How many renters live in Tennessee?
The State of Tennessee has 42,228 people living in 16,416 households.
There are 6,928 renters living in 3,024 renter households in this State. Renters make up 16.41 percent of the population living in Tennessee.
What is the rental market like in Tennessee?
There are an estimated 17,772 housing units in the Tennessee area. Of these, 3,175 units are rental homes, making up 18 percent of the housing market. For every renter household in Tennessee, there are 1 rental units.
What is the vacancy rate for rentals in Tennessee?
The rental vacancy rate in Tennessee is 2 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 Tennessee for each bedroom size?
Occupied Rental Units by Size in Tennessee
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 116 | 320 | 822 | 1,297 | 388 |
Occupied Rental Units by Size in Tennessee
A large number of apartments in Tennessee 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 Tennessee are overburdened by housing costs?
Among renter households in this market, 39 percent have housing cost burden. Further, 16 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 many units are rented at Fair Market Rent (FMR) in Tennessee?
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 | 73 | 63 percent |
| One BR | 285 | 89 percent |
| Two BR | 657 | 80 percent |
Rental Units Below FMR in Tennessee
How many affordable rental units are in Tennessee?
There are a variety of federal affordable housing programs serving households in Tennessee including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 190 |
| Section 8 Project-Based Rental Assistance | 277 |
| USDA Section 515 Rural Rental Housing | 296 |
Tracked Units by Federal Program in Tennessee
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Tennessee
Tennessee features 77,250 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 Tennessee
There are 49,795 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Tennessee.
Housing Choice Vouchers in Tennessee
On average, Section 8 Housing Choice vouchers pay Tennessee landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Tennessee.
The maximum amount a voucher would pay on behalf of a low-income tenant in Tennessee for a two-bedroom apartment is between $1,168 and $1,428.
Sourced from federal housing data and AffordableHousingOnline.com research.