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Nashville, TN

2025 Q2 Multifamily Market Overview

 

In this report:

Tennessee’s largest metro area with an MSA population of 2,150,553, the ‘Music City’ has become one of the country’s most desirable places to live. With a 14-county population of 2,150,553, Nashville has it all – a world-renowned reputation for music and entertainment, quality school systems & higher education, reasonable cost of living, a robust economy anchored by its healthcare sector, international airport, popular tourism industry, and multiple professional sports teams.

The city is also known as the ‘Healthcare Capital of the World’ due to the large number of headquartered healthcare businesses and hospitals. The Vanderbilt health system, anchored by Vanderbilt University Medical Center and the adjacent Monroe Carell Jr. Children’s Hospital, employs 32,081 people. HCA Healthcare, headquartered in Nashville, employs another 27,694 people and operates 12 area hospitals under the TriStar flag. Vanderbilt, HCA, and Ascension Saint Thomas combine for 5,060 hospital beds. Community Health Systems, National HealthCare Corporation, Lifepoint Health, Brookdale Senior Living, AdvancedHEALTH, and Acadia Healthcare all have headquarters in Nashville.

The region also has 32 universities and colleges, the most renowned being Vanderbilt University (7,090 jobs / 13,456 students), which is ranked in the top 20 universities in the United States. MTSU (Murfreesboro / 20,488 enrollment), Lipscomb University (4,675 enrollment), and Belmont University (8,803 enrollment) are other notable universities.

Nashville is home to four professional sports teams – the Tennessee Titans (NFL), Nashville Predators (NHL), Nashville SC (MLS), and Nashville Sounds (MiLB). Bridgestone Arena, Ryman Auditorium, and Gaylord Opryland Resort & Convention Center are some of the area’s most popular entertainment venues. Opry Mills Mall, Mall at Green Hills, CoolSprings Galleria, The Avenue Murfreesboro, One Hundred Oaks Mall, Rivergate Mall, Nashville West, and Fifth + Broadway highlight a robust shopping scene.

The Nashville MSA has a multifamily inventory of 998 properties and 205,611 units. An additional 50 properties totaling 15,684 units are currently under construction.

Nashville Economy

The Nashville–Davidson–Murfreesboro–Franklin MSA features a robust, diversified economy anchored by healthcare (330,000 jobs / $68 billion industry), professional services, music and entertainment (56,000 jobs), manufacturing, and logistics. The region’s Gross Metropolitan Product exceeds $200 billion, reflecting steady growth and resilience. Since pre-pandemic March 2020 levels, the Nashville metro added 107,000 jobs, a 10.2% increase.

Major Industries

The Nashville MSA has a diversified economy, led by the below sectors:

Healthcare & Life Sciences

A powerhouse hub with 300+ healthcare firms, including HCA, Vanderbilt, and numerous management and life-science companies

  • The broader healthcare ecosystem generates approximately $68 billion in annual output and supports 330,000 jobs
  • Employment in healthcare and education surged by 7,900 jobs (+4.8%) in 2023–24

Professional & Business Services

The largest employment sector, encompassing corporate, financial, insurance, and tech services

Logistics & Transportation

This occupational group includes 120,420 jobs, making up 11% of MSA employment—well above the national average—covering truckers, freight handlers, and airport cargo roles

Music, Tourism & Culture

Nashville’s storied music industry contributes around $10 billion annually and supports about 56,000 jobs

Nashville International Airport handled a record-breaking 23.7 million passengers in 2024

Manufacturing & Automotive Sector

Thriving regional automotive manufacturing includes Nissan and GM assembly plants nearby, with Bridgestone’s North American HQ in the metro.

Population Analysis

 

Nashville MSA Population

The Nashville MSA had a 2024 population of 2,150,553, led by Davidson County (Nashville – 729,505), Rutherford County (Murfreesboro – 376,996), and Williamson County (Brentwood/Franklin – 269,136). Other counties with over 100,000 people include Sumner County (Hendersonville/Gallatin – 211,721), Wilson County (Lebanon/Mt. Juliet – 169,948), and Maury County (Columbia – 113,411).

While the MSA as a whole grew 6.37% from 2020-24, the fastest-growing counties in the MSA during that same time period were:

  • Wilson – 14.33%
  • Maury – 11.37%
  • Rutherford – 9.81%

Demographics

Total Population (MSA)
2,150,553
Unemployment Rate (April 2025)
2.5%
Population Growth (2020-24)
6.37%
#1
Best Cities in America (Clever)
#3
Best City in The South (Southern Living)
#3
Metro Economic Strength (Policom)

Multifamily Highlights

Apartment Market Overview:

998
Apartment Communities (50+ units)
205,611
Total Units (50+ units)
$1,719
Avg. Asking Rent
-0.8%
Rent Growth (Previous 12 Months)
88.8%
Occupancy

12-Month Sales:

$1,970,533,694
12-month Sales Volume ($)
9,076
12-month Sales (Units)
45
12-month Sales (# of transactions)

Development Pipeline:

50
Properties
15,684
Units

Nashville Multifamily Analysis

 

The Nashville MSA has 998 apartments of over 50+ units, for a total of 205,611 units. 9,591 units were delivered in the last 12 months (CoStar), with a construction pipeline of 15,684 units. Vacancy has stabilized after the record supply of the past several years and currently sits at 88.8%. The Average Rent in the Nashville MSA is $1,719. Based on an analysis of multifamily properties in the city of Nashville, Average Expenses are $6,745 per unit (TKC’s Expense Averager Tool). Average Expenses in other significant areas of the MSA are:

  • Hendersonville – $6,067 per unit
  • Columbia – $5,534 per unit
  • Lebanon – $5,460 per unit
  • Murfreesboro – $4,532 per unit

 

 

 

 

 

 

 

 

 

 

 

Economic Development

Nashville’s economy continues its strong momentum, emerging as a top-tier U.S. metro for population growth, corporate investment, and innovation. According to recent data from the Nashville Area Chamber of Commerce, the MSA grew by an average of 86 people per day, driven by dynamic growth across healthcare, tech, logistics, and advanced manufacturing.

Corporate Expansion & Job Creation

  • Amazon acquired a 96-acre industrial site in Lebanon, reinforcing its logistics footprint in Middle Tennessee.

  • Oracle purchased additional East Bank land for its planned $1.35 billion riverfront campus, a cornerstone of downtown’s redevelopment.

  • Barrett Firearms is expanding its headquarters in Murfreesboro.

  • McDermott Will & Emery, a global law firm, opened a new Nashville office.

  • Dynamic Lifecycle Innovations announced a tech facility in La Vergne.

  • Shoals Technologies is investing $80 million and creating 550 jobs in Sumner County.

  • LKQ Corporation moved its headquarters to Antioch.

  • In-N-Out Burger broke ground on its Eastern U.S. HQ in Franklin.

Healthcare Leadership

Innovation & Entrepreneurship

Major Developments Shaping the Region

  • Tennessee Titans Stadium: A $2.2 billion NFL stadium broke ground in 2024, with completion expected in 2027.

  • BNA Vision: A multi-phase airport expansion includes a new hotel, parking, and an international arrivals terminal.

  • Nashville Yards: Amazon’s $1B mixed-use development remains active, though job timelines are evolving.

  • Industrial and Retail Development continues at scale across Brentwood and other submarkets.

 

Major Employers

  1. Vanderbilt University Medical Center & Monroe Carell Jr. Children's Hospital

    32,081 Jobs / 1,318 Beds  | Learn More

  2. HCA Healthcare HQ

    27,694 Jobs / 2,100 Beds  | Learn More

  3. State of Tennessee

    27,308 Jobs  | Learn More

  4. U.S. Government

    14,141 Jobs  | Learn More

  5. Nissan North America HQ & Smyrna Vehicle Assembly Plant

    11,000 Jobs  | Learn More

  6. Metro Nashville Public Schools

    10,790 Jobs  | Learn More

  7. Metropolitan Government of Nashville & Davidson County

    10,563 Jobs  | Learn More

  8. Ascension Saint Thomas

    9,104 Jobs / 1,642 Beds  | Learn More

  9. Amazon

    8,400 Jobs  | Learn More

  10. Kroger Nashville Division HQ

    8,100 Jobs  | Learn More

  11. Rutherford County Government & Board of Education

    7,441 Jobs  | Learn More

  12. Williamson County Schools

    7,200 Jobs  | Learn More

  13. Vanderbilt University

    7,090 Jobs / 13,456 Enrollment  | Learn More

  14. Community Health Systems HQ

    5,143 Jobs  | Learn More

  15. Sumner County Government & Public Schools

    4,675 Jobs  | Learn More

  16. Western Express HQ

    4,521 Jobs  | Learn More

  17. Fresh Hospitality HQ

    3,500 Jobs  | Learn More

  18. Asurion HQ

    3,400 Jobs  | Learn More

  19. Cracker Barrel HQ

    3,197 Jobs  | Learn More

  20. Dollar General HQ

    3,115 Jobs  | Learn More

  21. United Healthcare

    3,083 Jobs  | Learn More

  22. National HealthCare Corporation HQ

    3,000 Jobs  | Learn More

  23. Bridgestone Americas HQ

    2,824 Jobs  | Learn More

  24. YMCA of Middle Tennessee

    2,607 Jobs  | Learn More

  25. Acadia Healthcare HQ

    2,583 Jobs  | Learn More

  26. A.O. Smith

    2,473 Jobs  | Learn More

  27. Wilson County Schools

    2,400 Jobs  | Learn More

  28. Lifepoint Health HQ

    2,322 Jobs  | Learn More

  29. AT&T Tennessee HQ

    2,250 Jobs  | Learn More

  30. Gaylord Opryland Resort & Convention Center

    2,171 Jobs  | Learn More

  31. Middle Tennessee State University

    2,160 Jobs / 20,488 Enrollment  | Learn More

  32. Williamson Health & Medical Center

    2,100 Jobs / 185 Beds  | Learn More

  33. Schneider Electric

    2,059 Jobs  | Learn More

  34. Brookdale Senior Living HQ

    2,036 Jobs  | Learn More

  35. Trane Technologies

    2,017 Jobs  | Learn More

  36. GAP Inc

    1,975 Jobs  | Learn More

  37. GEODIS

    1,971 Jobs  | Learn More

  38. Tyson Foods

    1,955 Jobs  | Learn More

  39. CEVA Logistics

    1,900 Jobs  | Learn More

  40. Electrolux North America

    1,900 Jobs  | Learn More

  41. Deloitte

    1,872 Jobs  | Learn More

  42. Belmont University

    1,824 Jobs / 8,803 Enrollment  | Learn More

  43. Ingram Content Group HQ

    1,822 Jobs  | Learn More

  44. Tractor Supply HQ

    1,740 Jobs  | Learn More

Other Demand Drivers

  1. Opry Mills Mall

    200+ stores; 1,200,000 SF; T.J. Maxx, Nike Factory, Bass Pro Shops, Regal Cinemas  | Learn More

  2. Mall at Green Hills

    125+ stores; 1,170,000 SF; Macy's, Nordstrom, Dillard's  | Learn More

  3. CoolSprings Galleria

    150 stores; 1,166,284 SF; Dillard's, Macy's, JCPenney, Belk  | Learn More

  4. One Hundred Oaks Mall

    880,000 SF; Michaels, Ross, Regal, Vanderbilt Health  | Learn More

  5. Rivergate Mall

    1,164,631 SF; Dillard's & JCPenney  | Learn More

  6. Nashville West

    750,000 SF; Costco, Target, Dick's Sporting Goods, Best Buy, Old Navy, Marshall's  | Learn More

  7. Fifth + Broadway

    Mixed-Use Development; 5 million+ annual visitors  | Learn More

  8. Nashville International Airport (BNA)

    23.7 million annual visitors; 114 nonstop flights  | Learn More

  9. Gaylord Opryland Resort & Convention Center

    2,800 rooms; 758,911 SF of Event Space  | Learn More

  10. Nissan Stadium

    Home of the Tennessee Titans; 67,700 Capacity  | Learn More

  11. First Horizon Park

    Home of the Nashville Sounds; 10,000 Capacity  | Learn More

  12. Bridgestone Arena

    Home of the Nashville Predators; 20,000 Capacity  | Learn More

  13. Geodis Park

    Home of Nashville SC; 30,000 Capacity  | Learn More

  14. Nashville Zoo

    9th Largest Zoo in the U.S.; 3,700 animals  | Learn More

  15. Ryman Auditorium

    One of Country Music's most Popular Venues  | Learn More

Our Deal Team

William Kirkland
Tennessee
William Kirkland
Tennessee
Phone: (615) 690-3001 x221

William is originally from Jackson, TN and attended the University of Tennessee majoring in College Scholars. William founded The Kirkland Company in 2007 and enjoys learning from clients and studying other entrepreneurs.

Miller Harris
Tennessee
Miller Harris
Tennessee
Phone: (615) 690-3001 x222

Miller is originally from Nashville, TN and attended the University of North Carolina at Chapel Hill where he studied Economics. He has been a Broker with TKC since 2007 covering the Tennessee market.

Dennis Harris
TN | Carolinas
Dennis Harris
TN | Carolinas
Phone: (615) 690-3001 x223

Dennis is originally from Chattanooga, TN and attended the University of Tennessee where he majored in Business Administration and Finance. He has been a Broker with TKC since 2008 and enjoys interacting with and learning from clients of different backgrounds across the globe. He also loves the competition within the industry.

Kyle Mayes
Tennessee
Kyle Mayes
Tennessee
Phone: 615-690-3001

Kyle is an Alabama native who studied Marketing at Lipscomb University. He finds passion in his role and the opportunity it affords to create lasting relationships with clients and his internal team alike.

Zac Wracher
Tennessee
Zac Wracher
Tennessee
Phone: (615) 690-3001 x235

Zac has called Los Angeles, CA Atlanta, GA and Nashville, TN home at one point or another. He attended the University of Tennessee where he majored in Marketing with a minor in Entrepreneurship. He started at TKC as an intern but has been a Broker since 2018. He loves the competitiveness of the business and getting to sell a product that he believes in.

Jay Glatting
Tennessee
Jay Glatting
Tennessee
Phone: 404-229-5042

Growing up in Florida and Georgia, Jay attended Florida State University where he graduated with a degree in Accounting. He brings over two decades of real estate experience to the TKC team, including founding a property management company in Atlanta. Jay thrives in the challenge of navigating complex deals and loves the satisfaction of a closed transaction.

Sources & Comments

1. The Nashville Metropolitan Statistical Area consists of 14 counties: (1) Cannon (2) Cheatham (3) Davidson (4) Dickson (5) Hickman (6) Macon (7) Maury (8) Robertson (9) Rutherford (10) Smith (11) Sumner (12) Trousdale (13) Williamson (14) Wilson

2. Primary Sources: (1) https://fred.stlouisfed.org/ (2) CoStar (3) MSCI Real Capital Analytics

3. Sales Comps are from June 2024-June 2025

4. This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy

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