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SECTION 2 | METRO FORECAST SUMMARIES<br />
Nashville Occupancy Rate His<strong>to</strong>ry and Forecast<br />
Souces: Reis, Inc. His<strong>to</strong>ry and RCR Forecasts<br />
RED 49 Occupancy Rate<br />
Nashville Occupancy Rate<br />
97.5%<br />
96.5%<br />
95.5%<br />
94.1%<br />
94.6%<br />
94.5%<br />
94.6%<br />
94.7%<br />
94.5%<br />
93.6%<br />
93.5%<br />
92.5%<br />
4Q13 4Q14<br />
4Q15 4Q16 4Q<strong>17</strong> 4Q18 4Q19 4Q20 4Q21 4Q22<br />
Nashville Rent Growth His<strong>to</strong>ry and Forecast<br />
Souces: Reis, Inc. His<strong>to</strong>ry and RCR Forecasts<br />
RED 49 Year-On-Year Rent Growth<br />
Nashville Year-On-Year Rent Growth<br />
10%<br />
8%<br />
6%<br />
4%<br />
4.0%<br />
2.9%<br />
2.0%<br />
2.8%<br />
3.8%<br />
4.4%<br />
2%<br />
0%<br />
4Q13 4Q14<br />
4Q15 4Q16 4Q<strong>17</strong> 4Q18 4Q19 4Q20 4Q21 4Q22<br />
Nashville Payroll Job His<strong>to</strong>ry and Forecast<br />
Souces: BLS His<strong>to</strong>ry and RCR Forecasts<br />
RED 49 Year-On-Year Payroll Growth<br />
Nashville Year-On-Year Payroll Job Growth<br />
5%<br />
4%<br />
3%<br />
2%<br />
2.6%<br />
2.7%<br />
1.6%<br />
1.5%<br />
1.8%<br />
2.6%<br />
1%<br />
0%<br />
4Q13 4Q14<br />
4Q15 4Q16 4Q<strong>17</strong> 4Q18 4Q19 4Q20 4Q21 4Q22<br />
71