NASHVILLE, TN (WSMV) - If you're looking for a rental in Nashville, you may have a sticker shock when you see the prices. Unfortunately, the cost of rent is rising all across Music City. It is showing no signs of coming down anytime soon.
The average cost of rent in Nashville is a little more than $1,400 a month. That's up more than $200 from this time last year, and that's even higher than the national average.
"Rents are rising quite quickly right now-- both nationwide and in a lot of large metro areas," Managing Editor for Zillow Economic Research Cory Hopkins said. "Nationwide, rent is up about 12% since last year. In Nashville, it's up about 15% since last year."
Several factors contribute to the rise, but the main reason is supply and demand. There's a significant influx of people in Nashville needing a rental, but relatively few are available. A lot of it has to do with the hot housing market.
"A lot of millennials and GenZ's may want to buy homes, but are finding they have to save up a little bit longer or inventory is not available for them at their price range or in the areas they want, so they are staying renters longer," Hopkins said. "Those things are pushing vacancy rates down, contributing to that upward price appreciation that we're seeing in the rentals market."
Something else you probably won't be seeing much of this fall is big discounts and move-in specials. Last year it was common during COVID as landlords were looking to lure in tenants. But now, the competition is fierce, and renters are paying top dollar.
One exciting thing that makes Nashville unique compared to other large metro cities is that economist experts said we're still an affordable city. Our average rental price is below 30% of the average monthly income here.