KNOXVILLE, Tenn. (WATE) — A new apartment complex is opening in Knoxville, promising 66 new affordable housing units for the city. This apartment comes as a poll found that 48% of Knoxville voters named increasing affordable housing in Knoxville as a top priority.
Inskip Flats was built by Southeast Capital, and Knoxville provided $1,980,000 for construction to developers from its Affordable Rental Development Fund. The property will be leased by Emerald Housing Management.
“Knoxville has seen a tremendous amount of growth lately and with that, we’ve seen some huge increases in housing and rental prices. Our hope with units like this is to help alleviate some of that crunch people are seeing on rental prices,” said Southeast Capital CEO, Jake Varner.
The 75,400-square-foot apartment complex is located at 4755 Romeo Way and features 33 two-bedroom units and 33 three-bedroom units. The complex will also have ADA-accessible units, a community resource center, washer/dryer hookups in all units, and a playground. According to the complex’s website, rent for the units is $1077 for a two-bedroom unit and $1257 for a three-bedroom unit.
Southeast Capital is a Knoxville-based developer specializing in affordable housing, and Inskip Flats is the third development they have partnered with the city to complete. The other developments are the Ammons at Asheville Highway and Central Terrace, which is currently under construction.
“This ribbon cutting is the culmination of several years of hard work and collaboration between many critical partners,” said Varner. “We’re appreciative for our partnership with the City of Knoxville and elated to welcome new residents.”
New and affordable housing are a pressing need in Knoxville. According to the East Tennessee Realtors’s 2023 Housing Report, rent in the city has increased by 47% since 2019. This report also shows that the rental occupancy rate was at a near-record high of 98% as of the second quarter of 2022 and is expected to decline to around 96% across 2023.