Located in East Tennessee, Knoxville is most well-known for being home to the University of Tennessee – Knoxville, one of the state’s largest and most prominent universities with an enrollment of 36,304. The 9-county MSA is pictured in the map above.
The major industries that drive Knoxville’s diverse economy include:
The 9-county Knoxville MSA has a current population of 946,264, with Knox County accounting for roughly 53% of the population. Loudon County (9.91% growth, 2020-23) is the fastest-growing county within the MSA, expanding from 55,129 residents in 2020 to 60,591 residents in 2023. Overall, the Knoxville MSA has seen its population increase by 4.46% between 2020 and 2023.
The Knoxville MSA has 290 apartments of over 50+ units, for a total of 47,427 units. 1,938 units were delivered in the last 12 months (CoStar) while an additional 11 properties totaling 2,978 units are currently under construction. Much of this development is surrounding the University of Tennessee, which has experienced enrollment gains in each of the last five years. Major projects like Yardley Flats (233 units), Hub Knoxville (600 units), and The Mark (308 units) highlight additions to the downtown area surrounding the university.
Because of this increased construction pipeline, vacancy has increased to 5.9% (CoStar). The Average Rent in Knoxville is $1,450 (CoStar), while Average Expenses in Knoxville are $5,531 per unit (TKC’s Expense Averager Tool). Real Estate Taxes ($1,045/unit) and Water/Sewer ($731/unit) are typically the largest expenses incurred by Knoxville multifamily owners.
The West Knoxville, Western Knox County, and North Knoxville submarkets account for roughly 68% of the MSA’s apartment units, while those same 3 counties fetch the highest asking rents: Western Knox County ($1,832); Downtown Knoxville ($1,763); West Knoxville ($1,467).
In September 2024, Orano USA announced plans to invest billions of dollars to build a centrifuge uranium enrichment facility in Oak Ridge. The announcement marks the single largest investment in Tennessee history. While the exact dollar amount is not yet known, the investment is anticipated to be bigger than the $5.6 billion Ford BlueOval campus in the Memphis area.
Wisconsin based HVAC company Greenheck Group announced a $300 million investment into Knox County in April of 2024. The large investment will be used to construct its fourth corporate campus used for HVAC manufacturing, warehousing space, a corporate office, as well as a research and development department.The investment will add 440+ high paying jobs into the area.
In other news, the $114+ million Knoxville multi-use stadium has officially reached the halfway mark of construction. The stadium will be home to the future USL soccer team, One Knoxville SC, while hosting a wide variety of shows, concerts, and festivals. The 7,500-seat stadium is set to be completed in March 2025 and will create 400+ jobs.
The City of Knoxville has been awarded a $42.6 million grant from the US Department of Transportation, the largest federal grant award in Knoxville’s history. The seven-phase project will create 10 miles of connectivity improvements to link East Knoxville residents to the downtown area. The plan, set to begin in 2025, will also provide ease of access to the South Knoxville area.
William is originally from Jackson, TN and attended the University of Tennessee majoring in College Scholars. William founded The Kirkland Company in 2007 and enjoys learning from clients and studying other entrepreneurs.
Miller is originally from Nashville, TN and attended the University of North Carolina at Chapel Hill where he studied Economics. He has been a Broker with TKC since 2007 covering the Tennessee market.
Dennis is originally from Chattanooga, TN and attended the University of Tennessee where he majored in Business Administration and Finance. He has been a Broker with TKC since 2008 and enjoys interacting with and learning from clients of different backgrounds across the globe. He also loves the competition within the industry.
Zac has called Los Angeles, CA Atlanta, GA and Nashville, TN home at one point or another. He attended the University of Tennessee where he majored in Marketing with a minor in Entrepreneurship. He started at TKC as an intern but has been a Broker since 2018. He loves the competitiveness of the business and getting to sell a product that he believes in.
Kyle is an Alabama native who studied Marketing at Lipscomb University. He finds passion in his role and the opportunity it affords to create lasting relationships with clients and his internal team alike.
Growing up in Florida and Georgia, Jay attended Florida State University where he graduated with a degree in Accounting. He brings over two decades of real estate experience to the TKC team, including founding a property management company in Atlanta. Jay thrives in the challenge of navigating complex deals and loves the satisfaction of a closed transaction.
1. The Knoxville, TN Metropolitan Statistical Area consists of 9 counties, according to Office of Management and Budget. Counties include: (1) Anderson (2) Blount (3) Campbell (4) Grainger (5) Knox (6) Loudon (7) Morgan (8) Roane (9) Union
2. Primary Sources: (1) https://fred.stlouisfed.org/ (2) CoStar (3) www.bls.gov
3. Sales Comps are from 09/23 – 09/24
4. Development Pipeline as of 09/24
5. This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy
