MARKET SNAPSHOT

Nashville Q3 2026

AVERAGE RENT

$1,559 Q3 2026

OCCUPANCY RATE

92.6% Q3 2026

NET ABSORPTION

9,348 T4Q

ANNUAL RENT CHANGE

-2.2% Q3 2026

YoY OCCUPANCY CHANGE

50 BPS

UNIT COMPLETIONS

5,815 T4Q

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KEY TAKEAWAYS
Renter demand in Nashville remained steady and broad-based in the third quarter, with trailing four-quarter absorption comfortably outpacing new completions and all but one submarket posting positive gains.
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The construction pipeline has contracted sharply, down 66% from its 2022 peak, with starts also pulling back from a year ago, though Nashville's pipeline still runs above the national average relative to inventory.
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Rent growth remained negative but the annual decline has narrowed considerably since early in the year, while occupancy posted one of the strongest annual gains for major metros in the region and is now only modestly lower than the market’s long-term average of 93.6%.
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MARKET OUTLOOK

Recent trends suggest that the Nashville rental market should continue healing gradually, though the path forward is choppier than a steady glide back to growth....

Featured Tennessee Research Reports:

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Austin Fragoletti

Austin Fragoletti

Managing Director

austin.fragoletti@mmgrea.com

Sam Jackson

Sam Jackson

Managing Director

sam.jackson@mmgrea.com

Jake Sullivan_2023

Jake Sullivan

Senior Advisor

jake.sullivan@mmgrea.com

John Endom

John Endom

Associate Advisor

john.endom@mmgrea.com

Kellen Warner

Kellen Warner

Associate Advisor

kellen.warner@mmgrea.com

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