Nashvilleâ€™s booming growth doesnâ€™t show any signs of slowing down, as far as the rental market is concerned. Nearly 9,000 apartment units are expected to be completed by the end of the year.
While needs vary, there are certain items at the top of the list for prospective renters. For a snapshot of the inventory, and to see what amenities rank high, here are five things to know.
We spoke withÂ Scott Meert, director of communications and marketing for the Greater Nashville Apartment Association, Inc.,Â about the current rental market. Here are a few things to keep in mind:
1. New apartments are hitting the market, with more on the way
According toÂ 44 apartment communities representing 8,947 units are expected to be complete by the end of 2018. â€œBased on construction that has broken ground, 36 apartment communities representing 10,426 units could be completed by year end of 2019,â€ Meert said. One of most high-profile new additions is in Green Hills. Vertis, at the corner of Richard Jones Road and Hillsboro Pike, features 310 luxury apartment homes.Â Â Â
2. Prepare to payÂ Â
Meertâ€™s organization tracks both affordable rental rates and conventional market rates. Affordable rates apply to communities with special financing that cater to low-income and workforce housing. â€œThe average rate in the second quarter of 2018 is $861 per month for affordable communities and $1,214 per month for conventional communities,â€ he said.
3. You may finds deals, depending on the season
If you want more bang for your buck, consider making a move when the temperature drops -- like now. The spring and summer months typically see a higher volume of renters, according to Meert. You may find better prices in the fall and winter, when demand isnâ€™t as high.
4. Ask the right questions
â€œAs a renter, you should be very aware of what is included in your monthly rental amount. Is the water and trash removal included or is there an additional charge? What amenities are included such as parking?â€ Meert advises.
5. Garages, pets and laundry facilities top wish lists
Convenient parking and pet accommodations are top of mind considerations for folks looking to rent. Also, not having to schlep their dirty clothes to a laundromat. According to Meert, the most searched amenities in the greater Nashville area on apartmentguide.com over the last 60 days were: garage, pet friendly, laundry facility, gated access, new construction, fitness center and swimming pool.