Landlords defaulting on mortgages. Rents drop 40% in inner cities.

Landlords are doing major rental rate cuts on luxury properties in cities like Nashville and Austin, where they are offering as much as 4 months free rent.

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In this video I tour you around the Nashville, TN apartment market and show you just how big the rent cuts are getting. 3-4 months free rent is typical in this market, which is a 25-33% net rent discount. The issue for these landlords is that they built too many units during the pandemic, and the rents are too high, leading to higher vacancy rates.

The result is a big crash in apartment rents and values in luxury properties near downtown areas.
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