Market Analysis

Nashville, TN Multifamily Market

Cap rates, rent trends, and underwriting benchmarks for Nashville apartment investors.

5.2%
Avg Cap Rate
4.5% – 6.2%
Cap Rate Range
1.28x
Avg DSCR
$220,000
Price / Unit
$1,600
Avg Rent / Unit
7.0%
Vacancy Rate
+2.2%
YoY Rent Growth
690,000
Population

Market Trend

Nashville's population boom has attracted massive development, pushing vacancy higher in the urban core. The Gulch and East Nashville see concession wars in Class A. Suburban markets (Murfreesboro, Franklin) remain tighter. No state income tax supports demand.

Lender Notes

Competitive lending market. 1.20-1.25x DSCR. Lenders scrutinize submarket-level supply pipelines closely.

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