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Market Report

Nashville Multifamily Market

2024 Investment Forecast

Another Large Set of Completions Upstage
Widespread Apartment Leasing

Demand amplified across property tiers by strong local economy. Surpassing all other major metros in stock growth last year, Nashville’s apartment inventory is expected to increase by another 6.3 percent during 2024. While this supply influx will place upward pressure on vacancy, the end impact on operations is expected to be moderate for several reasons. Most of the metro’s employment sectors entered 2024 with record staff counts, as overall unemployment was near its all-time low. This standing suggests companies will recruit from outside the metro with increased frequency this year, specifically when filling higher-paying tech and professional services roles. The positive net in-migration this creates will not only lift Nashville’s populace, but also demand for newly-built luxury apartments, goods and services. The latter will necessitate an increase in health services and retail trade-related jobs, aiding demand across Nashville’s sizable stock of larger Class B and C garden-style properties. Together, these dynamics should allow most, if not all, metro submarkets to record positive net absorption for a second consecutive year.

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