Welcome to the September 2023 Nashville Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the September 2023 key findings and figures for the Nashville rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Nashville and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Nashville average rent prices in the chart below.
Nashville rent prices increased over the last month. From August to September, the city experienced a 2.8% increase for the price of a one-bedroom apartment. The rent price for a Nashville one-bedroom apartments currently stands at $1,728.0.
When we take a look at the two-bedroom comparison from August to September, Nashville experienced a 1.72% increase for the price of a two-bedroom apartment. The rent price for a Nashville two-bedroom apartments currently stands at $1,771.0.
Rent prices have increased in Nashville over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 5 of the Nashville suburbs increased last month. On the other hand, 2 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Franklin, TN, Hendersonville, TN, Hermitage, TN, Brentwood, TN, Spring Hill, TN .
Rent decreased in Antioch, TN, Madison, TN.
3 suburbs are currently priced higher than the city of Nashville.
4 suburbs are currently priced lower than the city of Nashville.
Rent growth in Nashville over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Nashville average rent prices appear to be relatively affordable for local residents.
The price for a Nashville one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
For more information about Nashville and surrounding area rent prices, take a look at the complete data set below.
|1 BR September||1 BR M/M % Change||2 BR September||2 BR M/M % Change|
|Spring Hill, TN||$1,834.0||0.88%||$1,983.0||0.71%|
Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.