Nashville Multifamily Report – January 2026
Short-term oversupply is leaving marks.
After several years of rapid expansion, Nashville’s multifamily market is easing but still holding its ground, with average advertised asking rents down 0.5 percent, on a trailing three-month basis through November 2025, to $1,643, lagging the 0.3 percent national figure. Occupancy in stabilized assets ticked up 30 basis points year-over-year, to 94.3 percent in October, indicating steady demand even after nearly 24,000 units were delivered since early 2024.
Employment growth stood at 1.0 percent year-over-year through August, slightly outpacing the 0.8 percent U.S. rate. Unemployment was 3.0 percent, in line with Tennessee and below the national 4.3 percent figure, according to data from the Bureau of Labor Statistics. The metro added 14,000 net jobs over the 12-month period ending in August, led by government and service sectors, while three sectors lost 1,800 jobs combined. Notable projects underway include BNA’s Concourse D expansion under the $3 billion New Horizons program, the $2.1 billion Nissan Stadium on the East Bank and Oracle’s $1.2 billion campus.
Developers added 9,490 units in 2025 through November, and had 16,470 underway, while construction starts decelerated. Investment remained subdued, with $754 million in multifamily sales. The average price per unit decreased 3.4 percent year-to-date to $185,358, down for the third straight year and trailing the U.S. average, which reached $206,794.
