{"id":5672,"date":"2023-02-23T11:34:00","date_gmt":"2023-02-23T11:34:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5672"},"modified":"2023-09-12T19:56:02","modified_gmt":"2023-09-12T19:56:02","slug":"nashville-multifamily-market-report-january-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/nashville-multifamily-market-report-january-2023\/","title":{"rendered":"Nashville Multifamily Market Report \u2013 January 2023"},"content":{"rendered":"<p>Nashville\u2019s economic diversification has transformed the area into <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/nashville-multifamily-market-report-september-2022\/\">a prosperous and vibrant center<\/a><\/strong>, attracting businesses and residents alike. In addition, the city boasts a lower cost of living compared to many metros, with an average asking rent of $1,655, trailing the $1,719 U.S. average. Although demand softened, occupancy in October was still solid, at 95.5%.<\/p>\n<p><iframe id=\"datawrapper-chart-kUA1l\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Nashville vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/kUA1l\/1\/\" height=\"383\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();\n<\/script><\/p>\n<p>Nashville unemployment stood at 2.7% in October, according to the Bureau of Labor Statistics, outperforming nearby Chattanooga (3.3%) and Knoxville (3.1%), as well as Tennessee (3.5%) and the U.S. (3.7%). Employment expanded 6.1%, or 64,100 jobs, in the 12 months ending in September, well above the 4.2% U.S. rate. The information sector remained flat during the period, but no sector lost jobs. Leisure and hospitality led gains (14,300 jobs), followed by Nashville\u2019s three largest sectors, for a combined 33,900 positions. The metro\u2019s strong and diversified economy has good prospects for withstanding the next recession.<\/p>\n<p><iframe id=\"datawrapper-chart-re28o\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Nashville Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/re28o\/1\/\" height=\"583\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(e){if(void 0!==e.data[\"datawrapper-height\"]){var t=document.querySelectorAll(\"iframe\");for(var a in e.data[\"datawrapper-height\"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[\"datawrapper-height\"][a]+\"px\"}}}))}();\n<\/script><\/p>\n<p>Developers delivered 6,356 units in 2022 through November, the bulk of which were in upscale properties. Another 20,212 units were underway, but the number of construction starts declined. Meanwhile, investment activity remained elevated, with the transaction volume nearing $3.9 billion for the year, a new record. The price per unit posted a 17% year-over-year increase, to $238,757, while the U.S. average rose to $215,443.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/3359-MatrixMultifamilyNashvilleReport-January2023\" target=\"_blank\" rel=\"noopener\"><b>Matrix Multifamily Nashville Report-January 2023<\/b><\/a><\/p>\n\n\n<div style=\"height:45px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Nashville\u2019s economic diversification has transformed the area into a prosperous and vibrant center, attracting businesses and residents alike. In addition, the city boasts a lower cost of living compared to many metros, with an average asking rent of $1,655, trailing the $1,719 U.S. average. Although demand softened, occupancy in October was still solid, at 95.5%. [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":5673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,456],"class_list":["post-5672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","tag-nashville"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nashville Multifamily Market Report \u2013 January 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Nashville rents declined 0.1% on a T3 basis through November, with the average rent at $1,655, according to Yardi Matrix data.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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