Supply & Demand
According to the Bureau of Labor Statistics, job growth in the Nashville region was 4.9% in August 2022, reflecting 52,300 jobs added during a 12-month period. The metro job growth figure was above the national number of 3.8%. RealPage forecasts Nashville’s job growth to be 1.6% in 2023, with 18,007 jobs added. Job growth is expected to average 0.8% from 2024 to 2026, with an average of 9,536 jobs added each year.
On the supply side, permits for 7,125 multifamily units were issued in the 12 months ending in August 2022, down -6,867 units from the prior year’s sum. In terms of total residential housing, 23,910 units were permitted in the 12 months ending August 2022, a decrease of -6,690 units from the prior year’s total.