Rents are up as apartment market keeps humming

Posted on July 29, 2013

Nashville’s apartment market showed no signs of slowing down in the second quarter, according to a new report from Colliers International.

Rent and occupancy rates were both up — impressive considering the area saw 766 new units come online during the quarter.

The average rent in Nashville stood at $879, or 91 cents per square foot, at the end of the quarter. That’s up 2.1 percent from the previous quarter. Central Nashville had the highest rents of any submarket, at $1,302.

The occupancy rate finished at 95.8 percent, an increase of 0.9 percentage points from the previous quarter. East Nashville/Wilson County had the highest occupancy rate of any submarket, at 97.1 percent.

“Since the first of the year Nashville’s multifamily market has grown by almost 3,000 units, the largest year-to-date supply since 2005, according to MPF Research,” states the Colliers report.