Nashville Paces Nation In Apartment Growth: Report

NASHVILLE, TN — Nashville added 7,476 apartment units in the past year and is set to add another 10 percent to its total apartment volume, according to a study from research firm MPF.

Nashville's 5.8 percent growth in new inventory since the first quarter of 2016 is second only to Charlotte, N.C., which added 5.9 percent in the same time period, but under-construction units in the Music City represent 9.6 percent of the Metro area's total stock, tied with Charleston, S.C. for the most nationally.

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Unsurprisingly, the biggest percentage of under-construction multi-family units is in the urban core, according to MPF, which says that 4,907 units are underway in the central city — 38 percent of all the under-construction units in the market.

Rents have declined slightly in recent months, down an average of $17 in the last six months, though the overall trend is towards the more expensive, according to RentJungle. In the last year, average rent is up $125, or nearly 9 percent, to $1420 and up more than 58 percent in the last five years.

Image via Titoni Thomas, used under GNU Free Documentation licensing