- Nashville’s median rent in March 2023 is $1,448/month.
- Use online resources like Zillow, Apartments.com, and Redfin to find a rental in Nashville.
- When applying for a lease, prepare documents, contact your references, be honest with your application, and expect an application fee.
- Before signing the lease, read carefully, negotiate if needed, and put everything in writing.
- Keep a copy of the signed lease agreement.
Nashville, Tennessee, is known for its vibrant music scene, delicious food, and friendly locals. As a result, it’s no surprise that Nashville has been a top 10 metropolitan area for population growth for the past seven years. However, with increasing numbers of people moving to the city, finding the right rental property can take time and effort.
Whether you’re new to the area or a longtime resident, this guide will provide valuable information and tips for navigating Nashville’s rental market, finding the perfect rental property, understanding the lease, and making the most of your rental experience.
Nashville’s rental market
Nashville’s rental market has seen steady growth in recent years due in part to the city’s booming economy and increasing population. Artists from all over the world are moving to the city for exposure and opportunities.
At the same time, Tennessee is also known for being business-friendly due to various factors such as certain state legislation, available grants, and the absence of state income tax. This environment attracts many businesses to move to cities within the state, like Nashville.
Average rent prices in Nashville
Reportedly, Nashville’s population has grown 20% over the past decade, a rate almost double the US average. As a natural consequence of the rise in population, rent prices in Nashville are also on the rise.
According to a recent report, average rent prices in Nashville are up 2.8% year-over-year. The median rent in Nashville as of March 2023 is around $1,448 per month. One-bedroom apartments have a median rent of around $1,290 per month, and two-bedroom apartments have a median rent of approximately $1,443.
Popular neighborhoods for renters in Nashville
While rental prices in Nashville are rising, the city still offers affordable options for renters, especially compared to other major metropolitan areas. Some of the most popular neighborhoods in Nashville for renters include:
- The Gulch
All of them offer a variety of housing options and convenient access to amenities.
Factors that affect rent prices in Nashville
One factor that can impact the rental market in Nashville is seasonality, especially since the city is known for its music festivals and events, such as the CMA Music Festival, which can drive up rental prices, especially short-term rentals, during peak times.
Additionally, the local economy can also impact the rental market. Nashville is a hub for some of the biggest employers in the country, such as Nissan, Amazon, and Oracle, as well as numerous health insurance, healthcare technology, and SaaS companies. This can create a strong demand for rental properties in certain areas of Nashville.
How to find the right rental in Nashville
Finding the right rental property in Nashville can be a challenge, but with a few tips, finding a place that meets your needs and fits your budget is possible. Here are some suggestions:
- Set a budget: Before you start your search, it’s essential to determine how much you can afford to spend on rent each month. Be sure to factor in other expenses like utilities and parking fees.
- Consider your commute: If you work or attend school in Nashville, it’s essential to consider the commute to your destination when choosing a rental property. Look for properties near public transportation or major highways to make your commute easier.
- Decide on must-have amenities: Make a list of the amenities that are most important to you, such as an in-unit washer and dryer, a fitness center, or a pool. Use this list to narrow your search and find properties that meet your needs.
- Research neighborhoods: Nashville is a diverse city with many different areas to choose from. Research neighborhoods that align with your lifestyle and preferences, such as those with a walkable downtown, great restaurants, or family-friendly parks.
When searching for rental properties in Nashville, many resources are available online. You can find listings on popular rental websites like Zillow, Apartments.com, and Redfin.com. Additionally, local property management companies, like Poplar Homes, have listings on their websites or social media pages.
Another option is to work with a local real estate agent specializing in rental properties. An agent can help you navigate the rental market, show you available properties that meet your needs and assist with the rental application process.
The rental application process
The rental application process can vary from property to property, but renters can expect some general steps when applying for a rental property in Nashville. Here’s what to expect during the rental application process:
- Credit check: Many homeowners and property management companies will run a credit check as part of the application process. This allows them to assess your financial responsibility and determine the likelihood of paying rent on time.
- Background check: Aside from credit checks, property owners may also run a background check to ensure you have a clean criminal record.
- References: Homeowners and property managers may also ask for references from previous landlords or employers to better understand your rental and employment history.
To prepare for the rental application process, there are a few things you can do to streamline the process and increase your chances of being approved:
- Gather necessary documents: Be sure to have all necessary documents ready, such as a copy of your ID, proof of income, and rental history.
- Contact references ahead of time: Reach out to your references ahead of time to let them know that a homeowner or property manager may contact them.
- Be honest and upfront: When filling out the rental application, be sure to provide accurate and truthful information. This can help build trust with the homeowner or property management company and increase your approval chances.
- Be prepared to pay an application fee: Many homeowners and property management companies charge an application fee, which is typically non-refundable. Be sure to budget for this expense when applying for rental properties in Nashville.
By following these tips and being prepared for the rental application process, renters can increase their chances of finding a great rental property in Nashville and making the most of their rental experience.
Understanding your lease agreement
When renting a property in Nashville, it’s important to understand the lease agreement before signing. Here are some standard lease terms and agreements renters can expect to encounter when renting a home:
- Security deposit: Most homeowners require a security deposit, typically equal to one month’s rent. This deposit is held to cover any damages that may occur during the lease term.
- Pet policies: If you have a pet, be sure to check the lease agreement for any restrictions or additional fees. Some homeowners may require a pet deposit or monthly pet rent.
- Lease renewal options: Many leases in Nashville are for a one-year term, but some homeowners may offer the option to renew for an additional year or go month-to-month after the initial lease term expires.
When reviewing a lease agreement, here are some tips for understanding and negotiating lease terms:
- Read the lease carefully: Be sure to read the lease agreement carefully and ask questions if there is anything you need help understanding.
- Negotiate terms if necessary: If there are terms in the lease agreement that you are uncomfortable with, such as a pet policy or maintenance responsibilities, try to negotiate with the homeowner to come to a compromise.
- Get everything in writing: If you and your homeowner agree to any changes to the lease agreement, be sure to get everything in writing to avoid any misunderstandings later on.
- Keep a copy of the lease: Keep a copy of the signed lease agreement for your records.
By understanding and negotiating lease terms, you can ensure that you are comfortable with the terms of your lease agreement and have a positive rental experience in Nashville.
Tips on moving in and making the most of your rental
Moving into a new rental property can be an exciting and stressful time. Here are some tips for making the most of your rental experience in Nashville:
- Before moving in: Document the property’s condition and take photos or videos of any existing damages. This can help protect you when it’s time to move out and ensure that you don’t get charged for damages you didn’t cause. Additionally, be sure to set up utilities, such as electricity and Internet, before moving. That way, everything will be ready for you to settle in.
- Build a good relationship with your landlord: Building a good relationship with your landlord can benefit your rental experience. If you have any issues with the property, such as maintenance requests or noise complaints, be sure to communicate to them respectfully and promptly. Additionally, keeping the property clean and well-maintained can help show your landlord that you are a responsible renter.
- Get involved in the local community: Nashville is a vibrant city with a strong sense of community. Getting involved in local events or volunteering can help you meet new people and feel more connected to your new home.
- Make the space your own: Even though you’re renting, you can still make the space feel like your own. Adding personal touches, such as decorations or furniture, can help make the area feel more welcoming and comfortable.
By following these tips, renters can make the most of their rental experience in Nashville and enjoy all this exciting city offers.
Up next: How to evaluate a rental property investment
Renting in Nashville can be a great way to experience all that this vibrant city has to offer. By understanding the rental market, finding the right rental property, navigating the application process, and understanding the lease agreement, renters can set themselves up for a positive rental experience.