Firm Occupancy In A High-Supply Market
After several years of rapid expansion, Nashville’s multifamily market is easing but still holding its ground, with average advertised asking rents down 0.5%, on a trailing three-month basis through November 2025, to $1,643, lagging the 0.3% national figure, according to the U.S. multifamily market report. Occupancy in stabilized assets ticked up 30 basis points year-over-year, to 94.3% in October, indicating steady demand even after nearly 24,000 units were delivered since early 2024.
Employment growth stood at 1.0% year-over-year through August, slightly outpacing the 0.8% U.S. rate. Unemployment was 3.0%, in line with Tennessee and below the national 4.3% figure, according to data from the Bureau of Labor Statistics. The metro added 14,000 net jobs over the 12-month period ending in August, led by government and service sectors, while three sectors lost 1,800 jobs combined. Notable projects underway include BNA’s Concourse D expansion under the $3 billion New Horizons program, the $2.1 billion Nissan Stadium on the East Bank and Oracle’s $1.2 billion campus.
Developers added 9,490 units in 2025 through November, and had 16,470 underway, while construction starts decelerated. Investment remained subdued, with $754 million in multifamily sales. The average price per unit decreased 3.4% year-to-date to $185,358, down for the third straight year and trailing the U.S. average, which reached $206,794.
Read the full Yardi Matrix Nashville Multifamily Market Report: January 2026
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