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Multifamily Market Report Q4 2022

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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.


Multifamily Market Report Q4 2022

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Katie Lester

Research Director



Katie joined Colliers in the fall of 2014. She works closely with her advisors, third-party data sources, sales associates and members of the marketing staff to conduct high quality and accurate market analysis, research and reporting for the company and Colliers USA.

Katie plans and executes the company’s research strategy including database creation, management and maintenance, data interpretation, presentation, and marketing of the data, economic and financial analysis, and Colliers International Quarterly Reports. In addition, she is responsible for obtaining the market and industry data for market report production and distribution and executes web searches for pertinent data and information related to research and analysis of local, regional and national trends that influence the commercial real estate market.


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