MARKET SNAPSHOT

Knoxville q1 2026

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AVERAGE RENT

$1,458 Q1 2026

OCCUPANCY RATE

92.9% Q1 2026

NET ABSORPTION

1,166 T4Q

ANNUAL RENT CHANGE

-2.0% Q1 2026

ANNUAL OCCUPANCY CHANGE

-130 BPS

UNIT COMPLETIONS

2,523 T4Q

KEY TAKEAWAYS

There was a total of 2,523 units completed over the past 12 months, which outpaced the 1,166 units absorbed during this period by more than two-to-one, sustaining lease-up competition and pushing stabilized occupancy downward.

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The construction pipeline has contracted sharply and starts have pulled back to near multi-year lows, signaling that the supply wave has crested and a meaningfully lighter delivery environment is ahead.

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While rents remain under annual pressure, the pace of quarterly decline has decelerated steadily and occupancy continues to rank among the stronger performers nationally, pointing to an improving trajectory as lease-up competition eases.

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MARKET OUTLOOK

Knoxville is navigating a well-defined transition in its supply cycle, with the active pipeline contracted sharply and starts near multi-year lows signaling that the delivery wave has crested...