MARKET SNAPSHOT

Nashville q1 2025

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AVERAGE RENT

$1,679 Q1 2025

OCCUPANCY RATE

91.7% Q1 2025

QUARTERLY NET ABSORPTION

1,883 Q1 2025

ANNUAL RENT CHANGE

-0.1% Q1 2025

ANNUAL OCCUPANCY CHANGE

-80 BPS Q1 2025

QUARTERLY COMPLETIONS

1,453 Q1 2025

KEY TAKEAWAYS

Nashville’s occupancy rate is stabilizing as renter demand rises, with nearly 10,000 units absorbed over the past year and demand outpacing supply for three straight quarters.

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Construction remains high with 14,400 units underway, but starts are down 40% year-over-year, signaling a shift toward more balanced conditions likely by 2026.

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Annual rent declines have eased to just -0.1%, and with occupancy holding near 92%, both metrics are expected to improve throughout 2025.

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MARKET OUTLOOK

Nashville’s multifamily market is showing clear signs of stabilizing after years of supply-driven pressure and should soon shift from a period of stabilization into a broader rebound...