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Nashville Downtown Partnership Releases 2020 Downtown Residential Report
Nashville, Tenn. – The Nashville Downtown Partnership released its 2020 Residential Report, a year after one of the region’s most indelible marks – the EF4 tornadoes. Despite a most challenging year, the data indicate another year of sustained demand for urban living, with the downtown residential population reaching an all-time high and occupancy rates that prove Nashville’s urban core is a top performer amongst competitor cities. The full report will be published at nashvilledowntown.com later this week.
Highlights of the 2020 Residential Report include:
- Indicators of Nashville’s development and housing in the downtown neighborhood continue to show strength, and all signs point to sustained demand for both rental and purchase opportunities in Nashville’s urban core.
- Downtown Nashville’s residential population has grown 152% since 2010, reaching 14,000 in 2020. This is 14 times the percentage growth for Nashville proper, and eight times the percentage growth for the Nashville MSA.
- The number of residential units downtown increased 12.5% over 2019.
- Demand for downtown living is expected to remain high, and the pipeline of planned or announced projects aligns with this trend: more than 8,000 planned or announced condominium/rental units are expected to deliver in 2021 and beyond.
- Center city living is trending in high demand across the country, evidenced by peer cities’ high downtown occupancy rates; Nashville leads with the highest occupancy rate amongst the report’s list of competitor cities (93.37% of established rental units).
- Average price per square foot for each of downtown’s seven high-rises increased in 2020 over 2019.
- NDP survey data show that downtown residents are highly educated, and about two-thirds of residents report earning $100,000+ in annual household income. Gen Xers (age 39-54) and Baby Boomers (age 55-73) nearly tied for 1st and 2nd place for most prevalent age brackets, and Millennials/Generation Y (age 23 - 37) hold third place at roughly 25% of the downtown population.
From NDP VP of Economic Development, Tamara Dickson: “These key metrics of residential vitality show unrelenting demand for condominium sales downtown, and the neighborhood’s ability to hold its own as a top-performer amongst peer and aspirational cities. After the year we’ve had, it’s incredibly exciting to see. Downtown Nashville is amongst the most vibrant, desirable neighborhoods in our region, and a competitor in the national urban landscape. These trends add to the many indications that downtown Nashville is a neighborhood that can deliver.”
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.