The Music City is packed with music industry potential, but that’s not the only reason people are flocking to Nashville in record numbers.
Nashville is home to other major employers, like Amazon.com, Bridgestone Americas, Nissan North America and boasts a huge healthcare community, most notably Vanderbilt University Medical Center.
The fact that all of Tennessee shuns a state income tax and enjoys super low property taxes makes it extra appealing for those folks who work hard for the money, so hard for the money.
While the suburbs of Nashville are a picturesque, country delight, many people are choosing to live in town to avoid a nasty commute. Because I-24, I-40, I-65 — well, they’re all nightmarish on their very best days.
Some Nashville neighborhoods are seeing extra spikes in rent prices, thanks to their locations and various awesome amenities. Check out this list of the five places in Nashville where rent prices have increased the most over the last year. The whole city is bumping, but these areas are just so hot right now.
5. Music Row
Photo of Millennium Music Row
- Price increase over the past year: 13.65 percent
- Average rent for one-bedroom in Music Row: $2,022.84
Music isn’t the only thing going on in Nashville proper, but on Music Row, it sure seems that way. That’s because the neighborhood, which is just southwest of downtown, is largely considered the heart of the city’s thriving entertainment industry.
Homes of various sizes and styles are sprinkled throughout the area, which boasts many major record labels and other music-related businesses.
Don’t sign on the dotted lease line in Music Row if major party time is what you’re after, though. The honky-tonks and other bars are down on Broadway (although, that’s not far in an Uber). That’s not to say that there isn’t plenty of fun to be had on Music Row, however, it’s just less intense than in other areas of Nashville.
Fun Fact: RCA Studio A, where acclaimed musicians like Elvis Presley and Waylon Jennings recorded music, was saved from demolition in 2015. To aid the preservation effort, the National Trust for Historic Preservation placed Music Row on the “National Treasure” list, which names threatened sites deemed historically significant.
Photo of Olympus Midtown
- Price increase over the past year: 18.56 percent
- Average rent for one-bedroom in Midtown: $1,935.33
The Midtown area of Nashville has morphed pretty dramatically in recent years, which is likely why rent prices have seen a nearly 20 percent uptick over the last year. No longer just a business-centric area, the neighborhood is now home to some luxe high-rise dwellings, and the change has encouraged the already booming local nightlife to explode even further.
Sandwiched between West End and downtown, midtown is ideally located for people who really want to live, work and play in the comfort of their own neighborhood. Don’t be surprised by the college student presence, however, as Midtown is just next to Vanderbilt University.
Fun Fact: Into mixology? Stop by Midtown favorite The Patterson House to sample any of the dozens of hand-crafted cocktails on the menu. Just be sure to abide by old-school house rules, which include no standing (you have to be seated to order a drink!), no fighting and no use of cell phones for “anything other than texting” in the bar area. Men are also not allowed to introduce themselves to women, “unless invited or introduced by a friendly party.”
3. West End Park
- Price increase over the past year: 19.37 percent
- Average rent for one-bedroom in West End Park: $1,672.00
West End Park is one of those neighborhoods that never goes out of style, which is why it’s still so high in terms of desirability. Residents to the area enjoy swank neighbors (such as those in historic Belle Meade), a pristine green space in the form of Centennial Park and creative dining options on just about every corner.
Both Cheekwood Estate & Gardens and Belle Meade Plantation are situated in West End Park, with the historic properties regularly frequented by both locals and tourists. Many West End Park locals work nearby, but even those that don’t appreciate the area’s easy access to just about every interstate Nashville has to offer.
Fun Fact: Always longed to visit the Parthenon in Greece, but just can’t swing the air fare? Stop by Nashville’s own full-scale replica of the historic site, located in Centennial Park. Is it random? Yes. Still fun to behold? Also yes.
2. East Nashville
- Price increase over the past year: 42.74 percent
- Average rent for one-bedroom in East Nashville: $1467.73
The largest neighborhood in Nashville has also experienced one of the biggest rent spikes in the area over the last year at nearly 43 percent! East Nashville, which is located on the other side of the Cumberland River from downtown, is comprised of a number of smaller areas, including Five Points, East End and Historic Edgefield.
The eclectic, artsy neighborhood features an impressive mix of both historic properties and brand-new construction, the latter of which is definitely necessary as more and more people of all types are flocking to make East Nashville home.
Fun Fact: East Nashville impressively covers three ZIP Codes. It’s not unusual to see all types of architecture throughout the area, including homes in Victorian and Tudor styles, even log cabins and Spanish-style haciendas!
1. Green Hills
Photo of Vertis Green Hills
- Price increase over the past year: 51.82 percent
- Average rent for one-bedroom in Green Hills: $1,967.55
Slightly southwest of downtown Nashville, Green Hills is the very definition of upscale living thanks to the luxe homes, boutique shopping and celebrated dining. It’s also widely considered Nashville’s shopping capital, with the posh Mall at Green Hills, in particular, leading the charge.
Those people who want the lifestyle, as well as the proximity to Nashville’s best haunts, are clearly willing to pay for it, as the price tag for the average one-bedroom rental is up more than 50 percent since last year!
Although Green Hills proper has a decidedly small-town feel about it, residents to the area appreciate being so close to the downtown area and everything it has to offer, including multiple universities, hospitals and major medical centers. Excellent schools and a thriving network of trails and other outdoorsy opportunities are the cherries on top of this neighborhood’s amenities.
Fun Fact: Green Hills is home to the famed Bluebird Cafe, which doesn’t seem like much from the outside (it’s literally in a strip mall), but is where some world-famous entertainers got their start, including Taylor Swift.
We looked at all neighborhoods in Nashville with sufficient available multifamily inventory on Apartment Guide and Rent.com and compared the average price from November 2018 to November 2019 to find the neighborhoods with the highest percentage increase in one-bedroom rent prices.
The current rent information included in this article is based on November 2019 multifamily rental property inventory on Apartment Guide and Rent.com and is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Published at Tue, 03 Dec 2019 15:13:54 +0000
No, this isn’t the same as co-signing for a loan.
An apartment co-signer is a party on the lease who agrees to cover rent costs if the tenant is unable to for any reason. Co-signers for an apartment are usually required when the initial applicant doesn’t meet the credit score or income requirement to rent a particular apartment.
Here are three things you need to know about co-signers.
1. Anyone can be an apartment co-signer
Well, almost anyone. We don’t mean to be deceptive. In truth, anyone can technically be a co-signer for an apartment as long as they have a sufficient credit score and level of income to be considered a worthy co-signer.
There isn’t any familial or marital status required for a co-signer to have. In fact, a co-signer could be a total stranger as long as they have good credit and make enough money.
2. Co-signed agreements are permanent for all parties
If you have a co-signer join your lease agreement, they’ll be on there for the duration of the agreement. Even if your financial situation improves enough to be considered as a sole lessee, the original co-signer can’t be removed from the agreement. In some rare instances, a friendly landlord may agree to re-draft a lease with only your name, but this does not happen often.
3. You may be better off finding an apartment that doesn’t require a co-signer
If you’re asked to provide a co-signer for a rental apartment, you may be better off finding an apartment that doesn’t require one. Property owners require a level of income because it’s what’s considered necessary to be able to afford that apartment.
If you’re not able to rent the apartment individually, you may find yourself struggling to make payments each month. Granted, there are plenty of variables that can come into play here that would make having a co-signer a good idea for many.
Whether or not you choose to go with a co-signer, make an informed decision
The power is in your hands when it comes to renting. The best thing you can do for yourself is to be informed of what a co-signer is and what burdens it places on both you and the third-party co-signer.
Published at Tue, 03 Dec 2019 14:36:17 +0000