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
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 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 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 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 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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With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!
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.