The U.S. rental market has reached its most budget-friendly level in four years. But that’s not the case in all the local rental markets.
According to the Realtor.com® February Rental Report, February marked the 30th consecutive month of year-over-year declines for 0-2 bedroom properties, bringing the national median asking monthly rent to the lowest level recorded since March 2022.
Locally, rents were up across the board in most communities, according to the latest Zumper analysis. Rents in the 0-2 bedroom properties are down from last year in two markets – Abingdon and Kingsport.
The Apartment.com data shows apartment and house rentals are up from last year in all local communities.
The data from both Zumper and Apartments.com are based on their content.
Local rents are also higher than the HUD Fair Market Rents, which are estimates set at the 40th percentile of gross rents. Market value rents are actual, real-time rates.
| Zumper | |||
| Kingsport | Current Avg. | Last 30 days | Last year |
| 1 br | $800 | 4% | -14% |
| 2 br | $1,225 | 8% | 20% |
| 3 br | $2,000 | 1% | 15% |
| 4 br | $2,500 | 3% | 21% |
| Johnson City | Current Avg. | Last 30 days | Last year |
| 1 br | $925 | 8% | 6% |
| 2 br | $1,250 | 4% | 1% |
| 3 br | $1,800 | 3% | 3% |
| 4 br | $2,322 | 4% | 6% |
| Bristol TN | Current Avg. | Last 30 days | Last year |
| 1 br | $700 | -3% | 66% |
| 2 br | $1,600 | 1% | 28% |
| 3 br | $1,800 | -12% | 7% |
| 4 br | $2,300 | 24% | 8% |
| Bristol VA | Current Avg. | Last 30 days | Last year |
| 1 br | $950 | 9% | 4% |
| 2 br | $1,200 | 13% | 65% |
| 3 br | $1,500 | -8% | 118% |
| 4 br | $1,900 | No change | -28% |
| Abingdon | Current Avg. | Last 30 days | Last year |
| 1 br | $850 | -1% | -26% |
| 2 br | $1,395 | -2% | 37% |
| 3 br | $1,500 | 4% | 19% |
| 4 br | $2,400 | 2% | 23% |
| Elizabethton | Current Avg. | Last 30 days | Last year |
| 1 br | $850 | -15% | 72% |
| 2 br | $1,200 | -3% | 37% |
| 3 br | $2,000 | -6% | 65% |
| 4 br | $2,525 | No change | 27% |
| Greeneville | Current Avg. | Last 30 days | Last year |
| 1 br | $850 | -5% | 16% |
| 2 br | $1,000 | 3% | -1% |
| 3 br | $1,400 | 18% | -23% |
| 4 br | $1,600 | -3% | 7% |
| Apartment.com Apartment Rents. | |||
| Kingsport | Current Avg. | Last 30 days | Last year |
| 1 br | $999 | 1.2% | |
| 2 br | $1,216 | 1.2% | |
| 3 br | $1,433 | 1.2% | |
| Johnson City | Current Avg. | Last 30 days | Last year |
| 1 br | $989 | 0.8% | |
| 2 br | $1,235 | 0.8% | |
| 3 br | $1,689 | 0.8% | |
| Bristol TN | Current Avg. | Last 30 days | Last year |
| 1 br | $944 | 7.6% | |
| 2 br | $1,163 | 7.6% | |
| 3 br | $1,482 | 7.6% | |
| Bristol VA | Current Avg. | Last 30 days | Last year |
| 1 br | $728 | 5.3% | |
| 2 br | $1,207 | 5.3% | |
| 3 br | $1,008 | 5.3% | |
| Abingdon | Current Avg. | Last 30 days | Last year |
| 1 br | $780 | 2.4% | |
| 2 br | $947 | 2.4% | |
| 3 br | $1,256 | 2.4% | |
| Elizabethton | Current Avg. | Last 30 days | Last year |
| 1 br | $735 | 1.4% | |
| 2 br | $946 | 1.4% | |
| 3 br | $1,337 | 1.4% | |
| Greeneville | Current Avg. | Last 30 days | Last year |
| 1 br | $760 | 0.9% | |
| 2 br | $825 | 0.9% | |
| 3 br | $977 | 0.9% | |
| Apartment.com House Rents | |||
| Kingsport | Current Avg. | Last 30 days | Last year |
| 2 br | $1,370 | 1.2% | |
| 3 br | $2,097 | ||
| 4 br | $2,080 | ||
| Johnson City | Current Avg. | Last 30 days | Last year |
| 2 br | $1,543 | 0.8% | |
| 3 br | $1,922 | 0.8% | |
| Bristol TN | Current Avg. | Last 30 days | Last year |
| 2 br | $1,357 | 8.0% | |
| 3 br | $1,958 | 8.0% | |
| Bristol VA | Current Avg. | Last 30 days | Last year |
| 3 br | $1,728 | 5.3% | |
| Elizabethton | Current Avg. | Last 30 days | Last year |
| 3 br | $1,803 | 1.4% | |
| Greeneville | Current Avg. | Last 30 days | Last year |
| 2 br | $1,185 | 1.0% | |
| 3 br | $1,868 | 1.0% | |
| HUD Fair Market Rents | ||||
| 1 br | 2 br | 3br | 4br | |
| Carter | $893 | $1,132 | $1,298 | $1,548 |
| Greene | $797 | $925 | $1,279 | $1,420 |
| Hawkin | $818 | $1,044 | $1,338 | $1,464 |
| Johnson | $844 | $925 | $1,273 | $1,289 |
| Sullivan | $818 | $1,044 | $1,338 | $1,464 |
| Unicoi | $893 | $1,132 | $1,398 | $1,548 |
| Washington | $893 | $1,132 | $1,398 | $1,548 |
| Scott Va | $753 | $914 | $1,191 | $1,429 |
| Washington Va | $818 | $1,044 | $1,338 | $1,464 |
Categories: REAL ESTATE
Have a comment, questions, observation? All are welcome.