Best places to buy rental properties in Tennessee

March 1, 2022
● Written by
Teddy

Tennessee

Investing in Tennessee

If you're looking to invest in properties, Tennessee could be a good option. The food, the music, and the natural surroundings all make up one of the most interesting states in the US. The state also offers no individual income tax, making the state an attractive place for property investing.

The Nophin team crunched the numbers and found the five best places to invest in Tennessee rental properties.

Statewide vacancy rates

TN Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Memphis, TN

Memphis, home to the Memphis Grizzlies (NBA), is a musical city as it's mentioned in more songs than any other city in the world.

  • Population: 633,104
  • Median household income: $41,864
  • Median 1-bedroom monthly rent: $995
  • Median listing home price: $198,000

Nashville, TN

Nashville is known as the Country Music Capital of the World and is well known for its southern comfort food.

  • Population: 689,447
  • Median household income: $62,087
  • Median 1-bedroom monthly rent: $1,800
  • Median listing home price: $474,900

Chattanooga, TN

Chattanooga is the fourth largest city in Tennessee and a city integral for interstate logistics.

  • Population: 181,099
  • Median household income: $47,165
  • Median 1-bedroom monthly rent: $1,215
  • Median listing home price: $325,000

Knoxville, TN

Knoxville is the third largest city in Tennessee and home to the University of Tennessee.

  • Population: 190,740
  • Median household income: $41,598
  • Median 1-bedroom monthly rent: $1,249
  • Median listing home price: $364,900

Clarksville, TN

Clarksville is consistently rated one of the safest cities in Tennessee. It's also the third fastest growing city in the state.

  • Population: 166,722
  • Median household income: $55,819
  • Median 1-bedroom monthly rent: $1,028
  • Median listing home price: $315,000

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Methodology

To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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