NASHVILLE, TN (WSMV) - Nashville has reached a new record for the most apartments ever rented in one year and a record costs.

So far about 15,000 apartment units have traded hands this year in Nashville with just under two months remaining in the year.

“2021 is shaping up to be a record-setting year for apartment sales in Nashville,” said Joel Sanders, founder and CEO of Apartment Insiders.

Sanders said the growth we’ve seen this year is unprecedented, but not surprising.

“It’s an insane number of people that are renting apartments. The demand is not slacking off. The supply is not slacking off. The supply is not meeting the demand,” said Sanders. “So that’s driving up rental rates. Rents have increased over $100 in the past quarter, just the last three months in Nashville.”

Today, the average cost of an apartment in Davidson County is around $1,600. That’s up from a $1,400 average pre-pandemic.

It’s not just the renters that are paying more. Developers and investors are forking out more money than ever before to be in the “it city.”

“Apartment sales have never really increased over $2 billion for the entire market,” said Sanders. “This year, it’s probably going to surpass $3 billion. That’s a 50% increase over what it’s ever been before.”

Sanders said all the construction we see around town will help lower the cost of rent. The more apartments that are built will help offset the issue of supply and demand, and eventually allow those high prices to come down.

“The good news is I think Nashville will continually be attractive to new developers, but the question is can those developers keep up?” said Sanders.

Click to learn more about Apartment Insiders or have them help you begin your apartment search.

 

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Meteorologist / Reporter

Melanie Layden is the weekend morning meteorologist at WSMV. She also has a segment during the week called "Growing Nashville" where she covers the growth of Music City. Melanie has been Working 4 You since 2014.

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