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City Report · TN

Lakeland

Pop. 14,192·30th most expensive in Tennessee·Rental market data updated monthly for Lakeland, TN
Median rent (all units)
$1,667/mo
Year-over-Year
Stable
Month-over-Month
-3.4%
vs US Median
-$295
Falling (Monthly)
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Most AffordableMost Expensive
Lakeland · $1,667
More affordable than 64% of US cities · National median $1,962/mo
Affordability
17% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,667/mo, rent takes about 17% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$67,000/yr
Local median income
$116,250/yr
Based on the 30%-of-income rule using Lakeland's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,550
1 BR
$1,690
2 BR
$1,900
3 BR
$2,500
4 BR+
$2,930
Fair Market Rent (HUD)
$1,900/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,667 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$20,004/yr
At $1,667/mo median
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 0.0% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (+0.0% YoY, -3.4% MoM), not inventory.
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Demographics

Who lives here

Lakeland, TN is majority owner-occupied, has a large share of families with children, has a median income above the national average, 53.1% of residents hold a bachelor's degree or higher.

Population
14,192
Median income
$116,250
Median age
41
Renters
20.8%
Age distribution
27.4%
15.2%
30.3%
16.7%
Under 1827.4%
18–3415.2%
35–5430.3%
55–6410.4%
65+16.7%
Gender
49.6%
50.4%
Male49.6%
Female50.4%
Race & ethnicity
71%
12.7%
White71%
Black12.7%
Hispanic8.6%
Asian6%
Other1.7%
Education (25+)
16.1%
27.8%
53.1%
No HS diploma3.1%
HS diploma16.1%
Some college27.8%
Bachelor's+53.1%
Housing tenure
79.2%
20.8%
Owner79.2%
Renter20.8%

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

2021 vs 2026

How Lakeland, TN has changed in 5 years

Income
$102,025 → $116,250
up 13.9%
Population
13,693 → 14,192
up 3.6%
Renter share
16.1% → 20.8%
+4.7 pts
Bachelor's+
47.8% → 53.1%
+5.3 pts
Median age
38.9 → 41
+2.1 yrs

Median household income rose from $102,025 to $116,250 between 2021 and 2024, a 13.9% shift. The population has grown by 3.6% since 2021, moving from about 13,693 residents to roughly 14,192. Renters now make up 20.8% of households, compared with 16.1% five years ago. College-educated residents now make up 53.1% of adults here, versus 47.8% in 2021.

Community

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

Can you afford rent in Lakeland on your salary?

At $1,667/mo, how Lakeland rent compares to typical pay (30% rule).

By apartment size

Lakeland rent by bedroom count

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

Local insights

Tips for renters in Lakeland

About renting in Lakeland, TN

Last updated: August 17, 2026

The median rent in Lakeland is $1,667/mo as of August 2026. A studio apartment averages $1,550/mo while a 2-bedroom runs $1,900/mo. One-bedroom apartments average $1,690/mo and 3-bedroom units go for $2,500/mo.

At 17% of local median household income ($116,250/yr), Lakeland ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Lakeland an affordable city for renters?

Lakeland is considered very affordable for renters. At $1,667/mo, rent takes approximately 17% of the local median household income ($116,250/yr). The standard benchmark is 30%. Lakeland falls comfortably within that range.

How much income do you need to rent in Lakeland?

To keep rent at or below 30% of gross income, you would need to earn at least $67,000/year (~$32/hour full-time) to afford the median rent of $1,667/mo in Lakeland. The local median household income is $116,250/yr, meaning the typical Lakeland household meets that threshold.

Is rent going up or down in Lakeland?

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

How does Lakeland rent compare to other cities in Tennessee?

Lakeland is middle-of-the-pack for Tennessee for rent, ranking #30 out of 62 tracked cities at $1,667/mo.

What percentage of Lakeland residents rent vs. own?

According to Census data, approximately 20.8% of Lakeland households are renters, while 79.2% are owner-occupied. Lakeland leans toward homeownership, which can mean a smaller rental inventory.

How does Lakeland rent compare to the national average?

Lakeland's median rent of $1,667/mo is $295 (15%) below the US national median of $1,962/mo. Within Tennessee, it ranks #30 out of 62 tracked cities.
Income Affordability
17%
VERY AFFORDABLE

At $1,667/mo, rent takes ~17% of Lakeland's median household income ($116,250/yr). The standard benchmark is 30%.

Lakeland 17%Benchmark 30%
State income taxNone
Run the Lakeland affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Lakeland, TN

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