Last week we pointed out the number of new apartments cropping up in the Nashville area. With more and more people moving to the area, the housing demand has increased overall. For many, the move is part of a job or a trial period to see if the city makes sense long term. Typically, people rent when they are not certain about long term plans and there are certainly plenty of new developments in Nashville for renters. Yet, rent rates are also at a record high, which actually makes buying cheaper than renting. Still unsure? Let’s look at the numbers for buying or renting in Nashville right now.
Renting in Nashville
On the plus side, rental units don’t have maintenance costs or responsibilities associated with them. In most cases, there are no hidden costs associated with renting. Renting allows for more mobility for anyone who might need to relocate quickly. It’s also a great way to explore a city, before commiting to one particular area.
According to the Greater Nashville Association of Realtors last October, the average rent on a Nashville apartment was $892 per month. Naturally, the newer complexes with enticing ammenities and central locations are driving up the average cost. However, with so many people headed to Nashville, even the more affordable options are renting out quickly.
Buying in Nashville
While there are a number of new apartment and condo rental developments in Nashville, there are also new listings available to buy. In fact, there are a number of affordable pocket neighborhoods popping up that offer the feel of a community and the appeal of home ownership. While the rent prices have continued to climb rapidly, home prices are on a slower incline, making these housing opportunities even more desirable.
There are multiple condos and townhomes currently available for around $115,000. Condos and townhomes aren’t the only choice though. With the continued renewal in Nashville area neighborhoods, this also a great time for finding a home at a reasonable listing price. According to this article last year, Zillow found Nashville to be one of the places where buying made more sense than renting for anyone planning to live here for at least 3 years.
Interested in seeing what options are available for you in Nashville? Call us and we can show you the current Nashville real estate listings to help you decide! DeSelms Real Estate 615.550.5565