If you haven't heard already, the real estate market in Nashville is one of the hottest in the country, climbing all the way to #4 on WalletHub's list of the best real estate markets in the U.S. So what's going on in Nashville right now, you ask? The simple reason, everyone wants to be here! From out of state transplants to even corporations, Nashville continues to see a steady stream of inbound migration. In fact, Forbes recently ranked Nashville the 14th best for job growth and 15th best for business and careers. Additionally, Nashville is quickly becoming a favorite among the largest generation in our nations history! Combine all these factors, and you have a recipe for success when it comes to creating a red hot real estate market.
Back in October of 2020, the Freddie Mac Home Price Index showed a roughly 50% 5-year change in home prices for the Nashville metro area. The report also showed an 11.5% 1-year change and a1% monthly change in home prices. With home prices skyrocketing and so many people moving to Nashville, many savvy investors have seen the huge potential developing in Nashville's rental market. Over the last three years, the average price of rent in the Nashville metro area have gone up over 11%, with nearly 70% of rental units that have 3 bedrooms getting between $1k - 2k per month! It's also important to note that renter-occupied households make up roughly 45% the total occupied housing units in the metro area. Between the sheer amount of people needing housing and the percentage of homes being able to yield such a high return, it's easy to see why renting in Nashville can be quite lucrative!
For more info on Nashville's rental or housing market right now, or for information on Property Managers that can help you get the ball rolling on taking advantage of this RED HOT market, contact hampton@hamptonmauzy.com or I'm available at (615)828-5989 and would be more than happy to chat!