NASHVILLE, TN (WSMV) -
Anyone who has tried to rent a home in the Nashville area recently and came up short of options is not alone. Experts said that while the real estate market in Nashville seems to be on the upswing, it has become more difficult than ever to rent.
According to the Greater Nashville Associated of Realtors, there were more than 2,500 home closings in the month of July, which is more than a 27-percent increase in closings from the same period last year.
Tonya and Tosin Abari recently arrived in Nashville from New Jersey and said finding a place to live in Nashville was much tougher than expected.
"Everyday we've been just pounding the pavement, just looking online everyday to see if something would come through," Tosin Abari said.
But just a week before the couple moved to town, they were finally able to settle on a property not far from work and in their price range.
Gaius Hill, with Christian Realty, said it's a common occurrence he has seen with many home renters in recent months.
"It's crazy. People are almost in a foot race, fighting for homes, like they were in trying to buy homes in 2006 and 2007," Hill said.
A year ago, a for rent sign might have stayed planted outside a home for about a month, Hill said, but now it typically only takes a week before he has the property leased out.
Hill said there are many reasons for the home rental shortage, including the estimated 70 percent of those moving who are looking to rent because it's now more difficult to qualify for a home loan. Also, Hill said thousands of people continue to move to Nashville each year.
"Rent has gone up 20 to 25 percent, and there's nothing available," he said.
Hill said right now is a landlord's market, so he suggested considering to rent your property rather than sell it.
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