Sunday’s edition of The Tennessean (check out the link!) offered a great article on the current state of the Nashville rental market. Over the past five years we’ve seen the rise of many apartment complexes and luxury condos, and with that an increase overall in rent across the Nashville area. Leasing offices are beginning to offer incentives such as cute fees and lowered rates to entice new renters to their properties. Experts seem to think the market is not as hot as it once was.
It’s a sign that the amount of new supply is beginning to meet the demand, and the market is cooling down some – Woody McLaughlin, a member of the statistics committee of the Greater Nashville Apartment Association
The article says that supply has out grown demand in 2016 and suggests the market might be ahead of itself. John Tirril of SWH Residential Partners predicts fewer apartment starts next year, suggesting that new construction has peaked amid rising costs, slower rent growth and excess supply.
So for those of us who rent, maybe we’ll catch a break next time we renew our lease? Guess we’ll see where the market goes.