","twitter_misc":{"Written by":"Anca Gagiuc","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/knoxville-multifamily-market-report-spring-2021\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/knoxville-multifamily-market-report-spring-2021\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Knoxville Multifamily Market Report &#8211; 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