Downtown Nashville improvement cannot stop, will not cease, report says

Construction cranes are seen on the skyline as the sun sets over downtown Nashville, Tenn., Wednesday, Feb. 3, 2021.

Nashville Downtown Partnership’s yearly analyze of the urban housing market and living traits took on a new level of depth in 2020 with a harrowing collection of troubles.

But the new report’s most astonishing getting is that living in downtown Nashville is far more attractive than ever.

The lethal tornado, COVID-19 business enterprise shutdowns and dread of contagion, and the Xmas Working day bombing haven’t deterred desire, it uncovered.

“These important metrics of residential vitality exhibit unrelenting demand from customers for condominium sales downtown, and the neighborhood’s ability to maintain its own as a leading performer among peer and aspirational cities,” mentioned Tamara Dickson, vice president of the nonprofit urban marketing business. “Immediately after the year we’ve had, it is extremely remarkable to see. Downtown Nashville is among the most vibrant, fascinating neighborhoods in our region, and a competitor in the countrywide urban landscape.”

Pedestrians interact with a band as they make their way down Lower Broadway Wednesday, December 30, 2020.

Key findings

There are 9,511 residences, condominiums and single-family members houses downtown.
Housing occupancy charges downtown ended the calendar year with a cozy 93.4% stuffed rental models, and ongoing rising property values via 2020.
The downtown population has grown 152% given that 2010, achieving 14,000 in 2020. It is really envisioned to mature to 21,000 by 2024.
New residential units enhanced 12.5% previous year.
Need is even now substantial, with a lot more than 8,000 new models in the operates.
Two-thirds of downtown household report earning more than $100,000 a 12 months.
The two most populous generations of downtown inhabitants are age groups 39 to 54 and 55 to 73.
Downtown people are 58% feminine.
38% of people moved from one more point out and 18% arrived from a different county.
9 dense housing developments will convey 2,300 new units by the conclusion of following yr.
There are only 309 specified affordable models, accounting for 4.4% of the rental sector. Cost-effective housing is created to not exceed 30% of home profits.