Supply & Demand
According to the Bureau of Labor Statistics, job growth in the Nashville region was 5.2% in November 2022, reflecting 56,000 jobs added during a 12-month period. The metro job growth figure was above the national number of 3.2%. RealPage forecasts Nashville’s job growth to be 1.4% in 2023, with 15,687 jobs added. Job growth is expected to average 0.9% from 2024 to 2026, with an average of 10,642 jobs added each year.
On the supply side, permits for 4,722 multifamily units were issued in the 12 months ending in November 2022, down -9,270 units from the prior year’s sum. In terms of total residential housing, 20,824 units were permitted in the 12 months ending November 2022, a decrease of -9,776 units from the prior year’s total.
