MARKET SNAPSHOT

Knoxville q3 2026

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AVERAGE RENT

$1,454 Q3 2026

OCCUPANCY RATE

94.2% Q3 2026

NET ABSORPTION

2,069 T4Q

ANNUAL RENT CHANGE

-0.3% Q3 2026

YoY OCCUPANCY CHANGE

50 BPS

UNIT COMPLETIONS

2,077 T4Q

KEY TAKEAWAYS
Renter demand in Knoxville remained strong in the third quarter, with trailing absorption nearly doubling from a year ago and broad-based gains across most tracked submarkets, keeping pace with new supply even amid an elevated delivery cycle.
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The construction pipeline has contracted modestly from its 2023 peak but remains well above historical norms, concentrated heavily in a handful of submarkets, with starts easing from a year ago as developers show early signs of caution.
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Rent growth remained slightly negative but is clearly stabilizing after an extended soft stretch, while occupancy rebounded to its highest level in over a year, even as the market continues working through one of the region's heavier construction pipelines at 7.1% of existing inventory.
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MARKET OUTLOOK

Knoxville's rental market should continue working through its elevated pipeline over the next several quarters, with the pace of improvement likely uneven still rather than linear. A sizable round of deliveries coming in the first quarter of 2027...

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Featured Tennessee Research Reports:

Austin Fragoletti

Austin Fragoletti

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austin.fragoletti@mmgrea.com

Sam Jackson

Sam Jackson

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sam.jackson@mmgrea.com

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Jake Sullivan

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jake.sullivan@mmgrea.com

John Endom

John Endom

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Kellen Warner

Kellen Warner

Associate Advisor

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