{"id":8818,"date":"2024-10-14T10:15:00","date_gmt":"2024-10-14T10:15:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8818"},"modified":"2025-05-22T10:28:44","modified_gmt":"2025-05-22T10:28:44","slug":"knoxville-multifamily-market-report-september-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/knoxville-multifamily-market-report-september-2024\/","title":{"rendered":"Knoxville Multifamily Market Report \u2013 September 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>Rent Growth Recovers, Development Improves<\/h2>\n<p>Knoxville\u2019s multifamily fundamentals remained relatively healthy in the face of economic headwinds, compared to most larger metros, according to the latest Yardi Matrix Knoxville multifamily market report. Advertised asking rents were up 0.4% on a trailing three-month basis through July, to $1,479, exceeding the 0.3% U.S. rate. Year-over-year, rates were up 1.8% and more than double the 0.8% national figure, as noted in the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>U.S. multifamily market report<\/strong><\/a>. Occupancy declined 40 basis points year-over-year, but clocked in at a healthy 96.2%, as of June.<\/p>\n<p><iframe id=\"datawrapper-chart-Lwtpc\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Knoxville vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/Lwtpc\/1\/\" height=\"328\" 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>Knoxville unemployment stood at 3.4% in June, according to preliminary data from the Bureau of Labor Statistics. That was 70 basis points below the national figure. In the 12 months ending in May, the metro\u2019s labor pool contracted by 0.1%, marking the second consecutive month of net losses. Three sectors maintained a steady pace\u2014education and health services added 2,800 jobs, while manufacturing and government grew by 900 positions each. Professional and business services lost the most out of all sectors (2,800 jobs). Key projects in the metro include an upcoming, 7,000-seat sports stadium and a $300 million corporate campus that will include warehousing and manufacturing facilities.<\/p>\n<p><iframe id=\"datawrapper-chart-3OPCv\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Knoxville Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/3OPCv\/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>Multifamily development remained healthy, with Knoxville adding 661 units to its inventory year-to-date through July, already more than the 517 units completed in all of 2023. The metro had 2,978 units under construction, along with 5,000 in the planning and permitting stages.<\/p>\n<p>Read the full Yardi Matrix Knoxville Multifamily Market Report: <a href=\"\/publications\/download\/file\/6220-MatrixMultifamilyKnoxvilleReport-September2024\" rel=\"\"><strong>September 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Rent Growth Recovers, Development Improves Knoxville\u2019s multifamily fundamentals remained relatively healthy in the face of economic headwinds, compared to most larger metros, according to the latest Yardi Matrix Knoxville multifamily market report. Advertised asking rents were up 0.4% on a trailing three-month basis through July, to $1,479, exceeding the 0.3% U.S. rate. Year-over-year, rates were [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7887,"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-8818","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 September 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Advertised asking rents were up 0.4 percent, 10 bps ahead of the U.S., to $1,479 in July, Yardi Matrix data shows.\" \/>\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-september-2024\/\" \/>\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 \u2013 September 2024\" \/>\n<meta property=\"og:description\" content=\"Advertised asking rents were up 0.4 percent, 10 bps ahead of the U.S., to $1,479 in July, Yardi Matrix data shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/knoxville-multifamily-market-report-september-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-14T10:15:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-22T10:28:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/05\/Knoxville-iStock-2168127496.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=\"Adina Rogoz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tudor Scolca-Seusan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Knoxville Multifamily Market Report \u2013 September 2024 - 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