NASHVILLE, Tenn. (WKRN) — One apartment locator company has reported some of the most aggressive rent concessions the Nashville market has ever seen.
On top of the unheard-of deals, market experts told News 2 they’re seeing incentives early this year.
"How aggressive are people willing to get to get heads in beds [to get] people living in their apartments?” Founder and CEO of Apartment Insiders, Joel Sanders, asked.
Sanders said that the Nashville rental market has shifted, with fewer companies looking to build new complexes due to high interest rates and construction costs.
"For the past few years, Nashville has had over 30,000 apartment units under construction at any one time," Sanders said. "Now, that number has recently dropped to below 30,000, and I anticipate that to continue."
With so many new units comes the need to fill them. Sanders said that the most aggressive offer he’s seen so far is four months of free rent.
"Hands down, the most common concession is months of free rent," Sanders added. "It's not weeks, and it's usually more than one month. It's two months, three months, and we've seen up to four months of free rent being given away."
On top of rent discounts, Sanders has also come across incentives like designer handbag giveaways, gift cards and electronics for new residents.
He also said that deals have come earlier this year, and concessions often come in the colder months when fewer people are willing to move.
"Some people were really working to really get ahead of the curve,” Sanders said. “The question is: as we go into the winter months, are more places going to get that competitive? And if they don't, how else are they going to compete?”
Although rent and other incentives can be tempting, Sanders said it’s important to look at other costs, such as parking and amenity fees, before deciding on where to live.