KNOXVILLE, Tenn. — As the population of Knoxville continues to surge, so are the area's housing needs.
A report from the East Tennessee Realtors group shows that there has been a 9.6% increase in rent prices for the Knoxville Metro Area during June — significantly higher than the national average, which saw a 2.3% increase.
"We need an increase in construction," said Fawn Shope, a local realtor. "Over a period of years, we've already been low in our available housing. We just don't have enough to serve the community. Now we have less on the market as the demand increases, so that naturally increases prices."
Se also said the recent push by the city for more apartment development could bring some relief.
"We do see an increase in apartments being built, so that will help in the rental market. But when you look at housing, we're still just at too low of a rate," she said.
She said that anyone looking to get a deal on their rent needs to make sure they have a good application.
"Your strong credit shows that you're a reliable candidate, so you can win out that apartment or rental home at maybe a cheaper price," she said.
She also said people looking to buy a home should keep in mind that while prices may be high, they are not expected to drop anytime soon.
"Home prices are not going to go down, they're trending to continue to increase. So even when the interest rates go down, you're trading off with higher prices and a bigger buyer pool. So, now is still a good time to buy in East Tennessee," she said.