Mortgage rates are low, home prices are on the rise what should you do? It is a hard choice to make. If you have shopped around for rentals the answer may come to you a bit easier than it did a year ago.
According to Trulia, areal estate website, Nashville rental rates have risen at 9% over the past year. That brings the average rental rates to $895 per month. That is the 6th highest increase in the U.S. Occupancy rates are high so basic supply and demand are going to continue to drive the rates up. It’s not hard to figure out that it might be time venture into home ownership.
By Lance Williams for The Tennessean: Over the past year, rental rates in Nashville have risen at a higher rate than in most other cities in the country. In fact, Nashville’s rental rate growth of 9.3 percent ranks as No. 6 among the country’s top 100 metro areas, according to Trulia, a real estate website.
The average rental rate in Nashville stands at $865, according to third-quarter 2012 statistics from Colliers International, a commercial real estate company.
Colliers said Nashville’s occupancy rate stood at 95.8 percent in the third quarter.
“With demand for rentals strong and vacancies low, the overall lack of new supply is resulting in significant competition in many Nashville submarkets,” according to the Colliers report.
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Are you ready to start looking today? Call me at 615.438.6149, I would love to show what you can buy in Nashville.