NASHVILLE, Tenn. (WKRN) — If you’re a Middle Tennessee renter, then there’s good news for you this new year. Rents are starting to drop.
News 2’s Nikki McGee talked with a market expert on his biggest predictions in 2023.
“The market has absolutely shifted in the favor of renters,” said Joel Sanders, Founder and CEO of Apartment Insiders.
2022 changed the game with some of the biggest shifts the housing market has seen.
“It went from demand at the beginning of the year being the strongest that’s ever been seen in the apartment market, not just in Nashville but nationally, and then to a cool down,” he explained.
That cool down had a significant impact, especially with inflation and fears of a recession.
Sanders said supply chain issues are starting to be resolved. Also, he thinks the number of available apartments will increase significantly in the downtown Nashville area in 2023.
“A lot of the rents that people are paying in the suburbs, they can now pay that same amount of money and live in a brand new place downtown. So, if they’ve ever wanted to live that lifestyle, considered living that lifestyle, 2023 will be the year for that,” he said.
Sanders advised renters to shop around for the best deals and concessions. And, if you’re currently in an apartment, then your rent might even go down.
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“We can’t build enough apartments or enough housing in general in Nashville. While it sounds like there’s a significant amount of supply coming online, and there is, we need it,” he said.
He added while rents won’t plummet, but there will still be much needed relief.