RUTHERFORD COUNTY, TN - Rental prices are all over the map, depending on what city you choose to call home. But, one thing can be said without a doubt, apartment prices in Tennessee started the year with roughly a 5.3% increase. However, over the last couple of months, rent prices have gone down throughout the Volunteer State by 2.4%.
In the Nashville – Davidson – Murfreesboro – Franklin Metro Statistical Area, the median rent price is at $2,165. At the start of the year, compared to last year, rent prices in the Rutherford County area were up by 1.8%. When comparing the last two months, it appears that rent prices dropped by an average of 3.2%.
Throughout the southern states, Mississippi is the only Southern state on the list to see the largest year-over-year gains with prices surging nearly 16%, although monthly price changes were relatively flat increasing by just 0.06 percent from August. In the Northeast, New York rents rose 11.28 percent year over year despite price declines relative to August of more than 2 percent, while New Hampshire remained flat month over month but gained 7.38 percent year over year.
September 2022 was a mile marker in rent prices, ending a run of double-digit yearly gains that began in October 2021. Over that time, rents rose over 11.5 percent, climbing from $1,839 to $2,054 in August 2022. Prices that September were still up 8.83 percent but began a decline — led by decreased demand — which lasted until rents bottomed out at $1,937 in February of this year.
Source: - Rent. Research
