Low Income Apartments and Affordable Housing For Rent in Franklin, TN

Discover affordable housing in Franklin where there are 6+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Cherokee Place

1101 Shawnee Dr., Franklin, Tennessee 37064

Reddick Senior Residence

198 Granbury St, Franklin, Tennessee 37064

Harpeth Hills Apartments Phase II

300 Sycamore Dr, Franklin, Tennessee 37064

Chickasaw Senior Community

600 Chickasaw Place, Franklin, Tennessee 37064

600 Cherokee Pl

600 Cherokee Pl, Franklin, Tennessee 37064

Chpwc Franklin 9

248 Chestnut Ln, Franklin, Tennessee 37064

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Franklin, Tennessee
$23.41 (+323%) more than Tennessee minimum wage and $23.41 (+323%) more than the Federal minimum wage.
Learn More About Franklin, Tennessee Affordable Housing ↓

What HUD offices serve Franklin, Tennessee?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Public Housing programs for Franklin, Tennessee.
Operates the Section 8 Housing Choice Voucher (HCV), Family Self-Sufficiency, Mainstream Voucher, Homeownership programs for Franklin, Tennessee.

Go to the Tennessee Public Housing and Low-Income Apartments Waiting Lists page for openings near Franklin.

How many renters live in Franklin, Tennessee?

The City of Franklin has 86,904 people living in 34,057 households.

There are 25,891 renters living in 12,534 renter households in this City. Renters make up 29.79 percent of the population living in Franklin.

What is the rental market like in Franklin, Tennessee?

There are an estimated 34,309 housing units in the Franklin area. Of these, 12,580 units are rental homes, making up 37 percent of the housing market. For every renter household in Franklin, Tennessee, there are 1 rental units.

What is the vacancy rate for rentals in Franklin?

The rental vacancy rate in Franklin is 5 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Franklin for each bedroom size?

Occupied Rental Units by Size in Franklin
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
638 3,336 5,657 1,827 241
Occupied Rental Units by Size in Franklin

A large number of apartments in Franklin have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Franklin are overburdened by housing costs?

Among renter households in this market, 47 percent have housing cost burden. Further, 19 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Franklin

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,404 to $2,482. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,404
One BR $1,442
Two BR $1,619
Three BR $2,035
Four BR $2,482
2024 Fair Market Rents in Franklin, Tennessee

How many units are rented at Fair Market Rent (FMR) in Franklin?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
Studio 251 39 percent
One BR 1,021 31 percent
Two BR 979 17 percent
Rental Units Below FMR in Franklin, Tennessee

How many affordable rental units are in Franklin?

There are a variety of federal affordable housing programs serving households in Franklin, Tennessee including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 113
Public Housing 80
Section 8 Project-Based Rental Assistance 50
Tracked Units by Federal Program in Franklin, Tennessee

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Franklin, Tennessee

Franklin features 272 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Franklin, Tennessee

There are 85 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Franklin.

Housing Choice Vouchers in Franklin, Tennessee

On average, Section 8 Housing Choice vouchers pay Franklin landlords $500 per month towards rent. The average voucher holder contributes $400 towards rent in Franklin.

The maximum amount a voucher would pay on behalf of a low-income tenant in Franklin, Tennessee for a two-bedroom apartment is between $1,457 and $1,781.

Sourced from federal housing data and AffordableHousingOnline.com research.