Murfreesboro City Councilman Shawn Wright told WGNS NEWS that he would like to pursue changes to better govern rental units, in hopes of preserving property values throughout the city… He wants to see similar regulations in future housing developments for those wanting to build everything from town homes to subdivisions.  WGNS’ Bart Walker asked…  Again, Wright believes if more rules were set on how residential properties could be converted into rental properties at the start of a development, it would further safeguard property values.

RENT PRICES: Nationwide, the impact of rental price increases has varied somewhat by geography. Many states in the southern and central U.S. have seen lower levels of increase, and one state—Alaska—has actually seen a 3% decrease in rental costs since 2019. The locations that have seen the greatest rent increases are all found in the western U.S., led by Nevada (26.0%), Idaho (24.1%), and Utah (22.2%). These states have experienced high population growth in recent years, bolstered in part by workers leaving higher-cost states like California and Washington in search of more affordable markets—but who have increased costs in their new locations in the process. A similar pattern is apparent at the local level. The metros that have seen the fastest increases in rental costs are “second-tier cities” like Sacramento, Las Vegas, Phoenix, and Salt Lake City that have been booming with incoming residents seeking more affordable locations.

Tennessee as a whole has seen an 11.5% increase in median rent prices. A recent analysis found that median rent in Tennessee is now $1,088, compared to $976 in 2019—an increase of 11.5%. 

Here is a rental summary of the data for Tennessee:

For more information, a detailed methodology, and complete results, you can find the original report on Stessa’s website: https://www.stessa.com/blog/cities-where-rents-have-risen-most/

RENT in MURFREESBORO: Of the 2-bedroom / 2-bathroom apartments currently available in Murfreesboro, most are priced at a minimum of $1,600 monthly. However, WGNS was able to find at least 2-units with 2-bedrooms and only 1-bathroom renting for a little less than $1,200 per month. We also found 1-unit with 2-bedrooms and 1-bathroom for $935 per month, but prices in the $900 range are scarce or too good to be true. Of the 2-bedroom / 2-bathroom apartments surveyed by WGNS in the Murfreesboro area, we found the average rental price to ring in at $1,723.42 per month. The average square footage of 2-bedroom / 2-bathroom apartments in Murfreesboro came in at 1,177 square feet.

Rent prices in Murfreesboro - Continued...