Nashville apartments provide housing for one of the fastest growing cities in Tennessee. Investors who are seeking to buy apartment buildings or an apartment complex may notice some outstanding opportunities in Nashville. Direct Apartment Lenders offers helpful details for investors who want information about the Nashville multifamily apartment market.

Living in Nashville, Tennessee

The desirability score for living in Nashville is above average, when compared to 150 metro areas of the United States, based on rankings from U.S. News & World Report.  

Additional rankings from the U.S. News & World Report listed Nashville as #30 among the best places to live, #25 among fastest growing places, #12 among the best places to retire and #1 among the best places to live in Tennessee. 

Music is definitely a reason that people enjoy Nashville.

There are so many venues where people can hear live music throughout the area.

From nightclubs, auditoriums, festivals, lounges and auditoriums, folks can discover various genres of music. 

In fact, more than one million people are drawn each year to the Country Music Hall of Fame, which is located in downtown Nashville.

Hockey fans can hardly wait to watch the NHL Nashville Predators step onto the ice. 

Football fans eagerly await for kickoff to occur at Tennessee Titans games or at Tennessee Volunteers football games. 

Living in Nashville enables residents to visit a lot of popular eateries. 

For people who enjoy spicy and flavorful food, Nashville hot chicken is a frequently purchased item.  

Family activities are popular in Nashville. Residents and tourists spend quality family time at nearby parks, the Adventure Science Center, the Nashville Zoo and other area attractions.

Owning income-producing properties that are near a variety of desirable activities should provide plenty of opportunities for wise investors. 

Average Apartment Rental Rates in Nashville

Rental rates in Nashville were averaging $1,502 per month as of June 2021, according to RentCafe.

When compared to the same time frame last year, rental rates have increased by six percent. 

Recent data also reflects that renters live within 47 percent of households in Nashville.

Affordable apartments in Nashville have an average rental rate of $1,101.

Downtown Nashville and other popular areas command rental rates that range between $1,817 and $2,020 per month.

Rental rates in Nashville have increased 11% above the prior year-over-year costs. 

Statistical Data for Nashville-Davidson, TN

According to the United States Census Bureau, the estimated population in Nashville-Davidson, TN, was 670,820 on July 1, 2019.This represents an 11.2 percent increase from April 1, 2010, when the estimated population was 603,438. 

The median household income for Nashville-Davidson was $59,828 in 2019.

Multifamily Property Data for the Nashville, Tennessee

According to RealPage, Nashville added 6,169 apartment units in 2020.

Cap rates for multifamily properties in Nashville are averaging five percent.

Outlook for the Nashville Market Area

RealPage noted, “Ongoing apartment construction in Nashville is aggressive, rising at one of the fastest clips in the nation and at the strongest pace in the market’s history. About 16,500 units are on the way in Nashville, which is more activity than this market has seen before. New product under construction will grow Nashville’s existing unit count by 10.3%. This is the fastest growth rate in the nation and notably beats out #2 Austin, where construction underway is set to grow the apartment base by 7.9%.”

Nashville is expected to gain 66,072 jobs in 2021, according to RealPage. 

Financing an Apartment Building in Nashville

Flexible financing could help an investor obtain the money that is needed to purchase an apartment building in Nashville, TN.

When a property owner has an urgent need to sell a commercial property in a hurry, an investor can seek fast apartment financing.

Knowing who to speak with about an apartment loan that does not require tax returns or personal bank statements could mean the difference between acquiring the necessary funds to facilitate a transaction or losing the deal.

We reduce the focus on the investor, while underwriting the apartment loan according to the strength of the asset.

Direct Apartment Lenders has experienced commercial loan officers who are well-versed in financing for apartments among a variety of asset classes.

Speak with one of our loan officers about funding for apartment buildings in Nashville.

Applying for an Apartment Loan in Nashville, TN

When time is of the essence, an investor may need to procure funds to buy an apartment within a few weeks versus several months.

We use an efficient process that quickly evaluates the viability of a multifamily apartment loan. 

Investors who want to work with a reputable lender are encouraged to submit a request for financing by applying for an apartment loan on our website.

As a non-traditional apartment lender, we look forward to helping investors in Nashville, Tennessee, and throughout the United States with flexible financing strategies.

Contact Direct Apartment Lenders today to discuss financing for an apartment building or for an apartment complex.