Nashville, TN Multifamily Market Report | Lee & Associates | Q1 2026

Market Overview

Nashville's multifamily market remained stable but showed signs of normalization in Q1 2026, with 12-month absorption tapering to 8,073 units from 11,805 a year earlier, reflecting a more balanced leasing environment. Vacancy held relatively steady in the low-10% range at 10.7%, suggesting supply is being gradually absorbed despite elevated deliveries, while asking rents softened slightly to $1,600 per unit amid increased competition among properties. On the investment side, sale pricing eased to $223,000 per unit while cap rates inched up to 5.7%, pointing to a more cautious capital environment, though declining construction activity (down to 10,983 units under construction) should help stabilize fundamentals over coming quarters.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q1 2026 Nashville multifamily market report tracks net absorption, vacancy, asking rents, sale pricing, and top transactions to help investors and owners assess current market conditions. To read the full report, click here.