Nashville Multifamily Market Report
All-Encompassing Labor Market Gains Set Stage for Upgraded Outlook Across the Multifamily Spectrum
Recovery of entertainment jobs to aid lower-tier demand. A resurgence in the city’s tourism, hospitality and entertainment sectors has fostered healthy demand for Class B/C units, even as these industries still have ground to make up from the COVID-19 shock. The metro’s leisure and hospitality employment count lagged the pre-pandemic measure by 6,000 roles entering this year; however, the recovery of more than 20,800 of these jobs in 2021 helped Class C vacancy drop from 5.0 percent to just 1.5 percent last year. Hiring in the sector should escalate as large events and festivals return in full force, providing tailwinds for Class B/C property performance throughout 2022.