Nashville Multifamily Report – June 2026
Supply continues to be the main pressure point.
Advertised asking rent movement entered positive territory this spring in Nashville, but the wall of deliveries is still weighing on longer-term prospects. Rates rose 0.1 percent, on a trailing three-month basis through April, to $1,663, compared to the 0.2 percent national gain to $1,758. Year-over-year, Nashville rents slid 1.3 percent, while the U.S recorded a 0.2 percent drop. Meanwhile, occupancy in stabilized properties fell 40 basis points over 12 months, to 93.6 percent as of March.
The labor market improved toward the end of 2025, with employment growth reaching 1.3 percent as of December, ahead of the 0.6 percent U.S. average. Nashville-area unemployment stood at 3.3 percent in February, below both the Tennessee and U.S. rates. Nashville added 12,400 net jobs in 2025, led by education and health services, professional and business services and other services. Recent demand drivers include the opening of the $284 million Peabody Union mixed-use development, Starbucks’ planned Southeast corporate office and continued progress at the New Nissan Stadium.
Supply remained a key pressure point, with 1,544 units delivered through April and another 16,686 apartments underway. Still, construction starts fell 36 percent year-to-date. Investment activity remained tepid, with multifamily sales totaling $307 million in 2026 through April. The average price per unit ticked down 2.2 percent year to-date, to $194,479, slightly above the $193,181 U.S. average.
