NASHVILLE, Tenn. (WKRN) – Thousands of apartments are sitting empty in Metro Nashville.
Rent.com estimates 11% of apartments are vacant, but rent prices continue to rise at a rate of 2% a year.
“The average rent in Metro Nashville is $2,165 a month,” researcher Jon Leckie said. “That’s a 33% raise from the start of the pandemic.”
Leckie attributes the rise in prices to the continued population growth as more and more people move to Tennessee. The state is very attractive because of it’s lower rent prices.
“Compared to D.C., D.C. was really expensive and I am impressed to see more comfortable with my household income,” Nashville resident Kristen M. said.
According to Rentcafe.com, Nashville’s downtown 37203 zip code has seen almost 7,000 apartments built within the past five years, making it America’s fourth-most apartment crazed zip code.
If you’re looking for your next apartment, then there are some ways to get the best deal. Rent.com advises you to rent in the fall/winter instead of the summer, as prices are typically cheaper. Always negotiate with the company and don’t be afraid to ask for discounts or added extras.
Look into finding a smaller apartment, as less space means lower prices. Finally, ask the company for a rate similar to other apartments in the area.
Leckie does expect rent to come down as the supply of apartments is only expected to rise.
To learn more about saving money on rent, click here.