Nashville, TN Rental Market Trends
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.
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.
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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