Rent Prices Sky Rockets At Premier West After Covenant Capital Takeover

Posted at 7:42 PM, May 05, 2017

Rent prices at a West Nashville apartment complex have increased with new ownership and renovations, forcing current tenants to find more affordable housing.

The developer claimed to keep the rent affordable, but now the rent is increasing by up to 70 percent.

It's one of the growing pains of living in the "It City," increasing rent, but not enough income to keep up with the costs. At least that's the case for Tsigera Daba.
"No I cannot afford it. It's expensive for me I cannot afford it," said Daba.
Daba was just one of several tenants who've been told she has to get out. This came after Convenant Capital Group bought out the Premier West Apartments. 
Tenants were given 30 to 60 days to move so that developers could start the renovations.
"Tenants are saying hey we've been here for 10, 15 years. We've been solid rent paying tenants and we've never really benefited from a significant renovation," said Austin Sauerbrei, Homes 4 All Nashville.
Those tenants will never benefit from the new renovations, unless they fork over some more cash.
The current rate for a 3-bedroom apartment is $1,125. And the newly renovated apartments are being leased for $1,899.
"We have sent multiple emails, tenants have called on the phone," said Sauerbrei.
NewsChannel 5 has also made several requests for on camera and phone interviews, but we were told no one is available to speak.
But when the tenants didn't get a response they held a rally outside of Covenant Capital Group's office, demanding answers.
"Essentially we were told, we're going to do a housing fair at Prestige Pointe, and that's all we can do and the door was slammed in our face," said  Sauerbrei.
Without much luck, tenants are now trying to find another place to call home while trying to make ends meets.
"Working people in Nashville who have really built Nashville and are really contributing to Nashville's community are being told you don't have a right to be here anymore," said Sauerbrei.
Covenant capital group sent released a statement addressing some concerns.
A representative said the rents at the property will be classified as affordable under Metro's guidelines based on Metro Nashville's Median Income. They also say anyone who needs help should visit the leasing office for assistance.