Living in Nashville is not cheap! If you've lived here for a long time, it probably comes as no surprise that Nashville ranks inside the top 10 for cities with the largest rent increases, that according to a new study from SmartAsset. The study ranks Music City 7th on the list with a 37% increase in rent over the last 3 years. Here's what SmartAsset said about Nashville:
Another Southern city and another popular city for Airbnb owners appears in seventh. Music City rents increased by $377, or 37%, from 2014 to 2017. The good news is that while rents did see a sudden surge, incomes also grew by a healthy amount. Over that same time period, median household income grew by $10,500 per year, or 22%. The average rental now costs 29% of income compared to 25.9% in 2014. While 29% is still within the healthy range, the fact that the figure is creeping up should concern local officials and renters alike.