Nashville Rent Report: June 2023

Welcome to the Apartment List June 2023 Rent Report for Nashville, TN. Currently, the overall median rent in the city stands at $1,438, roughly the same as last month. Prices are now down 1.5% 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 flat month-over-month and down 1.5% year-over-year

The median rent in Nashville fell by 0.1% over the course of May, and has now decreased by a total of 1.5% over the past 12 months. Nashville’s rent growth over the past year has has fallen behind both the state (-0.3%) and national averages (0.9%).

Nashville rent growth in 2023 pacing below last year

Five months into the year, rents in Nashville have risen 0.4%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to May 2022 rents had increased 5.0%.

May rent growth in Nashville ranked #84 among large U.S. cities

Nashville rents went down 0.1% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #84. Similar monthly rent growth took place in Paradise, NV (-0.1%) and Orlando, FL (-0.1%).

Nashville is the #52 most expensive large city in the U.S., with a median rent of $1,438

Citywide, the median rent currently stands at $1,281 for a 1-bedroom apartment and $1,443 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,438. 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 $1,169 for a 1-bedroom, $1,340 for a 2-bedroom, and $1,363 overall. The median rent in Nashville is 5.5% higher than the national, and is similar to the prices you would find in Jacksonville, FL ($1,449) and Norfolk, VA ($1,412).

Nashville rents are 1.9% lower than the metro-wide median

If we expand our view to the wider Nashville metro area, the median rent is $1,465 meaning that the median price in Nashville proper ($1,438) is 1.9% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -0.7%, 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, Spring Hill is currently the most expensive, with a median rent of $2,053. Nashville is the metro’s most affordable city, with a median rent of $1,438. The metro's fastest annual rent growth is occurring in Hendersonville (1.7%) while the slowest is in Murfreesboro (-1.6%).

You can also use the map below to explore the latest rent trends in the Nashville metropolitan area.