9,000 apartments to be built in Nashville - is it enough?
NASHVILLE, Tenn. (WSMV) - A new study says Nashville will see over 9,000 new apartments this year alone. But is this enough? And what does it mean for rent prices?
Everywhere you look in Nashville, another apartment complex is going up, but so is rent.
Hailey Oliver moved into her Charlotte at Midtown apartment last summer. She says she could afford it then, but not anymore.
“Right now, I pay $1,549,” she says. “The new amount for my one bedroom 700 square foot apartment is going to be $2,800 a month.”
That’s just for rent; add on the fees, and her rent nearly doubles.
“We’re short from top to bottom,” says Brad Copeland, Greater Nashville Realtors President.
He says Nashville is short on supply. Although the Rent Café study says over 9,000 new Nashville apartments will be built this year, he says that number may seem like a lot, but it’s not enough.
“What I hope is going to happen as we see these 9,000 units come on the market is that it is going to begin to satisfy some of that demand, and we begin to see some of those prices level out,” says Copeland.
“You’re having to have two to three jobs just to make it,” says Oliver, who is now moving to a home because she can’t make ends meet at this time.
“You really have to budget, and it’s just not attainable. I can’t even imagine like with a family,” Oliver comments.
Oliver’s apartment complex says they can’t disclose the specifics of a resident’s lease without their written permission. However, they say increases such as Oliver saw are typically associated with an expiring long-term lease reverting to a month-to-month lease.
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