NASHVILLE, Tenn. (WKRN) — New data shows rent prices have dropped, and more are choosing to rent in the Nashville area instead of purchasing a home due to the economic climate.
Experts have said that the surge in demand has shifted. Recently, there has been a steady decrease in rental pricing.
“Post-pandemic, there was a surge in demand, and this meant prices increased, and it became really expensive to afford to live in the Nashville area,” Middle Tennessee State University Economics Professor Daniel Smith said. “This is about 4.5% on average. And that translates into about $1,000 extra in the pockets of people in Nashville to pay for rental housing.”…