Named as the “Best Up-and-Coming City,” Nashville’s apartment market was hot in the first quarter of 2023. With 2,586 net move-ins in 1Q23, the Nashville metro had the second-highest demand in the nation. The Central Nashville submarket had the highest net absorptions in the market, followed by the suburban submarkets, Franklin/Brentwood, and Hermitage/Mount Juliet/Lebanon. Looking ahead, demand is projected to remain consistently positive with roughly 8,700 net move-ins through 2Q23 to 4Q23.
The positive demand is underpinned by Nashville’s booming job market. In 2022, “Music City” was ranked No.1 among Wall Street Journal and Moody’s Analytics ,“Top Jobs Markets in the U.S.” and among the top 25 “Best Places for Young Professionals” by U.S. & World News Report. Nashville’s economy has recently benefitted from its tourist boom and the allure of the metro’s lower cost of living.
The Nashville metro offers a more affordable effect rent compared to the national average. For a low cost of living, Nashville offers residents a high quality of life with great urban amenities in a charming southern atmosphere. With major employers, universities, music venues, and sports teams, Nashville offers a wide variety of work-play opportunities.
-Berkadia Research