Murfreesboro Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Murfreesboro, TN. Currently, the overall median rent in the city stands at $1,370, after rising 0.7% last month. Prices remain down 1.5% year-over-year. Read on to learn more about what’s been happening in the Murfreesboro rental market and how it compares to trends throughout the broader Nashville metro area and the nation as a whole.

Murfreesboro rents are up 0.7% month-over-month and down 1.5% year-over-year

The median rent in Murfreesboro rose by 0.7% over the course of April, and has now decreased by a total of 1.5% over the past 12 months. Murfreesboro’s rent growth over the past year has is similar to both the state (-1.8%) and national averages (-0.8%).

Murfreesboro rent growth in 2024 pacing below last year

Four months into the year, rents in Murfreesboro have risen 1.9%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 2.9%.

Murfreesboro rents are 3.0% lower than the metro-wide median

If we expand our view to the wider Nashville metro area, the median rent is $1,412 meaning that the median price in Murfreesboro ($1,370) is 3.0% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -3.2%, below the rate of rent growth within just the city.

The table below shows the latest rent stats for 5 cities in the Nashville metro area that are included in our database. Among them, Franklin is currently the most expensive, with a median rent of $1,801. Smyrna is the metro’s most affordable city, with a median rent of $1,344. The metro's fastest annual rent growth is occurring in Murfreesboro (-1.5%) while the slowest is in Nashville (-3.7%).

You can also use the map below to explore the latest rent trends in the Nashville metropolitan area.