{"id":7890,"date":"2024-07-22T10:46:00","date_gmt":"2024-07-22T10:46:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7890"},"modified":"2024-10-17T11:17:51","modified_gmt":"2024-10-17T11:17:51","slug":"nashville-multifamily-market-report-june-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/nashville-multifamily-market-report-june-2024\/","title":{"rendered":"Nashville Multifamily Market Report \u2013 June 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>Healthy Absorption Meets Peak Supply<\/h2>\n<p>The start of leasing season reinvigorated Nashville\u2019s multifamily market, notes the latest Nashville multifamily market report. Following eight months of declines, the average rent inched up 0.1% on a trailing three-month basis through April, to $1,631. Year-over-year, rents in the metro decreased 1.9%, while the U.S. rate rose 0.7%, to $1,725, according to the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily market report<\/strong><\/a>. Last year\u2019s deliveries set a new decade-high and put pressure on occupancy and rents. The occupancy rate in stabilized properties was down 80 basis points, to 94.0%, year-over-year in March. Still, at 4.2%, Nashville marked the highest absorption rate as a percentage of stock over the 12 months through the first quarter.<\/p>\n<p><iframe id=\"datawrapper-chart-ZwbBP\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Nashville vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/ZwbBP\/1\/\" height=\"322\" 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>In the 12 months ending in February, Nashville employment expanded by 1.3%, or 5,400 net jobs, slightly lagging the 1.5% U.S. average. Yet the jobless rate was 2.4% in March, reflecting a very tight labor market and outperforming both the state (3.2%) and the country (3.8%). Three sectors contracted in the year ending in March: professional and business services (-5,400), financial activities (-4,400) and information (-2,000). Despite tepid job growth, Nashville is still expanding, with various billion-dollar projects underway.<\/p>\n<p><iframe id=\"datawrapper-chart-krXFn\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Nashville Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/krXFn\/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>In 2024 through April, deliveries totaled 1,429 units, all of which were upscale assets. An additional 28,557 units were underway, but new starts are decelerating. Meanwhile, investors traded $187 million in multifamily assets, for a price per unit that fell 36.8% year-to-date, to $146,719.<\/p>\n<p>Read the full Yardi Matrix Nashville Multifamily Market Report: <a href=\"\/publications\/download\/file\/5793-MatrixMultifamilyNashvilleReport-June2024\" rel=\"\"><strong>June 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Healthy Absorption Meets Peak Supply The start of leasing season reinvigorated Nashville\u2019s multifamily market, notes the latest Nashville multifamily market report. Following eight months of declines, the average rent inched up 0.1% on a trailing three-month basis through April, to $1,631. Year-over-year, rents in the metro decreased 1.9%, while the U.S. rate rose 0.7%, to [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":7605,"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-7890","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 June 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"While last year\u2019s record supply continues to put pressure on rent growth, the new leasing season has been 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