{"id":6566,"date":"2023-10-17T06:49:49","date_gmt":"2023-10-17T06:49:49","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6566"},"modified":"2024-03-12T15:57:56","modified_gmt":"2024-03-12T15:57:56","slug":"nashville-multifamily-market-report-september-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/nashville-multifamily-market-report-september-2023\/","title":{"rendered":"Nashville Multifamily Market Report \u2013 September 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/nashville-multifamily-market-report\/\">Nashville Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Growth Endures, As Challenges Linger<\/h2>\n<p>Despite market volatility, Nashville\u2019s multifamily market is in a solid position. Rents were up 0.3% on a trailing three-month basis through July. The same rate of improvement was recorded for the U.S., <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-september-2023\/\">which reached $1,672<\/a><\/strong>. Despite a prolonged decline in rents for upscale properties, all asset classes returned to positive movement. The average occupancy rate in stabilized properties decreased 90 basis points year-over-year, to 94.7%, as of June.<\/p>\n<p><iframe id=\"datawrapper-chart-8jsX3\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Nashville vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/8jsX3\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>The metro added 44,400 jobs in the 12 months ending in May, for a 4.7% increase, 90 basis points higher than the national average. As of June, the unemployment rate clocked in at 3.0%, a 30-basis-point difference compared to the rate registered in the same month last year, according to preliminary data from the Bureau of Labor Statistics. The professional and business sector added 10,900 jobs, the largest addition to the workforce across all sectors. The metro\u2019s employment rates will increase, as EV battery maker Ultium Cells is bringing a $2.5 billion plant to Spring Hill, Tenn., with plans to begin operations later this year.<\/p>\n<p><iframe id=\"datawrapper-chart-Jsz6C\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Nashville Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/Jsz6C\/1\/\" height=\"417\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers had 27,696 units under construction as of July. Of the projects underway, 5,109 units broke ground this year, a 26.0% decrease compared to the same period in 2022. Since the beginning of the year, some $498 million in multifamily transactions have traded,indicating a significant slowdown in investment activity. Last year, $2.2 billion traded during the same time frame.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4500-MatrixMultifamilyNashvilleReport-September2023\"><strong>Matrix Multifamily Nashville Report-September 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Growth Endures, As Challenges Linger Despite market volatility, Nashville\u2019s multifamily market is in a solid position. Rents were up 0.3% on a trailing three-month basis through July. The same rate of improvement was recorded for the U.S., which reached $1,672. Despite a prolonged decline in rents for upscale properties, all asset classes returned to positive [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6567,"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-6566","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 September 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Nashville rents rose 0.3% on a T3 basis in July, to $1,672, with transactions year-to-date at $498 million, Yardi Matrix reports.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/nashville-multifamily-market-report-september-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nashville Multifamily Market Report \u2013 September 2023\" \/>\n<meta property=\"og:description\" content=\"Nashville rents rose 0.3% on a T3 basis in July, to $1,672, with transactions year-to-date at $498 million, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/nashville-multifamily-market-report-september-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-17T06:49:49+00:00\" \/>\n<meta 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