Nashville Rent Continues to Rise (Nashville TN)

By
Real Estate Broker/Owner with Southern Living Realty Partners TN Lic# 266926

Originally posted at: https://rhondaburgess.com/nashville-rent-continues-to-rise/

apartments for rent in antioch tn

Nashville Rent Continues to Rise

While the housing market continues to experience a slowdown in home sales and price appreciation, new data from Zillow suggests the rental market is heating up.

According to the company’s Real Estate Market Report, February’s rental prices climbed at the fastest rate in the last 10 months.

In fact, February’s 2.4% year-over-year price appreciation drove the U.S. median rent price up to $1,472.

 

apartment for rent

In Nashville, the average rent prices have increased by $54 over the past 6 months according to Rent Jungle.

One bedroom apartments have an average rent of $1294 in Nashville and 2 bedrooms average $1597 in rent.

Compare this to just 5 years ago when the average rent for a one bedroom in Nashville was $795 and a 2 bedroom was $952 as of March 2014.

Nashville Rent is Increasing

There’s just no way around it. Rent is increasing at a much faster pace than wages currently in Nashville.

Renting vs Buying A House

Nationally as well as locally, as rents continue to rise, more people are opting to buy a home instead of renting.

According to CoreLogic Deputy Chief Economist Ralph McLaughlin, a large percentage of 2018’s Q4 homeownership growth came from young renters transitioning into homebuyers.

“The fourth quarter of 2018 was the fifth consecutive quarter that owner-occupied households grew by more than a million, at 1.7 million new owner households,” McLaughlin wrote in a report.

“At the same time, the number of new renter households fell six out of the past seven quarters with a decrease of 167,000 households.

This suggests that the increase in the homeownership rates is at least partly due to households making a switch from renting to owning.”

If you would like to explore your home ownership options and get out of the ever increasing rental market, please give us a call at 615-554-0832.

via HousingWire http://www.housingwire.com/articles/48436

Posted by

Southern Living Realty Partners Logo

Rhonda Burgess, Broker

615.554.0832

 

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Topic:
Real Estate Market Trends
Location:
Tennessee Davidson County Nashville
Tags:
nashville real estate market
trulia rentals
zillow homes for rent
zillow nashville
buying a house vs renting
cost of living in nashville

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Rainer
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Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

 

Mar 25, 2019 06:35 PM #1
Rainmaker
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Rhonda Burgess
Southern Living Realty Partners - Smyrna, TN
Moving to Nashville TN Real Estate Specialist

Thanks Sally Crane for stopping by! Best wishes to you too. 

Mar 26, 2019 08:50 AM #2
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Rainmaker
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Rhonda Burgess

Moving to Nashville TN Real Estate Specialist
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