houses for rent near Nashville, TN - craigslist (2024)

FAQs

Is rent going down in Nashville? ›

NASHVILLE, Tenn. (WKRN) — A recent Realtor.com report shows median rent prices continue to drop nationwide. In Nashville and some surrounding cities, rent prices dropped by 8.4% from April 2023 to April of this year, the biggest percentage drop of the 50 metropolitan areas listed in the report.

For example, the monthly estimated expenditure for a family of four living in Nashville requires a monthly income of $6,602, which translates to an average annual income of $79,228.

The average salary in Nashville, TN is $40,653 per year or $19.54 per hour. Entry level positions start at $31,200 per year while most experienced workers make up to $97,500 per year.

As a landlord in Nashville, you have the right to increase your residents' rent. According to Tennessee law and the Fair Housing Act, you are allowed to increase rent by any amount as long as it is reasonable and not intended to be retaliatory or discriminatory.

Realtor.com says it's now more affordable to rent than buy in all major U.S. cities. Nashville ranks in the top ten metro areas where you can save the most money by renting. That new report says the combination of high mortgage rates, interest rates, home prices, and rent prices dropping are contributing to this trend.

The Gulch, nestled in the heart of Nashville, Tennessee, stands out as one of the city's most affluent and vibrant neighborhoods. This once-industrial area has transformed into a modern urban paradise, boasting high-end condominiums, luxury apartments, and an array of upscale boutiques and eateries.

While growth rates have slowed in the past few years, it is still the largest city in Tennessee. Its popularity can be attributed to a great job market, a high quality of life and a low cost of living. In fact, the cost of living in Nashville is 2% lower than the national average.

The minimum wage in Nashville, Tennessee is currently $7.25 per hour, which is the same as the federal minimum wage.

What is considered low income for a single person in Tennessee? ›

A full-time employee, for example, earning the minimum wage of $7.25/hour in Tennessee (last increase was in 2008) earns $15,080/year - considered very low income if they are a single person household.

Vanderbilt University Medical Center (VUMC) is Nashville's largest employer, boasting over 28,300 employees.

You can use the Family Budget Calculator from the Economic Policy Institute to estimate your cost of living in Nashville based on your household size. The average family of four would need $7,034 per month or $84,413 per year to afford modest, comfortable living in the Nashville metro area.

Predictions for Home Prices and Demand in 2024

The Nashville, TN, housing market is seeing dynamic changes. As mentioned, in October 2023, Nashville's home prices were down, selling for a median price of $575k. However, the median sold price in November 2023 was $516,211. Showing a slight decrease.

The problem, experts agree, is the extreme shortage of housing in Nashville, especially in comparison to the rise in population of the Middle Tennessee region. According to the Metro Planning Department, Nashville needs to gain 5,000 units of housing per year until 2030 to keep pace with the growth of the region.

The overall vacancy rate for housing units in the Nashville area was about 6.5%, according to a LendingTree analysis of 2022 census data.

Nashville, Tenn.

The first Tennessee city on this list is the Music City, with a price-to-rent ratio of 21.