Rent prices increase as Nashville real estate picks up steam - WKRN News 2

Rent prices increase as Nashville real estate picks up steam

Posted: Updated: May 08, 2014 11:16 PM
Grant Bullen says it is difficult to find a place to live in Nashville because rental properties sell so fast. Grant Bullen says it is difficult to find a place to live in Nashville because rental properties sell so fast.
NASHVILLE, Tenn. -

Nashville’s real estate market is “on fire," according to area realtors.

For those looking to rent, realtors said it is a lot harder to get what you want for the price you want compared to just a few months ago.

Grant Bullen of Mcminnville is interested in moving to Nashville. He said, "Being a single 25-year-old, there is nothing better than coming to a place like Nashville right now. I mean there are girls everywhere, beautiful places. I mean, you can't beat it.”

He has been looking for places to rent for the past month and a half.

On Thursday, he was looking at a town home in Green Hills, one of the neighborhoods he hopes to move.

“The Gulch is kind of a hot spot, too, so I kind of looked into that,” he said.

Bullen started looking into the move about six months ago and noticed it is more expensive to rent now than it was back then.

However, he told News 2 that is not the only problem he is facing.

“It’s a little stressful because right now it’s so hot in Nashville. You find one place, the next day it’s off the market,” said Bullen.

Mandy Wachtler has been a realtor in Nashville for about 20 years. She said there is not enough supply to meet the high demand of people wanting to move to the city, causing prices to jump.

“Because the inventory is so low in the purchase market for homes and town homes, people have to rent, waiting until something comes on the market,” said Wachtler.

She said if someone finds something that suits their needs, it is worth going after.

She also said rent will likely drop in the near future as more construction is completed and more inventory becomes available.

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