Middle Tennessee Market Survey 1st Quarter 2021 Press Release
Greater Nashville Apartment Association’s 2021 Quarter 1 Market Survey Determines Over 19,000 Rental Units Under Construction Despite 2020 Pandemic
- The Greater Nashville Apartment Association (GNAA) compiled data regarding over 96,000 rental units for GNAA’s quarterly market survey.
- 987 new rental units were available and ready to be rented according to the Greater Nashville market survey; this number of new rental units was an increase of 176.47% in Quarter 1 of 2021 over Quarter 1 in 2020.
NASHVILLE, TN (April 28, 2021) – The Greater Nashville Apartment Association (GNAA) has released its Quarter 1 market survey that reviewed rental housing data from over 96,000 rental units in the Greater Nashville market area. The GNAA’s compiled data determined that despite the 2020 pandemic, the Greater Nashville rental housing market in Quarter 1 of 2021 predominantly saw growth over Quarter 1 of 2020.
GNAA actively collects and tracks figures regarding current rental housing trends in the Greater Nashville market and their findings are published quarterly. “Access to statistical data is one of the many benefits GNAA provides to its membership, allowing leaders in the multi-family industry to track trends in the local marketplace,” said GNAA President Victoria Tobin. Tobin added, “The Greater Nashville rental housing data is compiled internally by GNAA, and the data is reviewed and published as a thorough market survey offering unique insight into the region’s rental housingindustry.”
The association has divided the Greater Nashville rental market into 21 submarkets to gather information about rental housing units including price averages based on square footage as well as by 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 there are currently 19,557 units in the Nashville- area pipeline, an increase of 38.22% over 2020. Quarter 1 had 987 apartment units delivered, meaning that 987 brand new apartments were introduced into the market in 2021 as ready to rent; this was a 176.47% increase in delivered apartments over the same period in 2020. Although rental housing occupancy dropped slightly from 2020, the average rent increased 5% due to market demand for rental housing in the Nashville area. Eight rental properties were sold in 2021, down one sale from 2020, and the average unit sale price was $201,961.
The 21 submarkets reviewed by GNAA for the Greater Nashville market survey are Antioch-Priest Lake, Bellevue, 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, 2021 Middle Tennessee Market Survey 1ˢᵗ Quarter, is available for purchase as part of yearly package priced at $395. The report is complimentary for members of the Greater Nashville Apartment Association.
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