300 square foot apartment listed for $1,000 per month

NASHVILLE, Tenn. (WKRN) – A 300 square foot studio, in the form of a detached garage, is now available for hire in East Nashville for $1,000 a month.

The listing at 1037 Chicamauga Ave is getting a lot of reactions online. For some it’s a scam, for others it’s theft. Many say $3 per square foot is astronomical, but apartment industry experts say, sadly, it’s the new norm.

The little blue box, in many ways, is a symbol of what’s happening to Nashville’s rent. Despite the sea of ​​cranes, demand still exceeds supply.

According to the listing: The renovated studio with a full bathroom, kitchen, HVAC system and furniture, includes all utilities, internet and WiFi.

(Courtesy of Zillow)

“I see this as a 37206 address and I know that at that specific location it’s a hot spot right now. That’s why the rate is going to be so high,” said Cassie Coss, relocation consultant at Apartment Insiders.

She added: ‘It’s very promising, that’s where the locals are, so you’re going to have these small businesses. It’s going to be a more authentic Nashville vibe and it’s also very close to downtown.

Citywide rental rates are increasing. Although unaffordable for most, it’s the new status quo.

According to Rent.comthe average apartment rent in Nashville, TN is between $1,585 and $2,658 in 2022. For a studio in Nashville, the average rent is $1,860. For a one-bedroom apartment, the average rent is $1,991 and for a two-bedroom apartment, it is $2,658.

According to the data, prices are up 50% over last year for a two-bedroom in Nashville.

“Rates keep going up because the quality of demand and the quantity of demand are so strong,” said Joel Sanders, CEO of Apartment Insiders.

And people keep paying, so why change the price?

“It’s crazy in Nashville,” Coss said.

And it’s a trend, experts say, that’s likely to continue, though they admit Music City needs more affordable housing.

News 2 contacted the owner of the detached garage and received no response.

The Property Standards Division of the Department of Metro Codes has opened an investigation into the property.