houses for rent near Nashville, TN - craigslist (2024)

FAQs

Is rent going down in Nashville? ›

(WKRN) — A recent Realtor.com report shows median rent prices continue to drop nationwide. In Nashville and some surrounding cities, rent prices dropped by 8.4% from April 2023 to April of this year, the biggest percentage drop of the 50 metropolitan areas listed in the report.

The cost of living in Nashville is relatively low compared to other cities in the U.S., making it an attractive option for those looking for work. The median home price for Nashville is about $304,000, which is slightly lower than most major metropolitan areas but still high by other southern standards.

The average Nashville, TN home value is $441,700, up 2.0% over the past year and goes to pending in around 15 days.

As a landlord in Nashville, you have the right to increase your residents' rent. According to Tennessee law and the Fair Housing Act, you are allowed to increase rent by any amount as long as it is reasonable and not intended to be retaliatory or discriminatory.

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For example, the monthly estimated expenditure for a family of four living in Nashville requires a monthly income of $6,602, which translates to an average annual income of $79,228.

Vanderbilt University Medical Center (VUMC) is Nashville's largest employer, boasting over 28,300 employees. It is renowned for its contributions to healthcare, research, and education.

The minimum wage in Nashville is currently $7.25 per hour. This is lower than the national average of $7.50 per hour. The minimum wage in Nashville has not increased since 2009. There are approximately 100,000 workers in Nashville who earn minimum wage.

Its popularity can be attributed to a great job market, a high quality of life and a low cost of living. In fact, the cost of living in Nashville is 2% lower than the national average.

Where do rich live in Nashville? ›

The Gulch, nestled in the heart of Nashville, Tennessee, stands out as one of the city's most affluent and vibrant neighborhoods. This once-industrial area has transformed into a modern urban paradise, boasting high-end condominiums, luxury apartments, and an array of upscale boutiques and eateries.

What is Affordable Housing? Housing is generally considered affordable when households are spending no more than 30% of their gross income on housing costs, which includes rent and other expenses like utilities.

As of July 2024, the average rent in Nashville, TN is $1,641 per month. For comparison, the national average rent price in the US is currently $1,533/month, which means Nashville rent prices are 7% higher than the national average.

The Nashville, TN, housing market is seeing dynamic changes. As mentioned, in October 2023, Nashville's home prices were down, selling for a median price of $575k. However, the median sold price in November 2023 was $516,211. Showing a slight decrease.

Realtor.com broke its predictions down into metro areas. For Tennessee, the year-over-year number of sales is expected to decrease across the board in 2024. The year-over-year price growth forecast shows price decreases in Memphis and Nashville; Chattanooga and Knoxville would see price increases.

Nashville ranks in the top ten metro areas where you can save the most money by renting. That new report says the combination of high mortgage rates, interest rates, home prices, and rent prices dropping are contributing to this trend. The biggest rental price cuts in the market were to smaller units.

The problem, experts agree, is the extreme shortage of housing in Nashville, especially in comparison to the rise in population of the Middle Tennessee region. According to the Metro Planning Department, Nashville needs to gain 5,000 units of housing per year until 2030 to keep pace with the growth of the region.

The overall vacancy rate for housing units in the Nashville area was about 6.5%, according to a LendingTree analysis of 2022 census data.