NASHVILLE, Tenn. – Rent prices in Nashville are climbing faster than almost any other city in the nation, according to a new report released this week in Businessweek.
AXIOMetrics, founded in 1994 to measure the performance of the apartment sector, ranked Nashville No. 6 when it comes to the highest rent hikes over the last year.
With an average monthly rent of $786, the average price increased 8% over last year. The vacancy rate in Nashville is 5.5%.
According to the report, residents in the Metro area shied away from buying last year, causing home prices to fall 8.5%.
Rent in parts of Donelson, Hermitage, and Wilson County jumped by 13.9% in 2010.
In addition, the jobless rate in Metro Nashville in 2010 fell to an estimated average of 8.9% compared with 9.3% in 2009.
Greenville, South Carolina ranked No. 1 on the list of cities with the highest rent hikes, followed by Chattanooga and Savannah, Georgia.
