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Market Report

Tennessee Multifamily Market Report

Fourth Quarter 2019

Robust Wave of Hiring Advances High-End Rental Demand in Nashville

Luxury segment highlights strong Music City apartment market. Nashville will remain among the nation’s leaders in rent growth in 2019 as it expects a near-7 percent boost by year end. A decreasing use of concessions continues to support this trend, particularly in the Class A segment where the average effective rent increased 11 percent during the past year. Rates for luxury apartments are also being buoyed by the creation of high-wage jobs, elevating rental demand and driving down Class A vacancy. Availability of workforce housing has diminished as well, bolstered by Nashville’s 2.7 percent unemployment rate. Pressure in the housing market has been partially relieved by a two-thirds expansion in apartment development over past five years. A majority of upcoming construction will be concentrated around the urban core.

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