(CNN) The downtown area of Nashville has become the latest in a growing number of cities to embrace what’s becoming a new and growing cottage industry: renting out small, semi-detached homes.
The trend has been gaining momentum since the early 2000s, when Nashville became a hotbed of commercial development, with several new hotels opening and a slew of new condo developments.
Since then, many cities have begun to take note.
Today, there are more than 1,000 Airbnb properties in Nashville, according to Airbnb Nashville.
That number has climbed by more than 40% in the past year.
As Nashville’s popularity has grown, so too has the number of small rental properties in the city, with more than 2,200 rentals in the first quarter of 2019, according the city’s website.
Airbnb Nashville is also launching a “renting a condo” feature in the coming months.
This feature will let owners see the number and type of units available for rent and how much each unit is asking for.
For example, you could see a rental asking $2,500 a month and see that the median price for a three-bedroom unit is $2.1 million.
If you have an average home value of $250,000 and want to rent out a condo, you might be able to get by with a $500,000 unit.
As more cities adopt this strategy, more people will be able access a smaller home as an affordable way to make ends meet.
“We see a lot of cities like Nashville trying to take this and make it a little bit more affordable,” said David Schmaltz, CEO of Airbnb Nashville, in an interview.
“It’s a way for people to live in a smaller space, but also provide the amenities that they would want for their lifestyle.”
Airbnb Nashville also has a suite of rental and condominium apps that it’s working on, and it’s already working with some Nashville neighborhoods to offer rental and condo rentals, and to connect people with homeowners for more information.
While Nashville is a big player, cities like Austin, Dallas, Salt Lake City and Seattle are also taking advantage of the trend.
Airbnb Austin is offering a suite that will let users rent out apartments for $1,500, and the company is also expanding its suite to include condos.
“In the next year or two, we are looking at more than 200 cities,” Schmacz said.
“Our goal is to have over 1,500 Airbnb listings in cities all over the world by the end of the year.”
Airbnb is also looking to expand into the suburbs, with plans to offer its suite in Phoenix, Dallas and San Antonio in the near future.
While Austin and Dallas are already the biggest markets in the US, cities such as San Francisco, Los Angeles and New York are also looking at expanding into smaller, more compact markets.
Schmacsz says Nashville will be one of those cities by the middle of 2019.
“There are cities that are starting to look at this very aggressively,” he said.
The new market for tiny homes In Nashville, it’s a different story entirely.
In fact, the number one reason for people moving to Nashville is to live small, according Airbnb Nashville CEO David Schmetz.
The city has a long history of renting out homes, and more and more small towns and rural areas are being flooded with people looking for places to live and work.
“I think this is a pretty big trend, and we are seeing it across the country,” Schmet.
Schmet added that Airbnb Nashville and other companies are starting the process of building out their own small apartment rental platforms.
These new sites are starting with the Nashville-based Airbnb Nashville , which is offering small apartments at $50 a month, or a one-bedroom apartment for $350 a month.
Airbnb is working with the city to develop a more comprehensive rental and housing platform, with the aim of providing listings for both single people and couples.
Airbnb has already launched a rental platform in Austin, Texas, which offers apartments for rent for $5,000 a month or for a one bedroom unit.
It’s a pilot project that will eventually expand to other cities in the future.
Schmaticz said Airbnb is not looking to disrupt existing rental and home-sharing services, but is looking to make it easier for people and businesses to rent their homes.
“When you have people who can rent a house, that’s a great way to have the resources to pay the rent, and for people who are in need, that can be a huge help,” he explained.
In Nashville and across the US there are currently no restrictions on the number or types of units that can exist on Airbnb properties, but there are rules for the kinds of rentals that can happen.
For instance, people renting homes in Nashville must have a current lease and must pay rent on the property for the length of time that they are renting it.
Airbnb also offers a one or two-year