NASHVILLE, Tenn. (WTVF) — We know how hot Nashville’s housing market is, but new data shows it's just as hot for apartment renters.
Joel Sanders with Apartment Insiders says the average price for an apartment in Nashville has reached a new record high — more than $1,500.
Just four years ago, it was around $1,150.
Sanders says the rent increases are driven by a lack of apartment supply, with builders not constructing new apartments fast enough. Sanders admits those kinds of increases can be hard to stomach for new Nashvillians.
"There's not an easy answer for that, I think a lot of people will have to look to go out to the suburbs where rent is less expensive," Sanders said.
Sanders says there is at least one silver lining: apartment rents tend to go up less for people renewing leases, rather than signing new ones.