NASHVILLE, Tenn. (WTVF) — While apartment construction spending has dropped nearly 10% nationwide compared to 2023, Nashville continues to see a surge in new rental units, creating opportunities for renters to find deals in a competitive market.
We visited Apartment Selector in Donelson to understand what this means for renters in the Nashville area.
The busy atmosphere at Apartment Selector tells the story of the rental market here.
David Palmer, who helps people find available apartments in the Nashville area, can barely finish a sentence without his phone ringing.
"If you're trying to move into this area," Palmer said as his phone rang mid-sentence.
The constant interruptions highlight the demand for rental properties in Nashville, even as national trends show a different picture.
Palmer's experience reflects the unique position Nashville finds itself in compared to the rest of the country.
According to the U.S. Census Bureau, nationwide spending on multifamily home construction, like apartments, dropped 10% from 2023 to 2024. However, a Fannie Mae analysis reveals Nashville is experiencing the opposite trend.
More than 62,000 apartments have come online in Nashville since 2017, including a record new supply in 2023.
Additionally, more than 14,000 apartments are currently under construction, leading to a higher-than-normal rate of vacant apartments in the area.
This abundance of new units is creating opportunities for renters willing to look for deals.
"So what does that mean for people looking to rent in Nashville?" we asked Palmer.
"Well, what that really means is there are places in town that do have incentivized lease packages, especially in certain parts of the city," Palmer said.
"You're talking about, like, free months of rent?" we asked.
"Right, maybe one or perhaps two months of rent," Palmer responded.
Palmer noted these incentives are particularly common in downtown core apartments. These potential savings can effectively lower monthly rent payments for renters who can identify the select deals.
Housing affordability in the Nashville area remains an ongoing concern for many residents. Metro Council recently approved new zoning rules for The Nations neighborhood that could change the area's landscape, allowing builders to construct higher-density units in the same space and paving the way for more multifamily housing.
Have you found rental deals or incentives in Nashville, or are you struggling to find affordable housing? Jason wants to hear your story and help investigate housing issues that matter to your budget. Share your rental experiences, tips, or concerns by emailing jason.lamb@NewsChannel5.com – your insight could help other renters save money and find better deals.
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I'm so thankful Robb Coles highlighted the Kamer Davis clinic in Hermitage and the hardship that may force its closure. The clinic provides care for patients with intellectual and developmental disabilities and there is no other place like it nearby. You can tell the staff is so passionate about the care they provide. I hope by shining the light on this, the right person can step in and make a difference.
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