NASHVILLE, Tenn. (WTVF) — It's a nice surprise for renters in this city on the rise: compared to the month before, the average rent in Nashville has dropped.
But experts say that may not last for long.
Joel Sanders with Apartment Insiders said after a surge in apartment rents the last two years, rents are now dropping off a bit.
For much of the last two years, as supply chain issues have been slowing down just about everything, it's also impacted new apartment construction, especially in the downtown core. But Sanders says those issues have since been worked out, leading to a surplus of apartments coming online now.
That's shifting things from a landlord's market to a renter's market, meaning many landlords are offering deals right now.
"Landlords are offering a month free, two months free; some get bold and offer three months free, but it will be a short-lived period of time," Sanders said.
That's because, Sanders said, those apartment units will eventually be filled up as people move here, eliminating the unused units.
That is, unless we enter a major recession where people lose jobs and aren't in a place to move into a new apartment, according to Sanders.
But otherwise, Sanders said, folks can enjoy this drop in rents — a drop that he said won't last long.
"Unless demand totally falls off, I don't expect rents to go down a ton," Sanders said.
