State rental market analysis · TN
Tennessee rental markets
104 tracked cities over 5,000 population, 104 ranked and summarized by their median Overall; 7 of 100 evaluable cities pass the modeled Buy & Hold screen. Every number traces to Census, Zillow and BLS. Compare state coverage and results →
Browse every Tennessee ZIP Code area → · the full server-rendered index for this state.
Part of the East South Central Census division (South region).
The honest read
Tennessee ranks #6 of 37 coverage-eligible states for rental investing, with a median Overall of 54.9/100 across its ranked cities, above the national median. 104 ranked cities roll up into this grade. Its strongest factor is job growth: 1.3%, 9th of 51, backed by population growth (11th).
The biggest drag is rent growth: 3.3%, 47th of 51. A state grade is the median of its ranked cities, a screen for where to look, not underwriting. Open any city below for its full shown-math breakdown, or run a specific deal through the cap rate and cash-flow calculators.
Where it ranks, factor by factor
Every value is the median across the 104 ranked cities in this state. The national rank compares all 51 states on that one factor; the engine already flips inverted factors (affordability, low unemployment) so a better rank always means a better market. Each factor sits in one of the model’s three categories (Cash Flow, Growth, or Stability); this is a representative summary, and the full thirteen-factor breakdown is on each city’s page. Full methodology.
| Factor | Category | State value | National rank |
|---|---|---|---|
| Gross rent yield | Cash Flow | 6.0% | #24 of 51 |
| Rent growth | Growth | 3.3% | #47 of 51 |
| Home value growth | Growth | 3.8% | #29 of 51 |
| Population growth | Growth | 1.2% | #11 of 51 |
| Job growth | Growth | 1.3% | #9 of 51 |
| Price-to-income | Cash Flow | 4.9× | #28 of 51 |
| Unemployment | Stability | 3.5% | #14 of 51 |
| Rental demand | Stability | 43% renters · 6.7% vacancy | two-part measure |
| Income growth | Growth | 5.2% | #21 of 51 |
Every city in Tennessee, ranked
Led by Medina at 73/100. Click any column to re-sort; every city links to its full shown-math breakdown.
| TN rank | City | Grade | Cash Flow | Growth | Stability | Typical home value | Gross yield | National rank |
|---|---|---|---|---|---|---|---|---|
| 1 | Medina | 73 | A | B | C | $322,525 | 6.5% | #76 |
| 2 | White House | 72 | B | B | B | $387,992 | 5.7% | #105 |
| 3 | Nolensville | 69 | C | A | B | $843,614 | 4.4% | #176 |
| 4 med | Pleasant View | 69 | B | B | B | $418,224 | 5.5% | #175 |
| 5 | Springfield | 68 | C | B | B | $331,021 | 6.0% | #213 |
| 6 med | Portland | 68 | C | B | B | $333,034 | 4.9% | #223 |
| 7 | Alcoa | 67 | C | A | C | $321,448 | 6.3% | #255 |
| 8 | Lenoir City | 66 | C | A | B | $419,006 | 5.0% | #313 |
| 9 | Ashland City | 66 | C | B | B | $351,165 | 5.3% | #326 |
| 10 | Spring Hill | 65 | C | B | B | $520,958 | 4.7% | #338 |
| 11 med | Jefferson City | 65 | C | A | B | $309,851 | 4.8% | #354 |
| 12 | Fairview | 65 | C | A | B | $545,321 | 4.9% | #371 |
| 13 med | Rockwood | 64 | B | B | C | $239,209 | 7.2% | #385 |
| 14 | Maryville | 64 | C | B | B | $394,656 | 5.9% | #386 |
| 15 med | Munford | 64 | B | C | C | $287,522 | 5.8% | #393 |
| 16 | Jonesborough | 64 | C | A | B | $340,472 | 5.3% | #420 |
| 17 | Oakland | 64 | B | B | C | $352,101 | 7.1% | #430 |
| 18 med | Greenbrier | 64 | C | B | B | $380,903 | 4.5% | #441 |
| 19 med | Clinton | 63 | C | B | B | $333,957 | 5.1% | #470 |
| 20 med | Union City | 62 | B | C | C | $175,317 | 6.1% | #511 |
| 21 med | La Follette | 62 | B | C | B | $138,900 | 6.0% | #515 |
| 22 | Soddy-Daisy | 62 | C | B | B | $358,922 | 5.0% | #544 |
| 23 med | Collegedale | 62 | C | B | B | $415,285 | 5.2% | #551 |
| 24 | Oak Ridge | 62 | C | B | C | $327,243 | 6.2% | #566 |
| 25 | La Vergne | 62 | B | B | C | $345,288 | 7.1% | #570 |
| 26 med | Milan | 62 | B | C | B | $184,924 | 6.7% | #581 |
| 27 | Red Bank | 61 | C | B | A | $308,574 | 5.0% | #617 |
| 28 | Manchester | 61 | C | B | B | $322,469 | 5.5% | #626 |
| 29 | Mount Juliet | 61 | C | B | B | $563,602 | 4.5% | #642 |
| 30 | Smyrna | 60 | C | B | C | $401,595 | 5.1% | #673 |
| 31 | Dyersburg | 60 | B | C | C | $168,473 | 7.0% | #716 |
| 32 | Shelbyville | 60 | C | B | C | $312,688 | 5.6% | #737 |
| 33 | Lawrenceburg | 60 | C | B | B | $241,208 | 5.5% | #750 |
| 34 med | Dickson | 59 | D | A | B | $345,539 | 4.4% | #780 |
| 35 med | Lafayette | 59 | C | A | C | $268,449 | 5.0% | #799 |
| 36 med | Humboldt | 59 | A | C | C | $160,899 | 8.7% | #823 |
| 37 | East Ridge | 59 | B | C | C | $256,440 | 6.6% | #836 |
| 38 | Clarksville | 58 | C | B | C | $319,419 | 5.2% | #924 |
| 39 | Thompson's Station | 58 | D | A | B | $740,365 | 3.5% | #946 |
| 40 | Johnson City | 58 | C | B | C | $295,339 | 5.9% | #947 |
| 41 | Atoka | 57 | C | C | B | $350,873 | 4.6% | #1002 |
| 42 | Dayton | 57 | C | B | C | $267,289 | 5.2% | #1059 |
| 43 | Gallatin | 57 | C | B | C | $434,846 | 4.6% | #1069 |
| 44 | Crossville | 56 | C | B | C | $308,253 | 6.3% | #1077 |
| 45 | Harriman | 56 | C | B | C | $244,670 | 5.8% | #1087 |
| 46 | Tullahoma | 56 | C | C | C | $295,544 | 6.0% | #1134 |
| 47 med | Church Hill | 56 | C | B | C | $264,813 | 5.8% | #1158 |
| 48 | Cookeville | 56 | C | B | C | $321,869 | 5.5% | #1168 |
| 49 | Lebanon | 56 | D | A | C | $447,311 | 4.4% | #1171 |
| 50 med | Hartsville/Trousdale County | 55 | D | A | B | $337,600 | 3.0% | #1210 |
| 51 | Arlington | 55 | A | C | D | $407,320 | 7.1% | #1224 |
| 52 med | Savannah | 55 | C | C | C | $196,900 | 5.7% | #1230 |
| 53 | Loudon | 55 | D | A | C | $499,640 | 5.1% | #1269 |
| 54 | Athens | 55 | C | C | B | $262,695 | 5.0% | #1321 |
| 55 med | Millersville | 54 | C | C | C | $309,900 | 5.7% | #1337 |
| 56 | Brownsville | 54 | B | C | C | $171,025 | 6.1% | #1365 |
| 57 | Sevierville | 54 | C | B | B | $420,849 | 4.9% | #1377 |
| 58 | Nashville-Davidson | 53 | C | B | C | $429,741 | 5.1% | #1555 |
| 59 | Chattanooga | 53 | C | B | D | $319,185 | 5.7% | #1556 |
| 60 | Bristol | 52 | B | C | D | $237,878 | 7.0% | #1575 |
| 61 | Murfreesboro | 52 | C | B | C | $426,156 | 4.7% | #1593 |
| 62 | Millington | 52 | B | C | C | $239,609 | 7.9% | #1594 |
| 63 | Hendersonville | 52 | D | B | B | $518,234 | 3.9% | #1631 |
| 64 | Farragut | 52 | D | B | B | $691,336 | 3.3% | #1680 |
| 65 | Goodlettsville | 52 | C | C | C | $387,975 | 5.5% | #1728 |
| 66 | Paris | 51 | C | C | B | $216,591 | 6.0% | #1748 |
| 67 | Kingsport | 51 | C | B | D | $257,154 | 6.0% | #1807 |
| 68 med | Dunlap | 51 | C | B | D | $274,021 | 5.4% | #1856 |
| 69 | Morristown | 51 | C | B | D | $267,036 | 6.5% | #1859 |
| 70 med | Smithville | 51 | D | C | B | $284,244 | 4.6% | #1863 |
| 71 med | Covington | 51 | C | D | B | $209,520 | 6.0% | #1883 |
| 72 med | Martin | 50 | C | D | B | $221,049 | 5.2% | #1893 |
| 73 med | Pulaski | 50 | C | C | B | $251,619 | 5.2% | #1995 |
| 74 med | Henderson | 50 | B | D | C | $180,750 | 6.3% | #1997 |
| 75 med | McMinnville | 49 | C | C | B | $257,620 | 5.2% | #2071 |
| 76 med | Lexington | 49 | C | C | C | $218,544 | 4.9% | #2156 |
| 77 | Knoxville | 49 | C | B | D | $370,699 | 5.5% | #2158 |
| 78 med | Mount Carmel | 48 | C | C | C | $267,038 | 4.3% | #2186 |
| 79 med | Lewisburg | 48 | D | B | C | $295,713 | 4.6% | #2192 |
| 80 | Cleveland | 48 | C | C | C | $313,361 | 5.4% | #2256 |
| 81 | Columbia | 48 | D | B | D | $371,690 | 5.1% | #2266 |
| 82 med | Newport | 48 | C | C | C | $233,846 | 6.5% | #2289 |
| 83 | Jackson | 48 | B | C | D | $224,512 | 7.6% | #2306 |
| 84 med | Kingston | 47 | D | B | C | $340,519 | 3.9% | #2355 |
| 85 med | Fayetteville | 47 | D | C | B | $255,791 | 4.1% | #2390 |
| 86 med | Sweetwater | 46 | D | C | B | $264,514 | 4.2% | #2518 |
| 87 | Signal Mountain | 45 | D | B | C | $634,620 | 4.7% | #2731 |
| 88 med | McKenzie | 45 | C | C | C | $191,046 | 5.1% | #2746 |
| 89 | Winchester | 43 | D | C | C | $363,745 | 4.9% | #2983 |
| 90 med | Lynchburg, Moore County metropolitan government | 43 | D | D | B | $285,300 | 3.5% | #3024 |
| 91 | Elizabethton | 41 | D | C | C | $233,534 | 5.3% | #3270 |
| 92 | Germantown | 40 | B | D | C | $485,907 | 5.9% | #3396 |
| 93 | Greeneville | 40 | C | C | D | $248,513 | 5.8% | #3399 |
| 94 med | Bolivar | 40 | B | F | C | $152,910 | 6.5% | #3412 |
| 95 | Bartlett | 40 | A | F | C | $320,892 | 6.9% | #3421 |
| 96 | Collierville | 37 | C | D | D | $505,746 | 4.7% | #3742 |
| 97 med | Madisonville | 37 | D | C | C | $292,445 | 3.7% | #3766 |
| 98 | Lakeland | 37 | C | D | D | $448,503 | 4.2% | #3785 |
| 99 | Franklin | 36 | F | B | C | $925,870 | 2.7% | #3879 |
| 100 med | Pigeon Forge | 36 | F | C | C | $424,578 | 4.3% | #3884 |
| 101 med | Erwin | 33 | D | C | D | $225,434 | 4.1% | #4110 |
| 102 | Memphis | 32 | A | D | F | $145,335 | 10.2% | #4156 |
| 103 med | Ripley | 29 | B | F | D | $149,100 | 6.2% | #4357 |
| 104 | Brentwood | 26 | F | C | B | $1,404,388 | 1.7% | #4529 |
Data as of: Zillow ZHVI/ZORI through the latest monthly release · Census ACS 5-yr 2020–2024 · Census PEP July 2025 · BLS LAUS county 2025 annual (11-month average). Generated 2026-10-06. Methodology & limitations · underwrite any specific deal with the free calculators.
ZIP markets in Tennessee
638 Census ZIP Codes (ZCTAs) in Tennessee · 430 data-eligible for subscores. These are sub-city government areas ranked separately from the Tennessee city table. The overall Rental Investor ZIP Score leaderboard leads; the two component subscores (affordability, rental-market context) follow as independent percentiles. ZIP ranks are shown within the ZIP universe only, never mixed with, and not directly comparable to, city ranks. Vintage: the Key metric column is Census ACS 2020–2024 (5-year), the same release the city table above uses; the geographies differ, so the same measure can still disagree between the two.
Best overall ZIP Codes in Tennessee
Ranked by the overall Rental Investor ZIP Score. The # is each ZIP Code's canonical TN state rank; the smaller figure is its national rank. Separate from the Tennessee city table and not directly comparable to it.
| TN rank | ZIP Code | Overallgrade · national | Key metric |
|---|---|---|---|
| #1 | 37167Smyrna | A 77#20 nat | 4.8%Survey yield |
| #2 | 37042Clarksville | A 77#24 nat | 6.2%Survey yield |
| #3 | 37128Murfreesboro | A 75#65 nat | 5.0%Survey yield |
| #4 | 37174Spring Hill | A 74#95 nat | 4.5%Survey yield |
| #5 | 37040Clarksville | A 74#135 nat | 5.6%Survey yield |
| #6 | 37188White House | A 73#173 nat | 5.1%Survey yield |
| #7 | 37122Mount Juliet | A 73#181 nat | 4.9%Survey yield |
| #8 | 37932Farragut | A 73#200 nat | 4.1%Survey yield |
| #9 | 37129Murfreesboro | A 73#222 nat | 4.9%Survey yield |
| #9 | 37172Coopertown | A 73#222 nat | 4.5%Survey yield |
| #11 | 37931Karns | A 72#231 nat | 5.2%Survey yield |
| #12 | 37421Chattanooga | A 72#255 nat | 5.0%Survey yield |
Top affordability ZIP Codes in Tennessee
State-scoped leaders on the affordability subscore only (national rank shown is within that subscore’s data-eligible universe). Substantially an inverse housing-cost signal: a component of the overall score, not a predicted return.
| # | ZIP Code | Affordability | Key metric |
|---|---|---|---|
| 1 | 37301Altamont | 95#122 nat | 8.7%Survey yield |
| 2 | 38231Henry | 94#156 nat | 10.3%Survey yield |
| 3 | 38240Obion | 92#238 nat | 10.1%Survey yield |
| 4 | 37688 | 92#242 nat | 8.3%Survey yield |
| 5 | 38258Trezevant | 92#271 nat | 10.8%Survey yield |
| 6 | 38366Pinson | 91#283 nat | 8.9%Survey yield |
| 7 | 37078 | 91#290 nat | 7.9%Survey yield |
| 8 | 38039Grand Junction | 90#344 nat | 8.6%Survey yield |
| 9 | 38559Doyle | 90#371 nat | 7.4%Survey yield |
| 10 | 38069Dancyville | 89#385 nat | 10.4%Survey yield |
| 11 | 38257South Fulton | 88#459 nat | 9.3%Survey yield |
| 12 | 37362Conasauga | 88#520 nat | 10.0%Survey yield |
Deepest rental-market ZIP Codes in Tennessee
State-scoped leaders on the rental-market-context subscore only (national rank shown is within that subscore’s data-eligible universe). Rental depth/tightness: a separate component, never combined here with affordability.
| # | ZIP Code | Rental market | Key metric |
|---|---|---|---|
| 1 | 37410Chattanooga | 86#1 nat | 6.7%Survey yield |
| 2 | 37809Mosheim | 81#166 nat | 6.1%Survey yield |
| 3 | 37078 | 79#361 nat | 7.9%Survey yield |
| 4 | 37724Cumberland Gap | 77#599 nat | 7.1%Survey yield |
| 5 | 38040Halls | 77#662 nat | 5.3%Survey yield |
| 6 | 37407Chattanooga | 77#680 nat | 11.4%Survey yield |
| 7 | 38106Memphis | 76#759 nat | 15.9%Survey yield |
| 8 | 37311Cleveland | 75#976 nat | 4.9%Survey yield |
| 9 | 37318Cowan | 75#976 nat | 5.3%Survey yield |
| 10 | 37411Chattanooga | 75#996 nat | 5.5%Survey yield |
| 11 | 37601Johnson City | 74#1,100 nat | 5.2%Survey yield |
| 12 | 37206Nashville-Davidson metropolitan government | 74#1,182 nat | 3.3%Survey yield |