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June 26, 2015

Will Austin and Nashville Keep Topping the Charts?

Steve Guggenmos
Article By
Steve Guggenmos, VP Research & Modeling

Austin and Nashville – two great music cities, two strong economies, both with strong multifamily markets since the Great Recession.

When either city is mentioned, thoughts turn to music. In Nashville, it’s country and the Grand Ole Opry; in Austin, it’s indie or alternative rock and the South by Southwest Festival (SXSW).

But both cities support diversified economies, with Austin becoming a technology hub and Nashville expanding into the auto and health care industries, among others. Employment and population growth as well as housing demand and multifamily construction have been decidedly up-tempo since the recession, far exceeding national annual averages.

Their pace and timing differ, though.

  • The two cities had different histories through the recession, but both have been standouts in multifamily market performance since then.
  • Employment growth slowing to the level of long-term trends will lead to some softening in local multifamily market conditions. But our analysis shows that if employment growth continues at the pace of the past few years, the markets can continue to outperform the broader market.

For details and analysis, read our study, “A Little Bit Country, a Little Bit Rock ‘n’ Roll: The Impact of New Multifamily Supply in Austin and Nashville”.

This study is the first in our Multifamily in Focus series of brief overviews and outlooks on various aspects of the multifamily marketplace. Stay tuned to this station for more as the series continues.

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