With absorption narrowly exceeding deliveries over the past year, Nashville’s multifamily market is approaching equilibrium, marking a key inflection point toward stabilization moving into 2026.
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Nashville’s construction pipeline continues to contract, with 11,000 units underway as of October 2025—down roughly 3,000 year over year amid fewer project starts.
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Despite improving fundamentals, rents remain under pressure, with average effective rents down 1.0% year over year as the market absorbs a heavy wave of lease-ups.
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MARKET OUTLOOK
Nashville’s multifamily market is entering a period of gradual stabilization following several years of rapid expansion...