Nashville, Tennessee, offers a blend of quaint country living with big-city lifestyles and amenities. Nashville is one of the fastest-growing cities in the United States with plenty of room to keep expanding. Besides being the home of the Grand Ole Opry and coined as the “Music City,” Nashville has a dedicated sense of community that’s welcoming those just relocating.
Nashville is growing at such a fast pace that it’s estimated that 82 new people move to Nashville each day, with that number steadily rising, according to the Nashville MLS. Not only does the city have a bright nightlife, but it’s very family-friendly as well, offering recreation alongside the Cumberland River, with robust parks and outdoor activities. Some of the country’s top restaurants are in Nashville as well.
If you’re looking to relocate to Nashville, you’ll want to know about things such as the current inventory, the cost of rentals, and what drives Nashville’s current market trends. Those relocating from other countries will need even more insight — and this is where CORT Destination Services can help when it comes to relocation. Our top-rated services support both employees and relocation management companies (RMCs) to navigate tricky rental markets such as Nashville, particularly if you’re moving from outside the U.S.
What Does the Current Nashville Market Rental Costs and Inventory Look Like?
The city is currently considered “warm” when it comes to current rental costs in Nashville. Over the past year, because of the steady influx of renters and relocators, both demand and rental costs have gone up. The temperature of the market “Is based on changes in renter demand compared to the national average. For example, a hot market has increasing demand,” according to Zillow.
Over the past year, Nashville rental rates have increased by 18 percent, with increases even seen over the past month. As of Jan. 7, 2023, Zillow reports that the average rent for a one-bedroom apartment in Nashville, TN is $1,798. While the rent for a studio apartment decreased over the past month by -1 percent to $1,694, prices for one- and two-bedroom rentals saw a 3 percent increase to $1,798. Two-bedroom rentals also saw a 3 percent increase, with average rents of $1,900.
When it comes to inventory, Zillow reports that it can be limited. As of late January 2023, there are only 1,733 rentals available in Nashville.
For a better perspective, let’s compare Nashville to a major metro rental market like New York City.
Click here to download this infographic.
What’s Causing the Changes to the Nashville Rental Market?
One of the reasons that Nashville is “warm” is that more corporations are moving into the city, bringing with them employees who need to relocate. Also, those who have upper-level work-from-home positions are looking to move from states with a higher cost of living to another area, so Nashville is an attractive and viable option. According to WPLN News out of Nashville, “As Oracle and Amazon start to bring tens of thousands of jobs to Nashville, the city’s tech industry is seeing a historic economic boom. But there may not be enough Middle Tennessee residents to fill the jobs.”
What do big-name corporations mean for Nashville? There is a demand for more employees to fill the jobs and to acquire them from all over the country as well as globally. Also, renters from more competitive and expensive markets, such as California and New York City, are looking for more affordable housing in major cities like Nashville. According to the Nashville Business Journal, these high-earning renters profoundly affect Nashville housing markets: “Basically, the more highly paid a city’s residents are, the more rental rates rise because the market can support higher costs. Music City’s median household income was $43,825 in 2010 — now it’s $64,418, according to Federal Reserve economic data.”
As a result, there can be less inventory and higher rental prices for those moving to Nashville, but that’s where CORT Destination Services can step in and support you, along with your assignees, whether moving domestically or internationally.
What Does an International Assignee Need to Know Before Moving to Nashville?
As larger corporations need more employees to fill jobs, there is a need for workers nationally and around the globe. Nashville is growing rapidly, so there are a few things to keep in mind before making your move:
The Job Market
The job market is booming in Nashville, so if your assignee is planning to move to Nashville from outside of the U.S. with family, their own job prospects have a bright outlook. According to the Bureau of Labor Statistics, “The Nashville job market is favorable, keeping unemployment under 3 percent compared to the national average of 3.7 percent as of November 2022.”
Navigating Around Nashville
Getting around Nashville may be challenging for those used to a solid public transportation infrastructure. Public transportation is growing with the city. As of January 2023, the only public transit available is the WeGo Public Transit bus lines, which are not very dependable, says Zumper. If you’re going to move to Nashville, you’ll likely want a car — and expect notable traffic jams during rush hour.
Nashville has both a vibrant nightlife, family-friendly activities, and a well-rated public school system. Of course, the music scene is one of the notable attractions of Nashville, but you can also find fun experiences in the local dive bars. Zumper says, “Dive bars with cheap drinks, great live music, and casual meet-ups are aplenty in Nashville. You’re in luck in Nashville because this city has a bar for everything.”
Nashville School System
Students in the Nashville public school system have options to select pathways that lead to industry certificates directly out of high school. Also, “There is also plenty of greenspace, history, art and culture, and music for the whole family to enjoy,” according to Expat Arrivals. There are also many universities, colleges, and technical schools in Nashville.
Getting Used to the Nashville Weather
So, what’s the weather like? You’ll experience all four seasons in Nashville, but don’t expect extreme winter weather. The average temperature in Nashville during the winter is 50 degrees Fahrenheit, but sometimes residents get lucky with a touch of winter weather and snow. Nashville Auto Transportation says, “Nashville gets an average of around 6.3 inches of snow per year. Snow is a possibility any time from November to April, with January being the snowiest month of the year.” Bellhop warns of hot and humid summers, so prepare for some heat during the peak summer months.
Overall, Nashville is an expanding and diverse city with something for everyone and a touch of all four seasons for everyone to enjoy. Remember, no matter what time it is during the calendar year, CORT Destination Services can help with streamlining the relocation process to Nashville.”
How Can CORT Destination Services and the CORT Global Network Support Employee Relocation to Any City?
CORT is a trusted partner in the relocation industry. Since we were founded in 1972 our business has been built around helping people who are in transition. The relocation industry made us the go-to provider for relocation-related furniture rental, and we have decades of experience as a trusted partner to the biggest and best companies in the industry.
The CORT Destination Services team can work with local property managers to secure a short-term rental which can then be furnished by CORT Furniture Rental. This allows the employee to bypass the challenges of sourcing temporary housing, moving directly into their new rental property instead. Once the assignment is done, by renting furniture, the employees can return to their home country quickly, eliminating the need for a full-fledged move. CORT will collect the furniture while the assignee can move quickly.
Contact CORT Destination Services today to learn how we can help.