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Nashville

2023 Q3 Multifamily Market Overview

 

Market Highlights

Known for its unparalleled influence on the music industry, Nashville is often called ‘Music City.’ Nashville has experienced significant growth in recent years, making it the most popular city in the United States. Home to over 900 multifamily properties and over 170,000 units, the city continues to expand with 147 multifamily properties currently under construction, representing 37,992 units. With a YoY population growth of 1.77%, Nashville is projected to grow 56% between now and 2060.

The city is also known as the ‘Healthcare Capital of the World’ due to the large number of headquartered healthcare businesses. Nashville is home to over 500 healthcare companies, including several of the area’s top largest employers. The city also has 32 universities and colleges, the most renowned being Vanderbilt University, which is ranked in the top 20 universities in the United States. Nashville is home to two professional sports teams, the Tennessee Titans (NFL) and Nashville Predators (NHL).

#1
Top Real Estate Market to Watch (ULI)
#1
Hottest Job Market (WSJ)
#1
Metropolitan Area For Economic Strength (Policom)

Multifamily Highlights

Apartment Market Overview:

922
Apartments (50+ units)
178,471
Total Units
$1,809
Avg. Asking Rent
-0.8%
Rent Growth
89.2%
Occupancy

12-Month Sales:

$2.6B
12-month Sales Volume ($)
13,458
12-month Sales (Units)
68
12-month Sales (# of transactions)

Development Pipeline:

147
Properties Under Construction
37,992
Units Under Construction

Economic Development

Nashville is ranked the #1 Metropolitan Area for Economic Strength, one factor of this is represented by several economic developments.

Oracle announced its $1.2 billion project to build a mega campus near Downtown Nashville. The project is expected to complete in 2031, promising 8,500 jobs. California-based company, In-N-Out Burger has finalized its $36.1 million project on expanding its headquarters and restaurants to the Nashville MSA, to be completed in 2026.

Part of the $1 billion Century Farms mixed-use development, opening Fall 2023, Tanger Outlets is set to provide 290,000 SF of 60 retail shops and restaurants as an additional Nashville shopping destination. Amazon is opening offices and Pinnacle to relocate its headquarters to Nashville Yards, a downtown $1 billion mixed-use development. Upon completion, the project is expected to create over $2 billion of economical impact and 14,800 jobs for Nashville.

The Tennessee Titans are getting a new, $2.1 billion stadium, expanding its seating capacity to 60,000. The project is to be completed in 2027, with expected total economic impact of over 4,500 jobs and $33.7 billion over the next 30 years. Project BNA Vision, an expansion of the Nashville International Airport (BNA) is expected to be completed over the next 5-7 years. The development includes an on-airport hotel, international arrivals facility, roadway improvements, additional garages, and lobby expansions.

To view additional updates on the Nashville market, please visit our Nashville Market News page:

Nashville Market News – June 2023

Demographics

Total Population (2022)
2,046,828
Population Growth (2021-22)
1.77%
Unemployment Rate (Aug 2023)
2.7%

Major Employers

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

    30,324 Jobs / 1,000 Beds  | Learn More

  2. HCA Healthcare

    27,694 Jobs  | Learn More

  3. State of Tennessee

    26,431 Jobs  | Learn More

  4. U.S. Government

    13,459 Jobs  | Learn More

  5. Nissan Americas

    11,000 Jobs  | Learn More

  6. Metro Nashville Public Schools

    10,513 Jobs  | Learn More

  7. Metropolitan Government of Nashville & Davidson County

    9,852 Jobs  | Learn More

  8. Ascension Saint Thomas

    8,900 Jobs  | Learn More

  9. The Kroger Co.

    8,100 Jobs  | Learn More

  10. Williamson County Schools

    7,211 Jobs  | Learn More

  11. Amazon

    7,200 Jobs  | Learn More

  12. Rutherford County Government & Board of Education

    7,186 Jobs  | Learn More

  13. Vanderbilt University

    5,947 Jobs / 13,710 Students  | Learn More

  14. Clarksville - Montgomery County School System

    5,100 Jobs  | Learn More

  15. Community Health Systems, Inc.

    5,004 Jobs  | Learn More


Other Demand Drivers

  1. Opry Mills Mall

    Major Tenants: Regal Cinemas, Nike Factory, Gap  | Learn More

  2. Mall at Green Hills

    Major Tenants: Macy's, Nordstrom, Dillard's  | Learn More

  3. Fifth + Broadway

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

  4. Nissan Stadium

    Home of the Tennessee Titans / 69,143 Capacity  | Learn More

  5. First Horizon Park

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

  6. Bridgestone Arena

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

  7. Geodis Park

    Home of the Nashville SC / 30,000 Capacity  | Learn More

  8. Nashville International Airport (BNA)

    21.9 million visitors (YTD July 2023)  | Learn More

  9. Nashville Zoo

    9th Largest Zoo in the U.S. (188 acres) /  | Learn More

  10. Gaylord Opryland Resort & Convention Center

    Largest Hotel in the U.S. without a casino / 750,000 SF of Meeting Space  | Learn More

Featured Properties

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Our Deal Team

William Kirkland
Broker
William Kirkland
Broker
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
Broker
Miller Harris
Broker
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
Broker
Dennis Harris
Broker
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.

Zac Wracher
Broker
Zac Wracher
Broker
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.

Kyle Mayes
Broker
Kyle Mayes
Broker
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.

Sources & Comments

1. Nashville-Davidson–Murfreesboro–Franklin, TN Metropolitan Statistical Area consists of 14 counties, according to Office of Management and Budget: (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) YardiMatrix (3) RentCafe.com (4) CoStar (5) rcanalytics.com (6) www.bls.gov (7) https://www.bizjournals.com/nashville

3. Sales Comps are from 9/20/22 – 9/20/23

4. Development Pipeline as of 9/21/2023

5. 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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