Greater Nashville Apartment Association Releases 2023 Quarter 4 Market Survey Findings

Greater Nashville Apartment Association Releases 2023 Quarter 4 Market Survey Findings

• After reviewing rental housing data from over 160,000 rental units in the Greater Nashville market area for Quarter 4, the compiled data demonstrates a consistent amount of growth in the rental housing market as it enters January 2024.
  
  
• 27,939  units are currently under construction in Greater Nashville, a 17.24% decrease over Q4 2022. Average rent increased by over 4.79% over Q4 2022.
  
  

NASHVILLE, TN (January 24, 2024) – The Greater Nashville Apartment Association (GNAA) has released its Quarter 4 Market Survey.  GNAA actively collects and tracks figures regarding current rental housing trends in the Greater Nashville market, and their findings are published quarterly. After reviewing rental housing data from more than 160,000 rental units in the Greater Nashville market area for Quarter 4, the compiled data demonstrates a consistent amount of growth in the rental housing market as it enters January 2024.

The association has divided the Greater Nashville rental market into 22 submarkets to gather information about rental housing units, including price averages based on square footage and the number of bedrooms in a unit. The GNAA market survey also determines statistical numbers regarding the local rental housing market’s occupancy percentages, average rents, and comparisons in growth or decline from previous quarters and years.

Findings from GNAA’s Quarter 4 research concluded that 27,939 units in the Nashville-area pipeline are currently under construction, a 17.24% decrease over Q4 2022. 10,955 brand-new apartments were introduced into the market in 2023 as ready to rent. The rental housing occupancy decreased 1.52 % from 2022 to an occupancy rate of 92.81%, and the average rent increased 4.79% to $1,657. 22 rental communities have been sold year-to-date in 2023, representing 5.023 units with an average per unit price of $250,151. This is a 13.97% decrease per unit over Q4 2022.

The 22 submarkets reviewed by GNAA for the Greater Nashville market survey are Antioch-Priest Lake, Bellevue, Bordeaux – Whites Creek, Brentwood-Franklin, Cheatham County, Dickson County, Donelson-Hermitage, Downtown, East Nashville, Green Hills-Midtown, Hendersonville-Gallatin, Madison, Mt. Juliet-Lebanon, Murfreesboro, North Nashville, Parkwood-Union Hill, Robertson County, Smyrna-LaVergne, South East, South Nashville, Spring Hill-Columbia, and West Nashville.

The Greater Nashville Apartment Association’s full report, 2023 Middle Tennessee Market Survey 4^th Quarter, is available for purchase as part of a yearly subscription package priced at $425. The report is complimentary for members of the Greater Nashville Apartment Association.

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The Greater Nashville Apartment Association (GNAA) is committed to enhancing professional and ethical business practices in the rental housing industry and within the association. GNAA provides information, education and opportunity to our membership, promotes the interests of rental housing owners and managers through active participation in the local, state and national political process and serves the citizens of the Greater Nashville area through active participation and assistance in the needs of the greater community. For more information visit www.gnaa.org.

2 International Plaza, Suite 201 • Nashville, TN 37217 • P: 615.365.3047 • F: 615.365.3571 • www.gnaa.org

Proud to be affiliated with the National Apartment Association, the Tennessee Apartment Association and the Nashville Chamber of Commerce