Nashville, TN Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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Nashville's multifamily market carried a heavy delivery load through 2025, but the pipeline contracted meaningfully by year-end, with units under construction falling to 11,548 from a mid-year peak of 17,843. That pullback matters: absorption held at 8,402 units for the trailing 12 months, vacancy edged down to 10.5% from its Q3 level, and asking rents stabilized near $1,613 per unit. Sale pricing climbed to $227,000 per unit, up from $200,000 a year prior, and cap rates held steady at 5.6% for four consecutive quarters. Sustained in-migration and job growth continue to support underlying demand, positioning Nashville for gradual tightening as new supply diminishes through 2026.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Nashville Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.