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Nashville Ranked Second Fastest Growing Apartment Market

Posted at 8:12 PM, Apr 18, 2017
and last updated 2017-04-19 00:00:53-04

With about 100 people moving to Nashville a day, developers have been working to build more apartments. In fact, they've been working so fast, Nashville was ranked the second fastest growing apartment market.

As more apartments are being built, that could mean that rent will get cheaper.
 
However, that's not happening quite yet, especially as we head into the summer months, when rent tends to increase.
 
"Many years ago we had an average rate of $749, it's $1400 now," said Barbara Schwartz, Apartment Selector, Owner.
 
According to MPF Research, Nashville was ranked number 2 for the nation's fastest-growing apartment markets.
 
Charlotte was ranked as the fastest growing apartment market in the country.
 
Barbara Schwartz is the owner of Apartment Selector and said as more apartments are built, it will affect supply and demand. About 95 percent of the Nashville suburb apartments are being occupied, which is driving prices up.
 
However, as more apartments are being built, that number will drop, which will force apartment owners to drop their rent rates.
 
"About 100 people are moving to Nashville a day and it's all based on availability. When they're full they're going to go up, and they're going to get as much as they can get," said Schwartz.
 
Schwartz tells us prices were dropping, but now apartment rates are going up by about going up $10 to $40.