MARKET SNAPSHOT

Nashville q1 2026

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AVERAGE RENT

$1,660 Q1 2026

OCCUPANCY RATE

91.4% Q1 2026

NET ABSORPTION

7,812 T4Q

ANNUAL RENT CHANGE

-1.6% Q1 2026

ANNUAL OCCUPANCY CHANGE

-60 BPS

UNIT COMPLETIONS

7,970 T4Q

KEY TAKEAWAYS

Trailing 12-month absorption of 7,812 units came within 2% of the number of new completions over the same period, marking the tightest supply-demand balance Nashville has recorded in two years and representing a meaningful shift from the imbalance that characterized 2023 and 2024.

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Deliveries over the past 12 months fell 30% from a year ago as the under construction inventory contracted 21% during this period to 9,885 units, pointing to a sustained reduction in forward delivery pressure.

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Average effective rents posted a 1.2% quarter-over-quarter gain, the strongest improvement in at least five quarters, while stabilized occupancy of 91.4% held relatively stable. Both metrics are trending in the right direction as supply-demand balance approaches parity.

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MARKET OUTLOOK

Nashville's supply pipeline has entered a sustained contraction phase, with completions declining meaningfully from their peak and the under-construction inventory at its...