Which Nashville neighborhoods have the lowest rent?
A breakdown of the most and least expensive places in the Music City.
NASHVILLE, Tenn. (WSMV) - It’s no secret that the cost of living continues to be a main area of concern for Nashville residents.
But it may come as a surprise to city dwellers that the average cost for rent is down over 3% compared to this time last year, according to apartments.com.
“Fast forward five years later, it’s $600, $700 more for the same apartment,” East Nashville resident Devon Perkins said.
Pick a city block and do a 360 spin, it’s likely you’ll see a new apartment building going up. But, even with all the new buildings, supply continues to rise, but rent doesn’t change drastically, as residents may have hoped for.
“I’m having to pick up a second job and side work just to be able to save up for what a lot of these apartments are requiring,” Perkins said.
In March, the average one bedroom apartment went for $1,744. It’s down to $1,609 in May, but if history repeats itself, those prices will rise this summer.
“It popped up quickly when I first moved here,” former renter Paige Campfield said. “I probably rented an apartment for almost $700 cheaper than the following year when I moved closer to the city.”
Comparatively to the rest of the country, Nashville’s average rent is 6% higher. The national average for a one bedroom apartment currently sits at $1,515 a month.
Perkins says he expects the need for affordable housing to continue to rise if the average monthly rent cost remains in the $1,500+ a month range.
“There’s a lot of people who truly need help, and there’s people who need help now because of what’s going on,” Perkins said.
A good practice many renters choose to employ is not spending more than 30% your monthly income on rent. That means on average, if you’re renting a one bedroom apartment, you’ll need to make close to $70,000 a year to meet that requirement.
As of March 2024, the average salary in Nashville is $66,974 per year, or $32.20 per hour, according to ZipRecruiter.
As of May 2024, the cheapest neighborhoods to live in are as follows:
- Southeast Nashville, with an average rent of $1,489/month.
- East Nashville, with an average rent of $1,698/month.
- Bellevue, with an average rent of $1,711/month.
- West Meade, with an average rent of $1,712/month.
- Inglewood, with an average rent of $1,739/month.
The most expensive neighborhoods in Nashville for renters are as follows:
- The Gulch / Downtown, with an average rent of $2,540/month.
- SoBro, with an average rent of $2,469/month.
- Pie Town, with an average rent of $2,464/month.
- The District, with an average rent of $2,336/month.
- Music Row, with an average rent of $2,309/month.
All of these rankings are according to one bedroom apartment averages on apartments.com.
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