A new study ranks Music City among the top 10 U.S. cities where wage growth has outpaced rising rent costs
For renters in Nashville, there's a rare piece of good news: your paycheck is likely growing faster than your rent bill.
A new study ranks Nashville ninth among U.S. cities where hourly wage growth has outpaced rent increases. Using rent data from Zillow and earnings figures from the U.S. Bureau of Labor Statistics, researchers found that from 2023 to 2024, hourly wages in Nashville rose 4.49% while rent increased by just 0.44% — a gap of more than four percentage points.
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Experts point to a surge in new apartment construction as a key driver. More supply has given tenants more options and eased pressure on prices.
Joel Sanders of Apartment Insiders told WKRN that Nashville's strong job market is also a major factor drawing new residents to the city.
“A lot of people are attracted to places where it is more affordable to live, and that can drive migration,” Sanders said. “However, really, it's two things that really drive migration: jobs number one — which Nashville's done really well with — and then household formation.”
Sanders added that the increased housing supply could mean more deals and incentives for renters in the near term.
A Different Picture Nationally
Nashville's trend runs against the national grain. Across the U.S., rents have risen 34% since 2019, while wages grew by only 27% over the same period — leaving millions of renters worse off in real terms.
Nashville's combination of job growth, new housing inventory, and steady population demand appears to have created conditions that, at least for now, are working in renters' favor.
