The Nashville Rental Market Trend Report analyzes four key data points: active listing growth, renter lead growth, average renter leads per property, and the average rent price for two-bedroom listings.
Active Listings – Our first data set is the month-over-month change in the total number of active rental listings advertised on the TurboTenant platform. Factors such as seasonality will impact this number, with the rental season peaking January through August. Due to the pandemic, eviction moratoriums, and stay-at-home orders, more month over month fluctuations were reported in nearly every market we analyze. Traditionally, this data point helps us gauge the rental supply in each market and provides a more in-depth seasonality analysis. Through the lens of 2020, inconsistencies in baselines were noted. As we compare 2021 to 2020, we will work to glean insights into if and when the rental market is beginning to normalize and mirror moving and inventory trends of years past.
Renter Leads – Our second data set is the month-over-month change in the total number of renter inquiries to a TurboTenant property listing. This data point is the demand side of our supply data point above.
Average Number of Renter Leads Per Property – Our third data point brings together the first two to give us a better understanding of the competitive landscape in each location. We compare the total number on a month-over-month basis.
Average Rent Price – Our fourth data point is the average rent price for a two-bedroom listing. Our analysis begins in January of 2020 and will continue throughout 2021. We want to understand how factors such as outmigration, changes in remote work and school, and eviction moratoriums impact rent prices in any given market.
Nashville Rental Market Trend Analysis
In the first quarter of 2020 active listings reported for Nashville followed mostly normal seasonal trends – with March seeing a huge jump of 285% month-over-month followed by a 50% decline the following month. We saw mostly normal ebbs and flows in listing data with seasonality and COVID restrictions factored in. January 2021 posted over a 40% gain which may have indicated a strong entry into the new year but tapered off in February losing nearly 30% month-over-month. March saw a small bump of 15% and fell only barely in April and May.
Renter Leads and Average Leads Per Property
Demand on the renter side experienced more than normal volatility throughout 2020. We saw the most demand in October of 2020 with 43 leads per property on average and an extreme dip in November followed. The following three months saw a steady increase topping out at 22 leads per property for February. In March, we saw another dip down to 20 leads. The decline continued into April hitting a low of nine, but we saw a slight increase in May up to 14 leads per property.
Year-over-year the average rent amount for a two-bedroom listing has held steady and was mostly stable throughout 2020, with a jump in April that normalized. January of 2021 saw nearly a $200 year-over-year increase, and March saw over a $300 increase. May dropped dramatically to a number closer to that of 2020 and that decline continued into June 2021, where the year-over-year rent price is down by over $600.
We will continue to update this data every month. If you have data requirements that are outside the scope of this article, please email [email protected]. We have ongoing data collection and are happy to supply another data set if it is available. Check out all of our COVID-19 landlord resources here.
If you are in the process of filling your properties, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.