Renting rates low in Knoxville; realtors looking for houses to sell

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KNOXVILLE, Tenn. (WVLT)--It's springtime, and you may be thinking about moving. If you're interested in a bigger house, selling is profitable, and renting in Knoxville is a smart option according to one new survey.
Whether you're selling or renting, now's the time to make the move.

Brandy Boone says, "When we talk about bells and whistles, this house has everything!"

Realtor Brandy Boone shows us a house in Karns. It's been on the market five days and already showing like crazy. Brandy Boone says, "This is what I'm crying out for. A house under $200,000 with bells and whistles or even $250,000. We have so many buyers."

It has professional paint, wood floors, a flat back yard and a man cave. It's selling for $200,000. Brandy Boone says, "Our market is shifting. It balanced out and now we're moving into a sellers market. Houses are moving. People are fighting over them. People are getting close to full price."

While the housing market is booming, there's great news for the renters in Knoxville. Knoxville has been named one of 10 cities where rent will rise the least in 2013. Average rent was $601 in 2012, and a forecasted increase of 2.3 percent for 2013.

Gables and Gates Property Manager James Anderson says, "Rates went up in 2008, and have kind of stabilized now."

Anderson rents houses in Knoxville. A 3 bedroom , 2 bath rents for $1,000, $1200 in Bearden Hill, and 30% more in Farragut. Anderson also tells us if you're thinking of becoming a landlord, now is a good time. Anderson says, "We get a lot of renters from the west coast from California. What they can get in San Fransisco is a lot different than what they get here."

A better place for your money in East Tennessee.

According to the survey done by National Association of Realtors, the place for the lowest rate increase is Fairfield County, Connecticut with a forecasted rent growth of only 2% in 2013.


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