Oct 30
The renting season usually slows down between October and March in Nashville, but we still see an influx of transient renters moving to Music City. Winter is a perfect time to find deals and take advantage of specials offered by communities to offset the slower consumer traffic.
Interest rates are increasing and creating an economic environment favorable to renting. The rental supply is expected to increase as homes that do not sell in this environment will be offered for rent, and there is still a significant amount of new and pending construction.
At NAL, we look at quantitative and qualitative data that include hundreds of attributes. Our ultimate goal is to match qualified prospective renters with an available inventory that best suit their criteria. We collect our information firsthand from builders, apartment owners, operators, existing renters, the general public, and homeowners.
We operate daily as a liaison between our clients and community partners to glean first-hand knowledge of the rental market and share that information as accurately and honestly as possible. There is a generalized bandwagon game we try to avoid that can attempt to predict percentage change in rental prices which are ultimately dependent on multi-faceted inter-twined factors such as supply chain, the effect of inflation, the labor environment, macroeconomic pricing, consumer sentiment, consumer spending, and regulatory pressure.
Just like news cannot be predicted and should be factually reported, we believe that reporting on rents should be factual and should not be based on forecasting. Our model is based on actual client feedback combined with unbiased data and creates a win-win situation for both parties— the renter and the landlord/apartment community.
In the last five months, rents have remained relatively flat (except for three-bedroom units). Three bedrooms show the most fluctuations. Lately, rents have shown a slight downward trend, not surprisingly because of the slow season.
Every month Nashville Apartment Locators® updates renters with the average rent prices in Nashville by apartment size. The October 2022 inventory report breaks down median Nashville rent by studios, one-bedroom, two-bedroom, and three-bedroom apartments.
**Studios rent are skewed higher due to some ultra-high luxury options
Number of Units Sampled: 549
Median Rent: $2,282
Number of Units Sampled: 846
Median Rent: $1,827.50
Number of Units Sampled: 50
Median Rent: $1,872
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Number of Units Sampled: 2
Median Rent: $1,784.50
