Offering a small town feel, yet boasting all the amenities of a major metropolis, "Music City, USA" is continuously praised as one of the best places to live in the country. Nashville offers great weather, plenty of cultural and recreational activities, no personal state income tax and a low cost of living to current and prospective residents. Nashville also finds itself on many "best-of-the-best" lists, including Forbes' list of the best U.S. cities for conducting business.
Q2 2015 Nashville Rental Market Update
It's difficult to be anything but impressed by Nashville's recent performance from a rental real estate investor's standpoint. Music City is the best metro in the Southeastern U.S. for rental real estate investment and sixth-best in the U.S. overall. It jumped four spots in the Rental Ranking Report's regional rankings in Q2 2015 and 15 spots in the national rankings.
Nashville's rapidly-rising rents are perhaps its most attractive quality. Their 9.30 percent year-over-year increase last quarter was the 13th-highest in the U.S. and almost 90 percent higher than the national average during that period. Nashville's stellar annual job growth (3.44 percent, seventh-highest in the U.S.), moderately low vacancy rate (4.80 percent, almost 30 percent lower than the national average), and even lower median age of housing inventory (a mere 42 days, 33 percent lower than the national average) last quarter also highlight how exceptionally strong the demand for Nashville housing currently is and will likely continue to be for many quarters to come.
Q1 2015 Nashville Rental Market Update
The Q1 2015 Rental Ranking Report found that Nashville ranks fifth in the Southeast and 21st in the U.S. for returns on rental real estate investment. While Nashville rents have remained relatively flat over the past year, a number of broader housing market stats indicate that demand for rental housing in Nashville is - and will continue to be - quite strong. Property values increased 7.74 percent over the year ending in Q1 2015 and the number of jobs in the Nashville metro increased 2.75 percent over the same time period. Nashville homes also sell relatively quickly, spending a median of just 50 days on the market, making Nashville the 14th fastest-selling market in the country.
What data is this Rental Ranking Report based on?
To calculate the statistics found in the Q2 2015 Rental Ranking Report, All Property Management gathered data, including the most recent government housing and jobs data, for 75 metros across the United States. Specifically, we looked at home vacancy, capitalization, home value appreciation and job growth rates, changes in rental prices, and the average number of days properties have been on the market to determine which U.S. metros will give investors the highest returns on rental investments. Click here to learn more about the Rental Ranking metrics.
Should I invest in Nashville rental property?
Thinking about renting out a property in Nashville? Save time, avoid hassle and maximize your rental income by having a professional property management company operate your rental property for you. Click here to get a free quote from a local property manager or call 877-780-4510 to have the All Property Management staff get quotes for you.
All Property Management specializes in connecting rental property owners with professional property managers in communities across the United States. These property managers help set rental rates, advertise properties, screen and manage tenants, collect rent, manage vendor relationships and ensure compliance with local, state and federal housing regulations. They take the hassle and worry out of managing rental properties - all while maximizing rental property owners' rental incomes.