Average rent in Franklin, TN (2026): rent by bedroom and when buying a condo beats it
Search November 12, 2026
Search November 12, 2026
If you're renting in Franklin and wondering whether to buy, look at condos first. They're the only home type whose median sale price fell over the past year, down 6.5% based on 20 sales, while single-family prices rose sharply and nearly one in five houses sold above asking.
Buying a condo is where your rent money gains bargaining power. For everything else, renting remains the cheaper way to get house-sized space without betting on the top of the market.
Franklin's average overall apartment rent is around $1,781 as of October 2026, and the two-bedroom figure is the one to hold up against buying. If you're renting while deciding whether to buy, start with condos, since they're the only Franklin home type with falling median sale prices and room to negotiate. If you need three bedrooms or a yard, renting a house is the alternative, because single-family prices are still climbing.
You're renting in Franklin, or about to, and deciding whether to keep renting or put that monthly money toward buying a condo, townhouse, or house.
Rents across the city have leveled off. The overall median rent in Franklin is $1,781, after falling 1.1% over the past month and 1.2% year-over-year.
When comparing these averages to a mortgage, bedroom counts matter more than the citywide number. The official HUD Fair Market Rent for the metro area provides a baseline, but newer apartment buildings pull listing averages higher.
According to October 2026 data, average listing prices start at $1,881 for a studio and $1,797 for a one-bedroom apartment. These averages reflect base rental prices and don't include extra fees.
For comparison, the official FY2026 HUD Fair Market Rent for a one-bedroom in the metro area is $1,578. Advertised base rent often leaves out monthly amenity, trash, pest, and parking fees. Ask each property for the total monthly cost before you compare anything.
The average monthly listing price for a two-bedroom apartment is $2,283. That's the baseline number to set against a potential condo payment if you're thinking about buying.
HUD's FY2026 Fair Market Rent for a two-bedroom in the metro sits at $1,730. Portal two-bedroom averages lean toward new buildings with extra amenities. If you're comparing against buying, use the rent you'll sign for, not the citywide average.
Finding a larger rental takes more digging. For the 37064 ZIP code in Franklin, the average rent is $2,345, though that figure blends different property sizes.
Rental houses are a thinner market than apartments, and HUD's Fair Market Rents vary by specific ZIP code breakdown. Renting is still the lower-commitment way into a larger space at current house prices. One thing worth asking before you sign: whether the owner plans to list the home in a rising market, and what the renewal terms look like.
The Franklin housing market looks completely different depending on the property type you want. The all-homes median sale price is $863,089, but that number hides a wide split between condos and single-family houses.
Deciding whether to renew your lease comes down to what you intend to buy. Here's how the trade-offs break down across condos, townhomes, and detached houses.
Condos are the one segment where a renter gains bargaining power. Franklin has about 12 months of supply, based on 20 recent condo sales. The median condo sale price is $435,955, or $323 per square foot.
A year of supply means sellers are competing for you, so asking for a price cut or seller-paid closing costs is realistic. A condo costs within a few percent of a house per square foot, so the savings come from buying less space, not cheaper space. Houses, by contrast, would sell out in a few months at the current pace.
The slow market that helps you buy can also slow your resale, and 20 sales is a small sample. Ask the HOA for current dues and what they cover, and check the building on HUD's FHA condo approval list before you count on a low down payment.
Townhouses offer ownership with more room than a condo but not a near-million-dollar purchase. They take a median of 82 days to sell, which gives buyers time to inspect and negotiate.
Time to negotiate isn't the same as falling prices. The median townhouse sale price recently reached $615,007, up 10.1% year over year. Almost three months on market, yet prices still rose about 10% in a year. What you give up is the ability to wait out the market without penalty, and HOA rules on rentals and exterior changes still apply. Ask for the HOA documents before you make an offer.
House prices are rising fastest. The median single-family sale price jumped to $969,613, up 14.8% year over year, and about 19.3% of these houses sold for more than asking this past quarter.
A renter who needs bedrooms and a yard pays a premium to buy now and faces immediate competition. The catch is that renting doesn't protect you from the trend. If prices keep rising, the house you could afford later gets smaller, and rental houses are scarce.
To see how renting compares to buying, you need to match up the monthly costs. A two-bedroom apartment and a median-priced condo offer roughly similar space for a single person or a couple.
This illustration compares the listed two-bedroom rent against the principal, interest, and taxes on a typical Franklin condo. It's an illustration, not financial advice, so get a current lender quote rather than relying on weekly averages.
That two-bedroom average provides a baseline. Ask each apartment for the total monthly cost, including amenity, trash, pest, parking, and pet fees, not just base rent.
Rent builds no equity, and renewals reset the price each year. Ask the landlord what the most recent renewal increase was to get a feel for your future costs.
That figure gives a starting point for estimating ownership costs. Put 20% down at the recent 7.24% average rate for a 30-year fixed mortgage and you can calculate the principal and interest. From there, add property taxes using the City of Franklin's $0.296 per $100 rate and the county rate, applied to Tennessee's 25% residential assessment ratio, then factor in your specific HOA dues. Running these numbers accurately means working with a professional.
Closing costs, the down payment, and HOA special assessments don't show up in a monthly figure. If you might move within a few years, those upfront costs can erase the advantage. Ask the HOA about reserves and any planned special assessments before you commit.
Your timeline and space needs drive this decision. If you need three or more bedrooms or a yard, renting a house is likely the lower-cost route for now. If you expect to stay in Franklin at least five years, buying a condo is worth a serious look, since purchasing only pays off over time. Townhouses offer more room than a condo and fall well short of the single-family median. And check whether your budget could cover a condo payment plus HOA dues and property tax at roughly what you're already paying in rent.
Housing is just one part of your monthly budget. Review the overall cost of living and household budget before you sign a lease or a mortgage. Property and sales taxes will affect your bottom line, as will local utilities. Daily drive times matter too, so compare commute and getting around options from your potential address. If you have children, review the schools and confirm assignment for any specific address with the district's own lookup. You can also review official crime data for safety information.
High purchase prices keep would-be buyers renting, which increases demand for leases and sets landlords' costs. The all-homes median sale price in Franklin is up 12.8% year over year, reaching six figures well above most metro markets. You can review the cost of living and household budget to see how housing fits into broader expenses.
A common guideline is that rent shouldn't exceed 30% of your gross income. Using that two-bedroom average, you'd need an annual income of about $91,320 (that figure divided by 0.30, multiplied by 12). Many property managers set their own income multiple, so ask them directly.
Yes, renting in Franklin typically commands a premium. That median is well above most Tennessee cities. You can check current statewide reports to compare this directly against the Tennessee average.
Rents have trended slightly down recently, falling 1.1% last month and 1.2% year-over-year as of October 2026. If rent stays flat while condo prices fall, buying a condo becomes a stronger option.
Franklin is an expensive housing market. The single-family median sale price is nearly $970,000, with about one in five homes selling above asking. You can review the most expensive areas in Franklin to see where home values peak.
Franklin is located about 21 miles south of Nashville. It connects to the city via I-65, which has an interchange southeast of Franklin. Check commute and getting around times rather than estimating drive time by miles alone.
Tennessee law regulates security deposits under the Uniform Residential Landlord and Tenant Act, which applies in Williamson County. It doesn't set a hard cap on the deposit amount, but it does require landlords to keep these funds in a separate account and follow specific timelines for returning them. Get your deposit terms in writing, and check the current statute for exact deadlines.
Franklin is in Williamson County. Tennessee law requires that the county courthouse be located in the county seat, which is the City of Franklin. HUD rent benchmarks and property tax rates follow the county and metro lines, which you can review in local tax resources.
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Bill Diebenow | November 12, 2026
Bill's real estate experience spans residential and commercial transactions as an agent, buyer, seller, investor, tenant, landlord, and cross-county corporate relocation. Bill looks forward to understanding your needs, building your trust, and helping you successfully sell your existing home, find your new home, or add to your real estate portfolio.
Bill Diebenow
3990 Hillsboro Pike Suite 320 Nashville TN 37215