Middle Tennessee Market Survey 1st Quarter 2022 Press Release - GNAA
Greater Nashville Apartment Association Releases 2022 Quarter 1 Market Survey Findings
- After reviewing rental housing data from over 98,000 rental units in the Greater Nashville market area for Quarter 1, the compiled data demonstrates a significant amount of growth in the rental housing market.
- 27,849 units are currently under construction in Greater Nashville, a 42.40% increase over Q1 2021. Average rent increased over 13.92% over Q1 2021.
NASHVILLE, TN (April 5, 2022) – The Greater Nashville Apartment Association (GNAA) has released its Quarter 1 market survey. GNAA actively collects and tracks figures regarding current rental housing trends in the Greater Nashville market, and their findings are published quarterly. After reviewing rental housing data from over 98,000 rental units in the Greater Nashville market area for Quarter 1, the compiled data demonstrates a significant amount of growth in the rental housing market as it enters January 2022.
The association has divided the Greater Nashville rental market into 22 submarkets to gather information about rental housing units, including price averages based on square footage, and the number of bedrooms in a unit. The GNAA market survey also determines statistical numbers regarding the local rental housing market’s occupancy percentages, average rents, and comparisons in growth or decline from previous quarters and years.
Findings from GNAA’s Quarter 1 research concluded that 27,849 units in the Nashville-area pipeline are currently under construction, an increase of 42.40% over 2021. Quarter 1 had 1,974 apartment units delivered, 1,974 brand new apartments were introduced into the market in 2022 as ready to rent; this was a 100% increase in delivered apartments compared to Q1 2021. The rental housing occupancy rose 2.65 % from 2021 to an occupancy rate of 95.37%, and the average rent increased 13.92% to $1,530. 8 rental communities have been sold year-to-date in 2022, representing 2,106 units with an average per unit price of $3254,692. This is a 75.62% increase per unit over Q1 2021.
The 22 submarkets reviewed by GNAA for the Greater Nashville market survey are Antioch-Priest Lake, Bellevue, Bordeaux – Whites Creek, Brentwood-Franklin, Cheatham County, Dickson County, Donelson-Hermitage, Downtown, East Nashville, Green Hills-Midtown, Hendersonville-Gallatin, Madison, Mt. Juliet-Lebanon, Murfreesboro, North Nashville, Parkwood-Union Hill, Robertson County, Smyrna-LaVergne, South East, South Nashville, Spring Hill-Columbia, and West Nashville.
The Greater Nashville Apartment Association’s full report, 2022 Middle Tennessee Market Survey 1st Quarter, is available for purchase as part of a yearly subscription package priced at $425. The report is complimentary for members of the Greater Nashville Apartment Association.
|For Immediate Release||
Media Contact: Jenny McWhorter