I Just Signed My Lease with Some Months of Free Rent. Will My Rent Go Up Next Year?

Congrats on signing your lease and snagging some months of free rent! You might be wondering if your rent will go up next year. Here’s a brief look at what to expect:

What Affects Rent Prices?

1. Economy & Jobs: If Nashville’s economy stays strong, more people will want to move here, which could increase rents. If the economy slows, rent hikes might ease.

2. Population Growth: Nashville is growing quickly. More people generally means higher rent, but rent increases might be smaller if growth slows.

3. New Apartments: More new apartment buildings can help keep rents from rising too fast. If new construction slows down, rents might go up.

4. Inflation: Rising living costs can lead to higher rents, as landlords need to cover their own increased expenses.

Special Offers and Deals

New Tenant Specials: You probably got your free rent as part of a new tenant deal. These are common incentives to attract new renters. Many new properties are opening and offering similar discounts to stay competitive.

Renewal Specials: To keep good tenants and compete with new properties, some landlords offer renewal specials, like rent discounts or apartment upgrades. To increase your chances of getting a good renewal deal:

1. Be a Good Tenant: Pay on time and take care of your place.

2. Ask Early: Let your landlord know in advance that you want to renew and ask about any available specials.

While your free rent deal was great, it doesn’t guarantee your rent won’t go up next year. Staying proactive and informed can help you manage potential increases.

Tips for Next Year

1. Budget for Increases: Plan for potential rent hikes.

2. Consider Lease Length: A longer lease might lock in your rent rate.

3. Negotiate: Good tenants sometimes get better terms.

4. Work with an Insider! I know the Nashville rental market inside and out. Contact me 75 days before your lease expires, and I’ll help you (100% free of charge) navigate the best deals and decide whether to renew your lease or find a place you’ll love at the best price.