Market Highlights
Nicknamed the ‘Music City’, Nashville has become one of the country’s most desirable places to live. With a 14-county population of 2,072,283, 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. ‘Growth’ has defined Nashville in recent years:
- YoY Population Growth – 1.77% (2021-22)
- Long-Term Growth – Nashville is projected to grow 56% between now and 2060
- Real GDP Growth – Nashville grew 6.3% from 2021 – 2022, ranked #2 nationally
- Economic Growth – Amazon, Oracle, BNA, and a new NFL stadium highlight billions of dollars worth of investment
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 30,324 people. HCA Healthcare, headquartered in Nashville, employs another 27,694 people and operates 13 area hospitals under the TriStar flag. Vanderbilt, HCA, and Ascension Saint Thomas combine for 4,647 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 (5,947 jobs / 13,710 students), which is ranked in the top 20 universities in the United States. MTSU (Murfreesboro / 21,568 enrollment), Lipscomb University (4,676 enrollment), and Belmont University (8,872 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, One Hundred Oaks Mall, Rivergate Mall, Nashville West, and Fifth + Broadway highlight a robust shopping scene.
While the Nashville MSA is comprised of 14 counties, 7 counties account for over 90% of the population:
- Davidson (Nashville/Madison/Hermitage) – 708,144
- Rutherford (Murfreesboro/Smyrna/LaVergne) – 360,619
- Williamson (Brentwood/Franklin/Spring Hill/Nolensville) – 260,815
- Sumner (Hendersonville/Gallatin/Goodlettsville) – 203,858
- Wilson (Mount Juliet/Lebanon) – 158,555
- Maury (Columbia) – 108,159
- Robertson (Springfield) – 75,470
- Dickson, Cheatham, Macon, Hickman, Smith, Cannon, and Trousdale counties have a combined population of 196,663.
The Nashville MSA has a multifamily inventory of 922 properties and 189,811 units. An additional 77 properties totaling 20,084 units are currently under construction.
