NASHVILLE, Tenn.--New analysis shows Nashville is among the nation's major cities where renters are cost-burdened due to rents growing faster than incomes.
Thenew report from the apartment marketplace company ApartmentListfinds virtually 50% of all renters are cost-burdened, spending more that 30% of their income on rent.
The percentage of renters considered cost-burdened in Nashville grew from 43.8% in 2017 to 47.1% in 2018 according to the findings. 20.2% of renters in Music City are considered to be severely cost-burdened while 26.9% are moderately cost-burdened.
The report found from 2008-2018, the median rent growth in Nashville grew by 25% compared to the median renter's income growth which grew by 19%.
Despite the increase in Nashville, Memphis has the highest cost-burdened percentage in the state at 56.3% for 2018 according to the report. Jackson ranked second-highest at 50.5% and Knoxville has 47.5%.