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Portable Tenant Screening Report: A Comprehensive Guide
Discover the benefits and considerations of Portable Tenant Screening Reports (PTSRs), which offer a cost-effective, reusable screening option for tenants and require...
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.
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.
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.
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