Apartment market stable in Nashville
Nashville Business Journal
Apartment occupancy is up but rents were down slightly in the third quarter, according to statistics compiled by the Greater Nashville Apartment Association.
"I think the market is stable and it should strengthen in the next year," says W. Kirby Davis Jr., co-chair of the association's statistics committee.
Apartment occupancy in the Nashville market was at 95.42 percent at the end of September. That's up from 93.88 percent at the end of the third quarter in 1999. Average rent was $662 a month this year compared to $667 during the same quarter a year ago.
Davis says there are fewer apartments being built, which should stabilize the market even more next year. There were 1,000 apartment units being planned at the end of the quarter this year, compared to 2,080 units at the end of the third quarter in 1999.
"Supply and demand seem to be in equilibrium," Davis says. "Barring an overall decline in the economy, the apartment market should favor landlords next year."
For the third quarter, there were 50,808 apartments in the Nashville market. There were 2,425 more units under construction at the end of the quarter.
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