Things have changed for landlords, property owners and renters throughout Tennessee, thanks to the COVID Pandemic.
Since the last recession, one of the key drivers of growth in new residential construction has been high-density housing. After the housing bubble burst in the mid-2000s, new construction began to rebound around 2009, and in the ensuing decade, annual construction of structures with 5 or more units increased by nearly 300 percent.
Today, however, the COVID-19 pandemic has disrupted this status quo, and 2020 saw a surging demand for single-family rentals.
In Rutherford County, 34.8% of all residential addresses are rental units, as opposed to owner occupied units. Nashville has an even higher number of rentals at 45.7%. Williamson County has the lowest number of rental units in Middle Tennessee, standing at 19.4%.
A recent analysis released by RoofStock found that in Tennessee, 33.5% of all households are renter households. Among renter households, a total of 40.8% are renting single-family homes. Out of all U.S. states, Tennessee has the 13th highest percentage of renter households in single-family homes.
Summary of the data for Tennessee:
◘ Percentage of renter households in single-family homes:8%
◘ Percentage of renter households in structures with 2 units:7%
◘ Percentage of renter households in structures with 3–4 units:1%
◘ Percentage of renter households in structures with 5+ units:2%
◘ Percentage of households that rent:5%
Rreference, statistics for the entire United States:
◘ Percentage of renter households in single-family homes:9%
◘ Percentage of renter households in structures with 2 units:2%
◘ Percentage of renter households in structures with 3–4 units:1%
◘ Percentage of renter households in structures with 5+ units:4%
◘ Percentage of households that rent:9%
For more information, a detailed methodology, and complete results, you can find the original report on Roofstock’s website: https://learn.roofstock.com/blog/cities-with-most-single-family-rentals
