Nashville Tennessee Residential Rent and Rental Statistics
The median monthly gross residential rent in Nashville, TN (the Nashville-Davidson--Murfreesboro-Franklin metro area) was $1,146 in 2019 according to the Census ACS survey.1 Average gross rent in Nashville was $1,144 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Nashville median and average rent data will be released in September of 2021.
Data is also available below for Nashville rental vacancy rates, Nashville rent as a percent of median income and the fraction of renters in Nashville.
Real Gross Rent in Nashville Tennessee (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Tennessee Median Gross Rent | $904 | +3.08% | +7.11% |
| Nashville, TN Median Gross Rent | $1,146 | +4.09% | +12.46% |
Nashville, TN Real Gross Rent Trends
At $1,146, real median gross rent in Nashville was at its highest level in 2019 since the series began in 2005. At $1,144, real average gross rent in Nashville was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Nashville: Nashville TN Median, Nashville TN Average, Tennessee Median, US Median
Real Gross Rent History for Nashville
| Date | US Median |
Tennessee Median |
Nashville, TN Median |
Nashville, TN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $904 | $1,146 | $1,144 |
| 2018 | $1,077 | $877 | $1,101 | $1,088 |
| 2017 | $1,043 | $859 | $1,062 | $1,065 |
| 2016 | $1,027 | $844 | $1,019 | $1,031 |
| 2015 | $1,017 | $833 | $973 | $1,008 |
| 2014 | $986 | $813 | $930 | $944 |
| 2013 | $953 | $788 | $894 | $887 |
| 2012 | $940 | $777 | $881 | $888 |
| 2011 | $941 | $772 | $864 | $879 |
| 2010 | $955 | $779 | $875 | $876 |
| 2009 | $960 | $777 | $894 | $888 |
| 2007 | $927 | $745 | $839 | $849 |
| 2005 | $910 | $729 | $826 | $815 |
Nashville Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Nashville Tennessee was 8.65% according to Census ACS data.
Rental Vacancy Rate in Nashville Tennessee
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Tennessee | 7.27% | -0.29% | +0.59% |
| Nashville, TN | 8.65% | +0.87% | +4.69% |
Trends in Nashville, TN Rental Vacancy Rate
The rental vacancy rate in Nashville peaked in 2009 at 10.23%. Since then it has fallen by 1.58% to 8.65%. Data records for this series originated in 2005. From a 2016 post peak low of 3.96%, the rental vacancy rate has increased by 4.69%.
Rental Vacancy Rate: Nashville TN, Tennessee, US
Historical Rental Vacancy Rate data for Nashville
| Date | US | Tennessee | Nashville, TN |
|---|---|---|---|
| 2019 | 5.97% | 7.27% | 8.65% |
| 2018 | 6.15% | 7.56% | 7.78% |
| 2017 | 6.18% | 6.67% | 5.85% |
| 2016 | 5.89% | 6.68% | 3.96% |
| 2015 | 5.85% | 7.13% | 4.87% |
| 2014 | 6.32% | 7.24% | 3.99% |
| 2013 | 6.49% | 7.86% | 5.67% |
| 2012 | 6.77% | 7.89% | 6.65% |
| 2011 | 7.40% | 8.54% | 8.10% |
| 2010 | 8.17% | 10.33% | 8.48% |
| 2009 | 8.43% | 10.52% | 10.23% |
| 2007 | 7.87% | 9.20% | 9.74% |
| 2005 | 7.74% | 8.82% | 7.13% |
Rent as a Fraction of Income
Using median household income data for Nashville, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Nashville, median monthly gross rent as a fraction of median household income was 19.57% in 2019 according to the ACS.
Nashville Tennessee Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Tennessee | 19.35% | -0.38% | -0.58% |
| Nashville, TN | 19.57% | -0.11% | +0.12% |
Trends in Nashville, TN Rent as a Fraction of Income
The fraction of median Nashville household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 20.08%. Since then it has fallen by 0.51% to 19.57%.
Fraction of Income towards Rent: Nashville TN, Tennessee, US
Historical Data for Annual Rent as a Fraction of Income in Nashville Tennessee
| Date | US | Tennessee | Nashville, TN |
|---|---|---|---|
| 2019 | 20.03% | 19.35% | 19.57% |
| 2018 | 20.50% | 19.73% | 19.68% |
| 2017 | 20.13% | 19.47% | 19.33% |
| 2016 | 20.43% | 19.92% | 19.45% |
| 2015 | 20.63% | 19.93% | 18.98% |
| 2014 | 20.89% | 20.83% | 20.08% |
| 2013 | 20.78% | 20.26% | 19.59% |
| 2012 | 20.65% | 20.48% | 19.29% |
| 2011 | 20.70% | 20.58% | 19.20% |
| 2010 | 20.50% | 20.17% | 19.59% |
| 2009 | 20.12% | 19.61% | 18.42% |
| 2007 | 18.66% | 17.96% | 16.88% |
| 2005 | 18.89% | 18.00% | 17.42% |
Renter Fraction in Nashville Tennessee
You can calculate the renter fraction in Nashville in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Nashville as a fraction of total Nashville households. In 2019 34.15% of households were renters according to Census ACS data.
Nashville Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Tennessee | 33.49% | -0.28% | -1.42% |
| Nashville, TN | 34.15% | -0.28% | -1.27% |
Trends in the Nashville, TN Renter Fraction
The Nashville household renter fraction peaked in in 2014 at 35.53% and is now 1.38% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Nashville TN, Tennessee, US
History of Nashville Renter Fraction
| Date | US | Tennessee | Nashville, TN |
|---|---|---|---|
| 2019 | 35.89% | 33.49% | 34.15% |
| 2018 | 36.05% | 33.77% | 34.43% |
| 2017 | 36.13% | 34.57% | 34.98% |
| 2016 | 36.88% | 34.91% | 35.42% |
| 2015 | 36.97% | 34.18% | 34.30% |
| 2014 | 36.90% | 33.86% | 35.53% |
| 2013 | 36.50% | 33.62% | 34.30% |
| 2012 | 36.09% | 33.31% | 35.38% |
| 2011 | 35.42% | 32.72% | 34.24% |
| 2010 | 34.65% | 31.87% | 33.57% |
| 2009 | 34.13% | 30.85% | 32.24% |
| 2007 | 32.80% | 30.06% | 30.33% |
| 2005 | 33.10% | 30.74% | 32.47% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
