Nashville Multifamily Market Report

High level of employment key demand driver. Nashville’s population has expanded by 80,000 people since 2022, of which 60,000 migrated from other metros. In that time, the number of 20-34 year olds — a key demographic for apartment rentals — has climbed by 3.4 percent, compared with under 0.9 percent nationally. Despite the influx of residents, local unemployment has risen just 30 basis points in the last two years to 2.8 percent — the third-lowest rate among major U.S. markets as of April. This uptick in employment enabled the formation of 27,000 households in that period, helping drive a span of record-breaking net absorption that continued through the first quarter. While these trends may moderate later in 2025 and beyond, demand is expected to stay high, improving fundamentals as construction starts decline sharply.