Nashville, TN Rental Market Trends

Nashville Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Nashville, TN. Currently, the overall median rent in the city stands at $1,421, after rising 0.8% last month. Prices remain down 3.7% year-over-year. Read on to learn more about what’s been happening in the Nashville rental market and how it compares to trends throughout the broader Nashville metro area and the nation as a whole.

Nashville rents are up 0.8% month-over-month and down 3.7% year-over-year

The median rent in Nashville rose by 0.8% over the course of April, and has now decreased by a total of 3.7% over the past 12 months. Nashville’s rent growth over the past year has has fallen behind both the state (-1.8%) and national averages (-0.8%).

Nashville rent growth in 2024 pacing above last year

Four months into the year, rents in Nashville have risen 1.6%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 0.4%.

April rent growth in Nashville ranked #28 among large U.S. cities

Nashville rents went up 0.8% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #28. Similar monthly rent growth took place in Albuquerque, NM (0.8%) and Richmond, VA (0.8%).

Nashville is the #52 most expensive large city in the U.S., with a median rent of $1,421

Citywide, the median rent currently stands at $1,273 for a 1-bedroom apartment and $1,416 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,421. That ranks #52 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Nashville is 1.8% higher than the national, and is similar to the prices you would find in Raleigh, NC ($1,424) and Philadelphia, PA ($1,410).

Nashville rents are 0.6% higher than the metro-wide median

If we expand our view to the wider Nashville metro area, the median rent is $1,412 meaning that the median price in Nashville proper ($1,421) is 0.6% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at -3.2%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 5 cities in the Nashville metro area that are included in our database. Among them, Franklin is currently the most expensive, with a median rent of $1,801. Smyrna is the metro’s most affordable city, with a median rent of $1,344. The metro's fastest annual rent growth is occurring in Murfreesboro (-1.5%) while the slowest is in Nashville (-3.7%).

Median 1BR Rent
Median 2BR Rent
M/M Rent Growth
Y/Y Rent Growth
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You can also use the map below to explore the latest rent trends in the Nashville metropolitan area.


Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.

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