(PartiallyPolitics.com) – Zillow recently called Nashville the “hottest housing market” in the United States, however, the vacancy rate in the city has now reached a two decade high. This is despite the fact that before it was reported that 100 people were moving in daily.
Andy Hunt, a real estate adviser based in Nashville told Fox News Digital that this was the first time the city had managed to be “above the affordability index line.” He added that this along with the high rates and prices was causing what many had referred to as an affordability crisis.
Hunt argued that this situation had created an issue that was “hard and tragic.” As he pointed out it has also led to the highest rate of homelessness in the city.
Earlier this year a FOX Nashville survey found that the majority of people in the city, 78.7 percent, had perceived a worsening in homelessness.
Nashville Mayor John Cooper announced last year that in an attempt to combat the homeless crisis in Nashville, they were making $50 million. Simultaneously FOX 17 News had reported that across the city there were several homeless encampments that had been created.
Hunt stated that in part this was the result of the housing market which was not affordable. This is despite the fact that according to RE/MAX, there had been a 160 percent increase in the city’s home inventory within the last year.
Still, the majority of residents were having a hard time affording the city, and Hunt argued that in order to survive they were using short-term rental solutions and alternatives including Airbnb.
As he noted just last year there was a 25 percent year-over-year increase in the number of available Airbnbs in the area. He added that generally, these accommodations tended to be well-maintained. As he pointed out the short-term rentals also have the benefit of reviews and checks which means that the majority of the houses are going to be in good condition.
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