Nashville Multifamily Report – September 2026
This market is showing progress, from asking rent upticks to slowing construction starts.
Nashville multifamily fundamentals were mixed at the start of the second half, as improving short-term rent momentum contrasted with elevated supply and softening occupancy. Advertised asking rents rose 0.3 percent, on a trailing three-month basis through July, to $1,681, above the 0.2 percent U.S. uptick to $1,771. Yet, local rate movement was still down 0.9 percent year-over-year vs. a 0.2 percent national gain. Local occupancy in stabilized assets fell 80 basis points over 12 months, to 93.6 percent in June.
Employment growth held at 0.5 percent through May, while the U.S. rate declined 0.1 percent. Nashville added 4,200 net jobs over the 12 months ending in May, led by leisure and hospitality, professional and business services and education and health services, while government posted the steepest decline. Unemployment stood at 3.2 percent in June, below Tennessee’s 3.5 percent and the 4.2 percent U.S. rate. Oracle’s 116,000-square-foot Neuhoff lease and the start of BNA’s $40 million Central Core Enhancement made the list of recent, notable CRE and infrastructure developments in Nashville.
Nashville development remained strong, with deliveries totaling 5,128 units in 2026 through July. Another 14,622 units were underway, but construction starts fell 48 percent this year. Meanwhile, multifamily investment rose 20 percent from the same period in 2025, to a total of $639 million for the first seven months.
