NASHVILLE, Tenn. (WKRN) – New data shows rent prices in Nashville are up nearly three percent over the past year. It’s the seventh-fastest growth rate among the nation’s largest cities, according to ApartmentList.com.
Looking at numbers from Rent.com, some neighborhoods are seeing extra spikes in rent prices, one specifically, more than 50%.
“It’s quite steep, ya,” Guthrey Brown said, who moved to East Nashville eight years ago. A lot has changed since then– including the price of his rent.
“It’s just how it goes I suppose,” Brown said. “You know, it doesn’t surprise me one bit.”
But Vivian Armstrong, a realtor and broker with RE/MAX Elite, says she is surprised by the steep numbers in the study, which show the Nashville neighborhoods where rent prices increased most over the past year.
5. Music row
- Price increase over the past year: 13.65 percent
- Average rent for one-bedroom in Music Row: $2,022.84
- Price increase over the past year: 18.56 percent
- Average rent for one-bedroom in Midtown: $1,935.33
3. West End Park
- Price increase over the past year: 19.37 percent
- Average rent for one-bedroom in West End Park: $1,672.00
2. East Nashville
- Price increase over the past year: 42.74 percent
- Average rent for one-bedroom in East Nashville: $1467.73
- Green Hills
- Price increase over the past year: 51.82 percent
- Average rent for one-bedroom in Green Hills: $1,967.55
“I’m amazed at the amount of people who can afford these prices,” Armstrong said. “An average of 13 to 30% I could see that in a market like that, the area of Green Hills and East Nashville was surprising.”
Some other realtors were hesitant about the data, telling News 2 these real estate numbers are sometimes hard to track and these percentages could be a bit steep.
The Greater Nashville & Tennessee Apartment Association says their data does not reflect the same percentage of increase in East Nashville and Green Hills.
One thing everyone seems to agree on is that rent in Nashville neighborhoods is on the rise.
“I think they have to level out we have to have a livable rent rate something people can afford to live in,” Armstrong said, adding,
“Let’s not rent, let’s buy.”
Statistics include the average rent for a one-bedroom in that neighborhood compared to the overall average for Nashville.
The study was done by reviewing all neighborhoods Nashville with sufficient available inventory on Apartment Guide and Rent.com and compared the average price from November 2018 to November 2019 to find the neighborhoods with the highest percentage increase in one-bedroom apartment prices.
News 2 is reporting on Nashville’s historic growth and the growing pains that come with it. Click here for more Nashville 2019 reports.