Get ready to pay more to the landlord, Nashville renters.
The region’s apartment rents will continue escalating even as supply soon outstrips demand because of a construction boom, says Real Data, a Charlotte, N.C.-based real-estate research firm.
Its latest biannual market snapshot forecasts that the region’s average monthly rent, which stood at $833 in January, will top $850 by July and $900 by 2015.
Much of the increase will come from new units coming online, particularly in the higher-rent West End and Franklin sub-markets.
More than 1,600 units in West End and another 800 in Franklin are under construction, more than half of the 4,475 units now being built throughout the four-county region, Real Data said.
At that pace, supply will exceed demand beginning next year, the firm said.
Reduced supplies and high demand, especially from those unable to buy a home because of tightened credit or who lost their homes to foreclosure, has been fueling the construction boom.
Builders started more than 2,500 units since last summer alone.
The arrival of those units, coupled with improvement in home sales, likely will increase the apartment vacancy rate from its current 5 percent, the firm said.
With all that said, you might as well call me to help you find a house. Your house payment will probably be much less that what you throw away on RENT.
I'm Kel Williams.....but you can call me "Realtor of the Stars."
EXIT REALTY EXTREME
Author:Dorothy Lee Phone: 615-973-6363 Dated: April 3rd 2013 Views: 1,036 About Dorothy: Dorothy Lee’s 18+ years extensive knowledge and experience in Real Estate provides her a unique v...
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