NASHVILLE, Tenn. (WTVF) — A new report shows that rent prices have declined for the tenth consecutive month in cities across the country and Nashville is topping the list as one of the places that have seen a significant drop in prices.
According to the rental report by Realtor.com Nashville ranks as the second city in the nation with the biggest year-over-year declines in median rent. It shows prices are down 8.3% and that number includes a lot of middle Tennessee, not just Nashville.
Currently the median rent is just over $1,500 in our area. While this may be good news for families and people who need breathing room on bills, the report says this suggests potential challenges for further reductions in overall inflation. The pace of the decline has slowed since earlier this year, so that's reflected in the data.
The report says this could potentially complicate the Fed's policy decisions and it also underscores the need for more housing construction, particularly in some areas where a lack of rental supply is contributing to higher prices.
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