If you’re someone who’s either already living in Nashville or perhaps thinking about making a move here shortly, chances are you’ve noticed rent prices in town are getting quite high, even for one of the largest cities in Tennessee. With just a 4.49 percent marketwide vacancy rate, apartment inventory is low right now, leaving average rents in the Nashville area to soar to a record high of $1,304 per month.
For those considering an upcoming move sometime down the road, however, the good news relating to rentals in Nashville is that 14,738 more units are currently under construction in the entire Nashville region, with perhaps another 9,100+ also in various planning stages. In fact, over the next few years, the Greater Nashville Apartment Association expects nearly 25,000 more units to be brought to market, which could help tame the dramatic increases Nashville is seeing in current apartment prices.
Depending on your situation, though, a move sooner rather than later may force you to make a challenging decision, which may lead to you buying rather than renting. While inventory is still an issue in Nashville even on the “for sale” side of the market, interest rates are still at record lows, and with job growth trending in such a positive direction all over Nashville, home price increases certainly don’t look to level off anytime soon either.
So while housing costs in Nashville are high no matter where you turn, buying now makes sense given you’re likely facing an increase in rates no matter what direction you turn. And if you’re able to buy now, save some money with low interest rates, and perhaps avoid paying record high prices just to rent, why wait any longer?