Is it better to rent or buy right now?

It can be tough to buy a house right in this competitive market, but some Nashville renters are fed up with their rent changing.
Published: Jun. 10, 2022 at 10:31 PM CDT
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NASHVILLE, Tenn. (WSMV) - It can be tough to buy a house in this competitive market, but some Nashville renters are fed up with their rising rent.

Although real estate database ATTOM found it’s cheaper to rent in Nashville, as landlords increase rent prices, more people are tempted to buy a home.

Mary Allen and her husband have been renting an apartment in Bellevue for about four years. They were shocked to see that if they want to renew their lease in two months, it’s going to cost then an extra $500 a month.

“Which is insane to me. Our apartment is nice, but not that nice,” Allen said as she explained she never thought her rent would go up 30%. “We are looking for other places to live and unfortunately what we found is that pretty much everywhere is going to be the price that they raised ours to, which is very frustrating.”

Allen wants to stay in Bellevue where she works. With their rent going up $500, she wonders if it’s best to buy a house.

“Trying to decide between whether we want to rent or whether we want to buy is really hard,” Allen said. “It seems like everything to buy is way overpriced.”

Nashville real estate agent Sherry Stinson said this week she saw some home prices dip.

“I’m happy to report that for the first time in a long time, I’m beginning to see some price reductions and some price adjustments from the seller’s side of the market,” Stinson said. “One of the things that is great about being a homeowner is that it stabilizes your housing costs monthly whereas rent you’re at the mercy of your landlord.”

Stinson said if you don’t have the money saved up for a down payment and closing costs or if you don’t see yourself living in the area for at least the next five years, you might want to hold off on buying a home for now.

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