Nashville rental prices dropping at fast rate, report shows [Video]

NASHVILLE, Tenn. (WKRN) — New numbers show rent in Nashville is dropping faster than in any other metro area in the country.

A September report from Realtor.com shows that Southern states are seeing a steep decline in rental prices, which is driven by a surge in multi-family developments in the area. Of the 10 metro areas with the largest decline in rental prices, eight of them are in the south.

Build-to-rent development underway in West Meade community

Nashville has seen the largest decline in rental prices (4.8%) since last year, followed by Dallas. Memphis, Birmingham and Atlanta also had significant downward trends.

“You kind of have Nashville getting hit with a double whammy of a record amount of apartments supply, hitting all at the same time, as well as the seasonal cooling off that we see with rent prices,” explained Joel Sanders of Apartment Insiders.

Nationally, rent prices have dipped for 14 straight months, according to the report. Midwest cities, like Cincinnati …