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Market Report

Nashville Multifamily Market

2Q 2024

Nashville's Diverse Economy Shows Strength,
Aiding Absorption Across Rent Spectrum

Demand reaches new heights in the core. Lively entertainment options and frequent social events are helping entice renters to occupy downtown apartments. Recent data indicates that foot traffic in the CBD is the closest to pre-pandemic volumes among major U.S. cores, helping local net absorption reach a record 3,800 units over the year ended in March. Robust demand — paired with abundant opportunities to position near vibrant retail clusters — are stoking substantial builder interest, leading to a local pipeline that will expand core stock by 28 percent once fully delivered. Given that local vacancy jumped 150 basis points amid a 14.1 percent inventory expansion in 2023, Central Nashville's 12-plus percent supply growth in 2024 may impact core property metrics similarly.

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