by Tim Wetzel
NASHVILLE, Tenn -- Despite the shaky housing market, the Nashville area is undergoing a rental revival. Apartments are filling up fast and experts predict most people's rent will go up in the New Year.
"Overall in the marketplace you are seeing a tightening," said Jim Webb of Freeman Webb Companies. "If the trends continue, we will be really filling up and there isn't going to be a lot of alternatives around."
Freeman Webb is the Metro area's largest landlord. "This is one of the most favored spots for young people in the South, they are coming from all directions and it's a great thing for Nashville," said Webb.
Webb says younger people favor apartments because they offer more flexibility and allow them to move to where new jobs are opening.
Some apartment complexes in the area are nearing 100 percent occupancy and others even have long lines of people waiting to move in.
"They've got a wait list and as soon as they get a notice to vacate, they are on the phone and probably have the unit rented that same day," said Kelly Moreland of Hickory Pointe Townhomes in Hendersonville.
Apartment developers are responding to the need. Amid Nashville's high rises, there's 15 new rental buildings going up around downtown in the next two years. But even when those buildings come online, landlords say there will still be a shortage of apartments.
"If you are going to be moving in the next few months, you need to start looking now," said Moreland. "It's not too soon."
email: twetzel@newschannel5.com
