Department of Numbers

Nashville Tennessee Residential Rent and Rental Statistics

The median monthly gross residential rent in Nashville, TN (the Nashville-Davidson--Murfreesboro-Franklin metro area) was $917 in 2015 according to the Census ACS survey.1 Average gross rent in Nashville was $950 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Nashville median and average rent data will be released in September of 2017.

Data is also available below for Nashville rental vacancy rates, Nashville rent as a percent of median income and the fraction of renters in Nashville.

Show dollars as: Nominal Real

Real Gross Rent in Nashville Tennessee (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Tennessee Median Gross Rent $785 +2.48% +7.24%
Nashville, TN Median Gross Rent $917 +4.56% +10.48%

Nashville, TN Real Gross Rent Trends

At $917, real median gross rent in Nashville was at its highest level in 2015 since the series began in 2005. At $950, real average gross rent in Nashville was at its highest level in 2015 since the series began in 2005.

Real Gross Rent in Nashville: Nashville TN Median, Nashville TN Average, Tennessee Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Nashville

Date US
Median
Tennessee
Median
Nashville, TN
Median
Nashville, TN
Average
2015 $959 $785 $917 $950
2014 $930 $766 $877 $890
2013 $898 $743 $843 $836
2012 $886 $732 $830 $837
2011 $887 $728 $815 $829
2010 $901 $734 $825 $826
2009 $905 $733 $842 $837
2008 $920 $737 $844 $854
2007 $874 $702 $791 $801
2006 $883 $710 $816 $792
2005 $858 $687 $779 $768

Nashville Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Nashville Tennessee was 4.87% according to Census ACS data.

Rental Vacancy Rate in Nashville Tennessee

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Tennessee 7.13% -0.11% -0.76%
Nashville, TN 4.87% +0.88% -1.78%

Trends in Nashville, TN Rental Vacancy Rate

The rental vacancy rate in Nashville peaked in 2009 at 10.23%. Since then it has fallen by 5.36% to 4.87%. Data records for this series originated in 2005. From a 2014 post peak low of 3.99%, the rental vacancy rate has increased by 0.88%.

Rental Vacancy Rate: Nashville TN, Tennessee, US

Rental vacancy rate in Tennessee

Historical Rental Vacancy Rate data for Nashville

Date US Tennessee Nashville, TN
2015 5.85% 7.13% 4.87%
2014 6.32% 7.24% 3.99%
2013 6.49% 7.86% 5.67%
2012 6.77% 7.89% 6.65%
2011 7.40% 8.54% 8.10%
2010 8.17% 10.33% 8.48%
2009 8.43% 10.52% 10.23%
2008 7.86% 10.30% 8.75%
2007 7.87% 9.20% 9.74%
2006 7.70% 9.61% 9.89%
2005 7.74% 8.82% 7.13%

Rent as a Fraction of Income

Using median household income data for Nashville, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Nashville, median monthly gross rent as a fraction of median household income was 18.98% in 2015 according to the ACS.

Nashville Tennessee Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Tennessee 19.93% -0.90% -0.56%
Nashville, TN 18.98% -1.11% -0.32%

Trends in Nashville, TN Rent as a Fraction of Income

The fraction of median Nashville household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 20.08%. Since then it has fallen by 1.11% to 18.98%.

Fraction of Income towards Rent: Nashville TN, Tennessee, US

Percent of median household income going towards median monthly gross rent in Nashville Tennessee

Historical Data for Annual Rent as a Fraction of Income in Nashville Tennessee

Date US Tennessee Nashville, TN
2015 20.63% 19.93% 18.98%
2014 20.89% 20.83% 20.08%
2013 20.78% 20.26% 19.59%
2012 20.65% 20.48% 19.29%
2011 20.70% 20.58% 19.20%
2010 20.50% 20.17% 19.59%
2009 20.12% 19.61% 18.42%
2008 19.00% 18.16% 17.50%
2007 18.66% 17.96% 16.88%
2006 18.90% 18.25% 17.74%
2005 18.89% 18.00% 17.42%

Renter Fraction in Nashville Tennessee

You can calculate the renter fraction in Nashville in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Nashville as a fraction of total Nashville households. In 2015 34.30% of households were renters according to Census ACS data.

Nashville Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Tennessee 34.18% +0.32% +0.87%
Nashville, TN 34.30% -1.23% -1.08%

Trends in the Nashville, TN Renter Fraction

The Nashville household renter fraction peaked in in 2014 at 35.53% and is now 1.23% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Nashville TN, Tennessee, US

Fraction of renters in Nashville

History of Nashville Renter Fraction

Date US Tennessee Nashville, TN
2015 36.97% 34.18% 34.30%
2014 36.90% 33.86% 35.53%
2013 36.50% 33.62% 34.30%
2012 36.09% 33.31% 35.38%
2011 35.42% 32.72% 34.24%
2010 34.65% 31.87% 33.57%
2009 34.13% 30.85% 32.24%
2008 33.36% 30.17% 30.46%
2007 32.80% 30.06% 30.33%
2006 32.73% 30.10% 30.99%
2005 33.10% 30.74% 32.47%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.