Highlights of This Year's Residential Report
Nashville, TN (February 17, 2020) – The Nashville Downtown Partnership (NDP) released its 2019 Residential Report. The data indicate another year of sustained downtown housing demand, with downtown residential population reaching an all-time high of 13,000 and announced and under construction projects indicating continued growth throughout the near future. A link to the full report can be found at nashvilledowntown.com. Media inquiries may be sent to gbryant@nashvilledowntown.com.
Highlights of this year’s Residential Report include:
- Nashville’s economy continues to be strong, and all signs point to sustained demand for both rental and purchase opportunities in downtown Nashville (low unemployment, job growth, company relocations, taxes, continued high rankings amongst various publications).
- Downtown Nashville’s residential population has grown 130% since 2010, reaching 13,000 in 2019; projections show this population will grow another 61.5% over the next five years, reaching 21,000 residents in 2024. This growth is about eight times greater than the growth of the Nashville MSA during the same period.
- Center city living is trending in high demand across the country, evidenced by peer cities’ downtown occupancy rates sitting at 90% or more, with Nashville achieving the highest occupancy rate amongst the report’s list of peer cities (94.7%).
- Average price per square foot and rent have increased each of the last four quarters. From Q1 to Q4, average rent in downtown has increased 13%, illustrating downtown’s demand outpacing supply.
- There are nine residential projects under construction downtown and thirteen additional residential projects have been announced or are planned, representing a combined 6,297 additional units by 2024.
- NDP survey data show that downtown residents are highly educated and represent a near-even split across three age demographics: Generation Y (age 23 - 37), Gen Xers (age 39-54), and Baby Boomers (age 55-73). Additionally, women residents slightly outnumber men: a higher percentage of female residents can indicate that downtown is perceived to be a safe place to live.
From NDP VP of Economic Development, Tamara Dickson: “The data in the 2019 Residential Report show that downtown Nashville is far more than a footprint providing roughly 15% of all Davidson County jobs. Downtown is amongst the most vibrant, desirable neighborhoods in our county, and a competitor in the national urban landscape. These trends add to the many indications that downtown Nashville is a neighborhood that will deliver on everything: from grocery to culinary options, from convenience to southern hospitality and sense of place.”
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About the Nashville Downtown Partnership
Organized in 1994, the Nashville Downtown Partnership is a private sector nonprofit corporation and membership organization whose core purpose is “to make Downtown Nashville the compelling urban center in the Southeast in which to LIVE, WORK, PLAY and INVEST.” The Nashville Downtown Partnership works to advance the downtown experience for residents, employees, businesses and visitors alike. From its Clean and Safe teams, to effective collaboration with public and private leaders to identify and implement resources that serve all of downtown, the Nashville Downtown Partnership enhances Nashville’s economic vitality and manages sustainable growth. For more information visit: nashvilledowntown.com.