MARKET SNAPSHOT

Nashville q2 2026

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AVERAGE RENT

$1,586 Q2 2026

OCCUPANCY RATE

92.3% Q2 2026

NET ABSORPTION

8,512 T4Q

ANNUAL RENT CHANGE

-2.8% Q2 2026

ANNUAL OCCUPANCY CHANGE

0 BPS

UNIT COMPLETIONS

6,645 T4Q

KEY TAKEAWAYS

Trailing 12-month absorption of 8,512 units continues to outpace the 6,645 units delivered, with Q2 2026 leasing of 2,911 units returning to roughly the same pace recorded a year ago.

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The construction pipeline is downshifting, with trailing 12-month starts declining to 5,695 units from 7,575 one year ago, while 11,724 units remain under construction (6.2% of inventory), pointing to continued but moderating delivery pressure.

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Effective rents fell 2.8% year-over-year to $1,586 but rose 1.5% quarter-over-quarter, the second straight quarterly gain, while stabilized occupancy of 92.3% held flat on an annual basis.

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MARKET OUTLOOK

Nashville's supply and demand fundamentals have moved into better balance. The construction pipeline has thinned well below its long-run norm, and with fewer projects breaking ground than are being completed, the heaviest phase of new supply appears to be behind the market...