Nashville Apartment Demand Peaks as Job Growth Slows

Nashville was one of a handful of major apartment markets nationwide to see apartment demand hit an all-time high in the year-ending 3rd quarter. However, unlike most of the other markets on that list, Nashville has seen muted employment growth recently. Apartment demand peaked at 11,408 units in the past year, the highest the market has ever seen, according to data from RealPage Market Analytics. Nashville job growth, meanwhile, climbed by just 0.8% in the past year, according to the Bureau of Labor Statistics. Job growth in Nashville has slowed notably since peaking above 11% in the year-ending 2nd quarter 2022. In fact, in the past year specifically, Nashville saw one of the most significant slowdowns in job growth nationwide. Only 9,100 jobs were gained in Nashville in the year-ending August 2024, which was 13,800 fewer jobs than the market gained in the year-ending August 2023. Demand and supply are still running side-by-side, however. Roughly 12,700 units were delivered here in the past year, which is a slowdown from what the market has completed in recent years.