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If you couldn't already tell by the cranes, and by just how many people move to Nashville each day, Music City is the place to be.

It may come as a shock that rental prices for apartments around town are actually going down.

According to a study by Apartment Guide, Nashville ranks at No. 2 for cities seeing a decrease in rent for two-bedroom apartments. For the study, the company looked at 100 big cities and compared their year-to-year rental rates.

The company reports that rent for a two-bedroom apartment in Nashville has dropped 8.1 percent compared to 2018. The average two-bedroom apartment in Nashville is going for just a little over $1,800, according to their data.

Realtor Jeff Checko says that since 2013, Nashville has seen 29,000 units added. There are so many units that need to be filled, which is why we are seeing a decrease in rent.

Apartment buildings are also using incentives to help get you in the door and sign a lease.

"I’ve heard two months free, at signing, so people really just like when they purchase houses, they care about month expenses. So, if they can get a little boost now, help them maybe furnish the apartment, they’ll take a reduction in the actual number of months they have to pay as opposed to probably a monthly payment. With that said, if supply continues to be too high, they’ll start eating into the actual rates that they're charging too," said Checko, Remax relocation director.

Checko says an additional 7,000 units are already under construction.

"Simply put, we’ve got a lot of supply that hasn’t really met the demand as of yet. With that said, with new jobs scheduled online from Amazon, Ernst and Young ... Oracle is looking at Nashville ... The projections for population growth and demand are there. So I think you’ll see institutional investors continue to construct these apartments because the demand is going to catch up," Checko said.

Copyright 2019 WSMV (Meredith Corporation). All rights reserved.

Reporter

Alexandria Adams joined the News4 team as a reporter in October 2017.

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