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City Report · TN

Covington

Pop. 8,587·60th most expensive in Tennessee·One of the most affordable rental markets in the US
Median rent (all units)
$1,100/mo
Year-over-Year
Stable
Month-over-Month
+6.0%
vs US Median
-$865
Rising (Monthly)
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Most AffordableMost Expensive
Covington · $1,100
More affordable than 95% of US cities · National median $1,965/mo
Affordability
31% of income
MODERATE
0%30% benchmark60%+

At $1,100/mo, rent takes about 31% of the local median household income, slightly above the 30% benchmark.

Income to afford
$44,000/yr
Local median income
$42,254/yr
Based on the 30%-of-income rule using Covington's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$930
1 BR
$1,040
2 BR
$1,170
3 BR
$1,540
4 BR+
$1,800
Research median
$1,170/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$13,200/yr
At $1,100/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 0.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+0.0% YoY, +6.0% MoM), not inventory.
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Demographics

Who lives here

Covington, TN is roughly split between renters and owners, has a large share of families with children, has a median income below the national average, 13.7% of residents hold a bachelor's degree or higher.

Population
8,587
Median income
$42,254
Median age
40.3
Renters
54.7%
Age distribution
25.5%
18.7%
23.5%
13.2%
19.1%
Under 1825.5%
18–3418.7%
35–5423.5%
55–6413.2%
65+19.1%
Gender
43.2%
56.8%
Male43.2%
Female56.8%
Race & ethnicity
42.4%
55.2%
White42.4%
Black55.2%
Hispanic1.4%
Other0.9%
Education (25+)
46.1%
28.2%
13.7%
No HS diploma12%
HS diploma46.1%
Some college28.2%
Bachelor's+13.7%
Housing tenure
45.3%
54.7%
Owner45.3%
Renter54.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Covington, TN has changed in 5 years

Income
$32,205 → $42,254
up 31.2%
Population
8,666 → 8,587
down 0.9%
Renter share
55.4% → 54.7%
-0.7 pts
Bachelor's+
15.1% → 13.7%
-1.4 pts
Median age
35.9 → 40.3
+4.4 yrs

Local incomes tracked alongside that move, going from a median of $32,205 in 2021 to $42,254 more recently.

Community

Discussions about Covington

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View Covington rent history (2015–2026) →
Salary vs rent

Can you afford rent in Covington on your salary?

At $1,100/mo, how Covington rent compares to typical pay (30% rule).

By apartment size

Covington rent by bedroom count

Median rent for each apartment size in Covington. Click any size for full breakdown.

Local insights

Tips for renters in Covington

About renting in Covington, TN

Last updated: July 20, 2026

The median rent in Covington is $1,100/mo as of July 2026. A studio apartment averages $930/mo while a 2-bedroom runs $1,170/mo. One-bedroom apartments average $1,040/mo and 3-bedroom units go for $1,540/mo.

At 31% of local median household income ($42,254/yr), Covington ranks as moderate compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Covington an affordable city for renters?

Covington is considered moderate for renters. At $1,100/mo, rent takes approximately 31% of the local median household income ($42,254/yr). The standard benchmark is 30%. Covington slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Covington?

To keep rent at or below 30% of gross income, you would need to earn at least $44,000/year (~$21/hour full-time) to afford the median rent of $1,100/mo in Covington. The local median household income is $42,254/yr, meaning the typical Covington household falls short of that threshold.

Is rent going up or down in Covington?

Rent in Covington has been relatively stable over the past year, with a 0.0% change year over year as of July 2026.

How does Covington rent compare to other cities in Tennessee?

Covington is one of the more affordable cities in Tennessee for rent, ranking #60 out of 65 tracked cities at $1,100/mo.

Which nearby cities are cheaper to rent in than Covington?

Brownsville is nearby and more affordable at $932/mo, which is $168 less than Covington.

What percentage of Covington residents rent vs. own?

According to Census data, approximately 54.7% of Covington households are renters, while 45.3% are owner-occupied. With a majority renter population, Covington has a strong rental market.

How does Covington rent compare to the national average?

Covington's median rent of $1,100/mo is $865 (44%) below the US national median of $1,965/mo. Within Tennessee, it ranks #60 out of 65 tracked cities.
Income Affordability
31%
MODERATE

At $1,100/mo, rent takes ~31% of Covington's median household income ($42,254/yr). The standard benchmark is 30%.

Covington 31%Benchmark 30%
State income taxNone
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Covington, TN

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