NASHVILLE, Tenn. (WKRN) — Free rent in Nashville!  

It’s a pretty attractive incentive when it comes to apartment hunting, and according to Apartment Insiders, a few free weeks or even months is not hard to come by.  

“The cranes you are seeing around Nashville, the majority of those are apartments,” said Joel Sanders, founder and CEO of Apartment Insiders.

When walking around downtown Nashville, it feels like a crane can be spotted on almost every corner.  

“Nashville currently has 37,000 apartment units that are under construction right now and the majority of those are luxury apartments,” Sanders said.  

From the Gulch to Germantown, construction can be found in all the hot spot neighborhoods.   

“So that’s causing a lot of competition, very hot competition amongst that segment of the market,” Sanders said.  

Sanders told News 2 management for luxury apartments have no choice but to incentivize potential renters.  

“It’s not uncommon to see three months free; we’ve even seen up to four months free lately in the Nashville market,” Sanders said.  

It can make a big difference in your yearly rent. However, Sanders said when it comes to the less expensive and more affordable apartments, they likely won’t need to give aggressive incentives for renters.  

“Generally, if they provide a good product at a good price point the majority of those aren’t going to need to give very aggressive incentives for people to move in,” Sanders said.  

Based on home prices and high interest rates, Sanders said some hopeful home buyers are shifting to a different lifestyle that they had envisioned.    

“With that foggy outlook, some people are sitting on a pile of cash and would love to be homeowners, but they are saying, ‘I’m not scared to be a luxury renter anymore because I know I can afford it, and why not live that lifestyle a little while until I eventually become a buyer?’” Sanders said.  

According to realtor.com, rent prices did decrease by 0.7% in the Nashville area compared to this time last year.  

However, Sanders said that’s really just a drop in the bucket. He added we will most likely be having the same conversation this time next year, given the amount of supply in the pipeline.