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Q1 Murfreesboro Rent Market

by Yarusi Holdings LLC on

With all the talk about today’s market being a seller’s market, we wanted to shed some light on the rental market in Murfreesboro, TN. 

Currently, Yarusi Holdings invests in Murfreesboro and actively looking to acquire more opportunities.

Here are a few reasons why:

Based on a RentCafe report the average rent in Murfreesboro is $1,399. This also can vary because of location, square footage, bedroom count, quality, and more. 

Murfreesboro Apartment Monthly Rent: 

  • 5% is below $500
  • 1% is $501-$700
  • 13% is $701-$1000
  • 52% is $1,001 - $1,500
  • 30% is $1,501- $2,000
  • 5% is greater than $2,000

The rent trend continues to rise as the cost of living increases. The average square footage for apartments in Murfreesboro is 1005 sqft. 19,346 or 37% of the households in Murfreesboro City, TN are renter-occupied while 32,906 or 62% are owner-occupied. The average household income in Murfreesboro is $80,344. The median age in Murfreesboro is 30.4 years, 29.4 years for males, and 31.3 years for females.

Rent Cafe Report 

The City of Murfreesboro has also imposed a moratorium on multifamily new construction on any land that is not presently entitled and is actively downsizing the units allowed to be built per acre. This is to allow the sewer infrastructure to continue to expand to meet the city's needs.

What is driving this?

Murfreesboro has a 2020 population of 163,274. Murfreesboro is currently growing at a rate of 3.46% annually and its population has increased by 49.01% since the most recent census, which recorded a population of 109,572 in 2010.

 

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