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%).

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