Nashville's Sour Note - rent prices drop as apartments sit empty

[Ken M.]

Nashville has always been regarded as the country's music capital, but in recent years, it has become a major metropolitan hub with many flocking to the Southern city.

Developers rushed to meet the demands, and luxury buildings rose in residential areas outside of downtown Nashville.

However, many of those units are now sitting empty, and housing managers are offering incentives to lure renters.

Tennessee-based realtor with Compass, Sam Gray, told Daily Mail that vacancy rates in Nashville have risen to around 10.6 percent, which is the highest they've been in over a decade.

Gray noted that even though rent growth has cooled, the market has yet to collapse. 'What we are currently observing in Nashville is not a rental collapse; rather, it is a market reset,' he explained.

https://www.dailymail.co.uk/real-estate/article-15178363/nas...