Monday, December 9, 2019

While Nashville rents increase, Nashville rents are still more affordable than many comparable cities nationwide

Rent in Nashville continues to increase, increasing 2.9 % over the same time last year. Currently, median rents in Nashville stand at $945 for a one-bedroom apartment and $1,161 for a two-bedroom. This is the second straight month that the city has seen rent increases after a decline in September. Nashville's year-over-year rent growth leads the state average of 1.9%, as well as the national average of 1.4%.

Nashville rents however are more affordable than many other large cities across the country. As rents have increased moderately in Nashville, a few similar cities nationwide have also seen rents grow modestly. Nashville's median two-bedroom rent of $1,161 is slightly below the national average of $1,191. Nationwide, rents have grown by 1.4% over the past year compared to the 2.9% increase in Nashville. While Nashville's rents rose moderately over the past year, many cities nationwide also saw increases, including Phoenix (+3.9%), Dallas (+2.2%), and Seattle (+1.6%). Renters will find more reasonable prices in Nashville than most similar cities. For example, San Francisco has a median 2BR rent of $3,101, which is more than two-and-a-half times the price in Nashville.

This information is from a report by Apartment List.

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