Nashville Rents Cool as Vacancies Hit 20-Year High
• Vacancy rates in Nashville area at 10.8%, highest in 20 years; concessions and move-in deals increasingly common • Average rents down 4% in Nashville over last year, following huge increases in 2022 and 2021 • One out of three apartments offered concessions like 1-2 months free rent last year • Multifamily development expected to slow into 2025 as oversupply is absorbed • Cities with lowest average rents (Columbia, Clarksville, Cookeville) seeing highest year-over-year increases