WKRN, Nashville, Tennessee News, Weather, and Sports |Nashville rental market booms

Nashville rental market booms

NASHVILLE, Tenn. - While the real estate market remains a tough sell, the rental market in Nashville is red hot.

According to local real estate experts, owners of luxury condominiums and million dollar houses may not be able to sell their homes but they can rent them for top dollar.

"The urban market has really taken off over the last couple of years," Grant Hammond with Summit Property told News 2, adding such inventory available for rent is limited in the Nashville area.

He said the majority of newcomers have money to spend, but aren't ready to buy.

"Nashville is kind of a transient city," Hammond continued.  "It's a step on the corporate ladder for a lot of professionals so there's lots of one and two, and three year assignments [in Nashville]."

Whether it's an executive looking for a big home in the suburbs or a young professional wanting to stay close to town, they have to look long and hard to find that perfect place.

Hammond said they all have high standards and want high end features in their temporary homes and don't want to live in traditional apartment complexes.

In addition, securing a loan isn't as easy as it used to be, leaving some who can afford the high monthly payment, but can't get a loan.

For homeowners who need to sell but can't, the rental market could be the way to go.