Report: Nashville renters spent $2.8 billion on housing this year

Posted at 2:03 AM, Dec 21, 2018
and last updated 2018-12-21 03:05:29-05

NASHVILLE, Tenn. (WTVF) — Nashville renters spent $2.8 billion on housing costs in 2018, according to a new report from HotPads.

HotPads, a brand owned by Zillow, found that 263,000 households rent in the Nashville area. That's actually 4,000 fewer households renting than were in 2017.

The median rent was $1,510 per month, which is up 2.6 percent from a year ago. That's slightly higher than the median rent for the United States, which stands at $1,475.

According to the study, there's been a gradual slowdown in rent appreciation, which has allowed renters to save money for down payments on homes. That trend is contributing to the decrease in the number of renters.