The average monthly rent for an apartment within the Nashville market was $914 compared to a first-quarter mark of $864, an increase of 5.8 percent, according to statistics the Nashville office of Colliers International released today.
Relatedly, the third-quarter occupancy rate for Nashville-area multifamily buildings was 96 percent, a 0.2 percent increase from the second quarter, Colliers stats show. Researchers at MPF Research and Real Data expect the occupancy rate to be about 96.7 percent at year’s end but to dip back to 95.2 percent by next fall, after new projects come to market. Those developments also are expected to restrain further rent increases.
Nashville’s occupancy rate is now at its highest level since the third quarter of 2007 and above the Southern region’s average of 94.5 percent, according to MPF Research's preliminary data.
Housing research firm CoreLogic says the health of the Nashville area's housing market continued to improve in August, with both delinquent mortgages and foreclosures ticking down at the pace we've seen so far in 2013. The green line in the chart below shows the 90-day delinquency rate falling to 3.74 percent, while the foreclosure rate dipped to 0.85 percent. The 90-day number is down a full percentage point from August 2012 while the foreclosure rate has decreased 60 basis points in the past year.
And here's the latest map showing how the region's ZIP codes are faring.
Amid the mostly positive housing market headlines these days, it's worth remembering that a sizeable number of homeowners are still slogging their way back toward financial health. According to CoreLogic, 3.84 percent of Nashville-area home loans were delinquent by 90 days or more in July while the area's foreclosure rate was 0.93 percent. We haven't seen both of those numbers that low since early 2009. Here's how they compare to the previous four years' July:
2012 — 4.87 percent and 1.54 percent
2011 — 5.30 percent and 1.82 percent
2010 — 5.47 percent and 1.27 percent
2009 — 4.56 percent and 1.05 percent
The median Nashville-area home price rose by 6.6 percent in the past year, according to research firm Zillow.com. That was right in line with the national average and up more than 3 percentage points from June's number. But the great times aren't expected to last: Over the next year, the median price in Middle Tennessee is expected to climb less than 1 percent while the country as a whole is forecast to put up a 5.2 percent gain. Check out Zillow's full local data set here.