{"id":7603,"date":"2024-02-13T08:54:00","date_gmt":"2024-02-13T08:54:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7603"},"modified":"2024-07-29T09:04:43","modified_gmt":"2024-07-29T09:04:43","slug":"january-2024-nashville-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/january-2024-nashville-multifamily-market-report\/","title":{"rendered":"Nashville Multifamily Market Report \u2013 January 2024"},"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>Robust Supply Dents Rent Growth<\/h2>\n<p>Nashville remained in expansion mode, posting robust job and population growth in 2023. Meanwhile, new supply was elevated, which translated into drops in occupancy rates and rent contractions. The average asking rent in the metro was <a href=\"https:\/\/www.yardimatrix.com\/blog\/nashville-multifamily-market-report-january-2023\/\"><strong>down 2.2% year-over-year in November<\/strong><\/a>, to $1,634, while the national figure rose 0.4%, to $1,713. The occupancy rate in stabilized properties decreased 70 basis points year-over-year as of October, to 94.4%.<\/p>\n<p><iframe id=\"datawrapper-chart-iFG6D\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Nashville vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/iFG6D\/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>Nashville\u2019s employment market expanded 3.8%, or 36,800 jobs, year-over-year as of September, placing it third for growth among Yardi Matrix\u2019s top 30 metros, trailing Dallas and Las Vegas and well ahead of the 2.4% national average. Meanwhile, the jobless rate clocked in at 2.9% in October, surpassing the U.S. (3.9%), the state (3.3%) and the other major Tennessee metros, according to data from the Bureau of Labor Statistics. Nashville\u2019s largest sectors\u2014education and health services, trade, transportation and utilities and professional and business services\u2014led gains, accounting for nearly two-thirds of new jobs.<\/p>\n<p><iframe id=\"datawrapper-chart-ceuGB\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Nashville Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/ceuGB\/1\/\" height=\"423\" 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 added 7,271 units in 2023 through November and had 27,433 units underway, with a clear preference for Lifestyle assets. However, by volume of new construction starts, activity is slowing. Meanwhile, investors traded $1 billion in multifamily properties, for a price per unit that dropped 8.8% from 2022 levels, to $216,170, as of November.<\/p>\n<p>Read the full Yardi Matrix Nashville Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/5060-MatrixMultifamilyNashvilleReport-January2024\"><strong>January 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Robust Supply Dents Rent Growth Nashville remained in expansion mode, posting robust job and population growth in 2023. Meanwhile, new supply was elevated, which translated into drops in occupancy rates and rent contractions. The average asking rent in the metro was down 2.2% year-over-year in November, to $1,634, while the national figure rose 0.4%, to [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,456],"class_list":["post-7603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","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 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Nashville rents were down 0.6% on a T3 basis through November 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