Middle Tennessee Market Survey 3rd Quarter 2021 Press Release
|For Immediate Release||
Media Contact: Bobbi Turner
Greater Nashville Apartment Association Releases 2021 Quarter 3 Market Survey Findings
- The Greater Nashville Apartment Association (GNAA) compiled data regarding over 70,000 rental units for GNAA’s quarterly market survey.
- 24,090 units are currently under construction in Greater Nashville, a 38.20% increase over Q3 2020. Average rent increased over 14% as well
NASHVILLE, TN (November 8, 2021) – The Greater Nashville Apartment Association (GNAA) released its Quarter 3 market survey that reviewed rental housing data from over 70,000 rental units in the Greater Nashville market area. The GNAA’s compiled data determined that despite the economic downturn caused by the 2020 pandemic, the Greater Nashville rental housing market in Quarter 3 of 2021 predominantly saw growth over Quarter 3 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 a unique insight into the region’s rental housing industry.”
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 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 3 research concluded that 24,090 units in the Nashville-area pipeline are currently under construction, an increase of 38.20% over 2020. Quarter 3 had 4,413 apartment units delivered, meaning 4,413 brand new apartments were introduced into the market in 2021 as ready to rent; this was a 0.75% increase in delivered apartments over the same period in 2020. The rental housing occupancy rose 3.68% from 2020 to an occupancy rate of 95.84%, and the average rent increased 14.6% to $1,523. Forty-two rental communities have been sold year-to-date in 2021, up 50.0% from Q3 2020 and the average unit sale price in 2021 was $233,668, which is an increase of 32.98% over the Q3 2020 pricing.
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 3rd 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
The Greater Nashville Apartment Association (GNAA) is committed to enhancing professional and ethical business practices in the rental housing industry and within the association. GNAA provides information, education, and opportunity to our membership, promotes the interests of rental housing owners and managers through active participation in the local, state, and national political process, and serves the citizens of the Greater Nashville area through active participation and assistance in the needs of the greater community.