Nashville Multifamily Report – September 2025
This market is improving as absorption gobbles up the wall of deliveries.
Nashville rents saw just a 0.1 percent increase as of July, with rent growth restrained by record incoming supply from 2024. Average advertised asking rents were up 0.2 percent on a trailing three-month basis at the national level, slightly above the metro’s rates. On an annual basis the difference was even larger, with the national average up 0.7 percent, while Nashville’s advertised asking rents contracted 60 basis points. Nashville’s occupancy rate for stabilized assets was 94.2 percent as of June, settling 50 basis points below the national average.
The metro’s unemployment rate was 3.4 percent as of June, according to preliminary data from the Bureau of Labor Statistics. The figure was well below the national average of 4.1 percent. Job expansion was largely supported by the government sector, which added 5,900 jobs during the 12-month period ending in May. At the other end, five sectors lost a combined 6,800 jobs. Among other projects reshaping Nashville, The Boring Co. announced plans to develop the Music City Loop. The privately funded underground transit system would connect downtown and Nashville International Airport.
Year-to-date through July, developers added more than 5,800 units to Nashville’s inventory atop the almost 14,000 units that were delivered in 2024. The metro’s pipeline included more than 17,500 units under construction with an additional 66,500 units in the planning and permitting stages.
