Orange County, CA Retail Market Report Q2 2026 · Global Real Estate Intelligence

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Orange County, CA Retail Market Report Q2 2026 · Global Real Estate Intelligence

Matthews Real Estate Investment Services

Nashville, TN Multifamily Market Report Q2 2026 Nashville Vacancy Falls to 5.4% as Multifamily Pricing Holds Near Its 2022 Peak Nashville’s multifamily market moved closer to balance in Q2 2026. Net absorption of 2,755 units outpaced the 1,189 units delivered, vacancy fell to 5.40% from 6.21% in Q1, and average effective rent held at $1,612. Pricing is the real standout: at $219,173 per unit, Nashville sits just 5.4% below its 2022 peak, one of the narrowest gaps among major Sunbelt metros. The breakdown below covers demand, supply, investment activity, and submarket performance across the Nashville multifamily market. Demand Nashville’s demand and supply lines are finally converging. Net absorption of 2,755 units in Q2 was up 14.7% YoY and now comfortably exceeds the 1,189 units delivered in the same quarter. Vacancy is still up 42 bps YoY at 5.40%, but it fell sharply from 6.21% in Q1. This is real progress after the market spent 2023 and 2024 absorbing back-to-back years of peak completions. Rent fell to $1,612, down 0.60% YoY, the smallest decline Nashville has posted in three years, and the forecast calls for rent growth to turn positive at +2.2% by year-end. Supply TTM completions fell 27.9% to 6,988 units, down from the 12,597 units delivered in 2024. Units under construction have fallen to 11,486, or 5.51% of inventory, down from the 15.87% peak recorded in Q3 2022. That is still a moderately sized pipeline relative to some peers, so Nashville is not finished digesting new supply the way a market like Los Angeles or Columbus is, but the trajectory is unmistakably downward. Completions are forecast to slow further to 5,164 units by year-end, with vacancy tightening to 5.0%. Investment Market Nashville’s investment market had a standout quarter. Q2 volume of $404.4M more than doubled from $200.1M a year ago, pushing TTM volume up modestly to $1.87B. What stands out most, though, is pricing. Price per unit sits at $219,173, just 5.4% below the 2022 peak of $231,654 — one of the smallest gaps in the country, where most peer markets remain 10-18% below their highs. Cap rates have held essentially flat near 5.44% for two years. That combination of resilient pricing and a market moving toward supply-demand balance suggests Nashville came through its construction boom in better shape, valuation-wise, than most of its Sunbelt peers. Volume $1.9B TTM volume (+5% YoY) Q2 2026: $404M Series peak $6.4B (2022) Pricing Cap rate 5.44% Price per unit $219k Price per unit near 2022 peak Submarket Detail West Nashville posted the market’s lowest vacancy at 4.8%, followed by Murfreesboro/Smyrna at 4.9% and Sumner County at 5.0%. East Nashville led rent growth at +1.6% YoY, the only submarket above +1%, while Central Nashville lagged the market at -3.6%. Construction remains most concentrated in Franklin/Brentwood, where units under construction equal 12.5% of inventory, and Hermitage/Mount Juliet/Lebanon at 10.1%. Southeast Nashville and South Nashville have the thinnest pipelines, at 0.9% and 1.1% of inventory respectively. For more Matthews™ research, explore our full library of market reports, including the Charlotte multifamily market report for a look at another Sunbelt metro working through its construction cycle. Hutt Cooke Managing Director 8/17/26

By the Numbers Total Dollar Volume: $293.4M (up 58% from $185.6M in H1 2025, largely driven by an institutional trade.* Volume was $201.4M exclude this transaction, up 9% from H1 2025). Number of Transactions: 45 deals over $1M (up from 33 in H1 2025). Average Price Per SF: $372…

Multifamily

Updated 1 day agoPublished Aug 17, 2026

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