Landlord Tips & Tricks

August 1, 2024

What's The Average Rent In Nashville, TN

Zoe Harper

Marketing

In Nashville, TN, the average monthly rent now is $1,647. This shows a slight 1% rise from last year. Residents are seeing their bills go up by about $16 each month¹. Also, Nashville's rent is 7% more than the national average of $1,535¹. This tells us how lively and ever-changing Nashville's housing scene is.

For a closer look at how rents are moving in Nashville, check out the Apartment Market Trends page.

Key Takeaways

The average rent in Nashville, TN is $1,647 per month¹.
There has been a 1% increase in rent compared to last year¹.
National average rent is $1,535, making Nashville's 7% higher¹.
Nashville's housing market continues to be costly compared to the U.S. average.
Visit Apartment Market Trends for more insights.

Overview of Nashville's Rental Market

The Nashville rental trends show a lively market with different prices for all budgets. The average rent in Nashville is $2,150, down $50 from last year. You will find rentals from $640 to $25,000. This shows the range of choices available.

Looking at housing market analysis, most rents in Nashville fall between $1,001 and $1,500 a month. A studio apartment usually goes for around $1,719. One-bedroom apartments are typically $1,904. There are also luxury options, with 25% of rentals going for over $2,000 a month.

Nashville's job scene is booming, with jobs growing by 4.0% in 2023. This added about 44,400 new jobs last year. The growing economy means more people are looking for places to live, increasing demand for rentals.

The median rent in Nashville is $1,446, up by 0.8% from the previous month. Although it's dropped a bit since last year, Nashville is still the #46 priciest big city in the U.S. The median rent is a little over the national average of $1,411. In six months in 2024, rents jumped by 3.2%, faster than the previous year.

Neighborhoods like The Gulch average about $2,454 a month for rent. Germantown attracts people with its historic feel and special buildings. These areas are big players in Nashville's rental scene.

To really do well with rentals in Nashville, knowing the rules is key. For more tips, you can check out more here.

Studio Apartments: Costs and Size in Nashville

Studio apartments in Nashville are drawing attention from both new and long-term residents. They stand out in the current rental market. A typical studio in Nashville costs $1,533 a month and gives about 502 square feet² of space. This option is seen as efficient and cost-effective, providing comfort without a huge price tag.

Average Rent for Studio Apartments

To fully grasp studio apartment pricing in Nashville, you must know the market. Studios rent for more than the U.S. average, showing Nashville's premium status². Yet, the price is seen as fair for the amenities and life quality offered in the city.

Price Comparison

Compared to larger apartments, studios offer a more budget-friendly way to live in Nashville. For example, renting a one-bedroom costs $1,647 a month, but a studio is less at $1,533 monthly². This factor is vital for those watching their budget but still seeking a good living experience. Also, despite being above the U.S. average, Nashville's studios remain comparatively affordable against similar city rates².

One-Bedroom Apartments: Costs and Size in Nashville

In Nashville, finding a one-bedroom apartment is tough. The average rent for a one-bedroom costs $1,648 each month³. These prices show that many people want these apartments. A one-bedroom place is about 713 square feet². This space suits singles or couples well.

Average Rent for One-Bedroom Apartments

Rental prices change due to location, size, and what's included. Nashville's average rent for one-bedroom has gone up by 1% in the last year². This increase shows more people want to live here. For more info on places to rent and tips, check out Nashville apartments.

Price Comparison

Compared to the national average rent of $1,535, Nashville apartments cost 7% more². That means Nashville's housing market is both busy and sought after. In cheaper areas like Southeast Nashville, Bellevue, and West Meade, prices are lower. But, SoBro, Pie Town, and The Gulch are more expensive². Where you choose to live affects how much you pay, helping those on a budget find the right spot.

Two-Bedroom Apartments: Costs and Size in Nashville

The average rent for two-bedroom apartments in Nashville is around $1,971 each month. However, prices can change a lot based on location and size. For example, sought-after areas like Green Hills and Hillsboro West End see rents around $2,170 and $1,973⁴. On the flip side, places like Heron Walk and White Bridge are more wallet-friendly, with rents at $866 and $1,008⁴.

Choosing to live in a two-bedroom apartment in Nashville is great for young pros, families, and friends needing more room. In trendy spots like Germantown, 12 South, and East Nashville, the rent for a two-bedroom goes for $1,836, $1,594, and $1,973⁴. These areas are favorites for their cool vibe and features.

Compared to New York or San Francisco, Nashville is much more budget-friendly. There, you'd pay over $2,700 for something similar. Nashville's mix of city life and lower living costs is hard to beat⁵. To learn more about two-bedroom apartments in Nashville, check out Apartments.com ⁵.

Three-Bedroom Apartments: Costs and Size in Nashville

Three-bedroom rent Nashville matters a lot for families and big groups looking for a good place to live. The cost for a three-bedroom apartment in Nashville varies widely. Prices start at $1,200 and can go up to $10,000. Most fall between $1,400 and $2,500⁶. This wide price range reflects the different amenities, locations, and sizes you can find in the city.

Average Price

For a family-sized apartment in Nashville, expect to pay about $2,384 each month for a three-bedroom. This average cost includes various factors like where the apartment is, how big it is, and what it offers on Apartment List ². You'll find good deals between $1,425 and $1,810. The best deals range from $1,542 to $10,000⁶.

Comparison with Other Sizes

Looking at the three-bedroom rent in Nashville compared to other sizes shows a big price difference. For example, a studio apartment costs an average of $1,533 each month. But, for one-bedroom apartments, prices vary a lot depending on the neighborhood². This big price difference shows that families often pay more for extra space. It points out why these larger apartments are so appealing for those needing more room.

Neighborhood Breakdown in Nashville

Nashville has many neighborhoods with different rent levels. There are options for people looking for cheap places and those wanting upscale homes. Knowing about the rent in Nashville's areas helps new and long-time residents.

Most Affordable Neighborhoods

For cheap housing in Nashville, check out Southeast Nashville, Bellevue, and West Meade². These areas are more affordable compared to other parts of the city.

Inglewood also offers good value. It has a nice community feel and doesn't cost too much. These areas show Nashville's variety in rentals. They make it easier to find a nice place without spending too much. For more about rents in different areas, click here.

Most Expensive Neighborhoods

For pricier options, look at The Gulch, Pie Town, and Music Row². These spots have the highest rents. They offer luxury homes for those who can afford to pay more.

In SoBro, a one-bedroom costs about $2,495 for 744 square feet⁷. Downtown Nashville has fancy studio apartments starting at $1,750. These upscale areas are in the city center. They have nice features that make them worth the high cost.

If you want luxury in the city's heart, these expensive neighborhoods have many choices. To learn more and understand rental prices, check out Nashville's rental market here.

Trends in Rent Increase in Nashville

Nashville's rental market has seen big changes lately, just like the rest of the country. The city is growing quickly. This growth causes rent prices to go up. This affects people living there and the rental market in Nashville.

Annual Rent Increase

Rent prices in Nashville have been climbing each year. In 2024, they went up by 3.2% in just six months⁸. This increase was even more than the year before. Back in 2020, the average rent was $1,030 a month. Now, it's around $1,446⁹ ⁸. These increases help Nashville's rental market grow.

Monthly Changes

Each month, the rent prices in Nashville can change a bit. Recently, the average rent went up by 0.8% in one month⁸. But if you look at the past year, there was a 2.1% drop⁸. In June, rents rose by 0.8%. This made Nashville one of the top 30 cities for rent growth⁸. These numbers show the changing rent trends in the area.

What Salary Do You Need To Live Comfortably In Nashville, TN?

To figure out how much you need to earn for a comfy life in Nashville, it's key to look at the city's cost of living. Latest figures show the average rent for a one-bedroom place is $1,283, while a two-bedroom costs about $1,446¹⁰. Homeowners should make an average of $84,787 a year. Renters might need around $87,115¹¹. Also, the median yearly income in Nashville hits $52,858¹¹.

For a good lifestyle in Nashville, try to keep your rent under 30% of your earnings. With an average rent of $1,647, you'd need a monthly wage of about $5,490. This adds up to a yearly need of $65,880. Don't forget, other costs like utilities for a 915 sq. ft. home are roughly $190.35 a month¹⁰.

Health care costs are also a big part of living in Nashville. The average price for single coverage on an employer plan is $6,896 a year¹⁰. Childcare can add up too, costing about $1,074 monthly for one kid¹⁰. On top of that, yearly expenses for one person average $36,893¹¹, driving home the need for a good budget plan.

Fun stuff like gym memberships and concerts also add up. A gym costs roughly $67 each month, making the yearly cost $804¹⁰. A concert ticket can set you back $135¹⁰. Following the 50-30-20 budget rule helps keep things in line: 50% for needs, 20% for savings, and 30% for wants¹¹.

Nashville Rent Insights

In Nashville, the average rent is now $1,647. This shows the rental market is busy and competitive². Rent went up by 1% from last year, showing prices are slowly rising². Nashville's rents are 7% more than the U.S. average, making it pricier for people wanting to move there².

Last month, rents in Nashville increased by 0.8%. But, they have gone down by 2.1% compared to last year⁸. The median rent is $1,446. Nashville is the 46th most expensive big city in the U.S⁸..

Back in 2019, 8.65% of apartments were vacant. Also, 34.15% of the homes were rented out¹. Renters should look at the bigger picture of living costs in Nashville to get a full understanding.

Southeast Nashville, Bellevue, and West Meade are some of the cheaper neighborhoods². But places like SoBro, Pie Town, and The Gulch have much higher rents². Downtown Nashville, East Bank, and Southeast Nashville have lots of available apartments, giving renters many choices².

To afford living in Nashville, you should earn about $65,880 a year. That's roughly $5,490 every month². This estimate includes not just rent but other living costs in Nashville too. Check out Nashville rent market trends for more info.

Conclusion

The Nashville housing market is always changing. Rental costs can vary a lot depending on the apartment size and where it's located. Even though property values have gone up, there are now more rental places available. This, and the perks landlords offer, helps balance the rental market. Yet, finding affordable rents remains a challenge.

In Nashville, the average rent is about $1,428 a month¹². That's more than what you'd pay in other Tennessee cities. But, with smart budgeting and knowing how much you need to earn, finding a good place to live here is possible. This can make living in this lively city enjoyable.

To sum it up, the Nashville rental scene comes with both chances and hurdles. It's important for those looking to rent to really look into their options. They should also get advice from financial experts. The rental market keeps changing, driven by how many people move here, the city's economy, and what landlords offer. Keeping up with these changes is key for anyone wanting to call Nashville home.