NASHVILLE, Tenn. (WKRN) — A 300-square-foot studio, in the form of a detached garage, is now available for rent in East Nashville for $1,000 a month.
The listing on 1037 Chicamauga Ave is getting quite the reaction online. To some it’s a scam, to others, it’s a steal. Many say $3 a square foot is astronomical, but experts in the apartment industry say, sadly, this is the new normal.
The tiny blue box, in many ways, is a symbol of what’s happening to Nashville rent. Despite the sea of cranes— demand still outweighs supply.
According to the listing: The remodeled studio with a full bathroom, kitchen, HVAC and furnishings, includes all utilities, internet and WiFi.
“I’m seeing this as a 37206 address and I know that, in that specific location, that’s a hot spot right now. That’s why the rate is going to be so high,” said Cassie Coss, a relocation consultant at Apartment Insiders.
She added, “It’s very up and coming, it’s where the locals are, so you’re going to get those smaller businesses. It’s going to be a more authentic Nashville vibe and it’s also very close to downtown.”
Rental rates across the city are rising. Though unaffordable for most, it’s the new status quo.
According to Rent.com, the average rent for apartments in Nashville, TN, is between $1,585 and $2,658 in 2022. For a studio apartment in Nashville, the average rent is $1,860. For a one-bedroom, the average rent is $1,991, and for a 2-bedroom is $2,658.
According to the data, prices are up 50% compared to last year for a two-bedroom in Nashville.
“The rates keep rising because the quality of the demand and quantity of demand is so strong,” said Joel Sanders, the CEO of Apartment Insiders.
And people continue paying, so why change the price?
“It’s crazy in Nashville,” Coss said.
And this is a trend, experts say, will likely be sticking around, though they admit Music City is in need of more affordable housing.
News 2 did reach out to the property owner of the detached garage and hasn’t heard back.
The Property Standards Division of the Metro Codes Department has opened an investigation on the property.