For every 100 existing apartment units in Nashville, there are currently 13 additional units underway. That’s the most aggressive construction pace among the nation’s top 50 markets and enough to challenge even the strongest of locales. Over 21,000 units are currently under way in Nashville, which will increase the current stock by 12.8%. To give context, that pace is over three times that of the U.S., which is seeing four units underway for every 100 existing apartment units. The current pace in Nashville also tops construction volumes in typical supply giants Austin and Phoenix and more than doubles the inventory growth pace for Denver. Nashville saw record demand levels in 2021. Moving forward, it remains to be seen if the demand can be sustained and can keep pace with the elevated construction levels and subsequent deliveries. Record setting apartment demand has been a hot topic since 2nd quarter 2021 and recently the topic of supply has come to the forefront as occupancy levels tighten and rental options in many markets become hard to come by.
