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Knoxville, an Emerging City on the Rise

June 8, 2023
Aerial view of the city of Knoxville with mountains in the background during sunset

Over the last ten years, housing absorption has greatly outpaced supply in this growing Tennessee city. With Knoxville positioned as one of the top ten cities for net-migration in recent years – with dramatically more people moving in than moving out – the demand of this city tucked amid the Great Smoky Mountains is only increasing.1

Tennessee has no state income tax, a cost of living (COL) 17.7% lower than the national average and goods and services (G&S) 11.6% below the national average. Knoxville was ranked the #10 best city to buy a home in 2023, but over 30% of Knoxville residents are renters.2 These fundamentals contribute to a compelling risk-adjusted return profile from an investment perspective. 

Multifamily rental communities, like Livano Knoxville in Capital Square’s OZ VIII, are in demand.

Discover Knoxville, Tennessee

Why Opportunity Zones make sense:

With the passage of the Tax Cuts and Job Acts of 2017, each state and five U.S. territories were able to designate up to 25% of eligible census tracts as opportunity zones, resulting in nearly 9,000 active opportunity zones across the country. Designed to stimulate long-term private investments in low-income urban and rural communities nationwide, Opportunity Zones, like Capital Square’s OZ8 in Knoxville, connect private capital with economic growth – answering the multifamily rental demand across the United States.

1 “Knoxville Market Update: Multifamily | Q4 2022,” Newmark, 2023.

2 ibid.

3 “The University of Tennessee-Knoxville Factbook,” accessed March 21, 2023, https://irsa.utk.edu/reporting/fact-book

4 “Knoxville Market Update: Multifamily | Q4 2022,” Newmark, 2023.

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