REGIONAL SPOTLIGHT: NASHVILLE, TN
in late 2016 when Census numbers indicated that it had eclipsed Memphis as the most populous city in the state. At that time, Nashville also became the nation’s 24th-largest city, and nearby Murfreesboro was ranked one of the fastest-growing cities in the U.S. with 4.7 percent population growth.
index was, as of December 2017, just over 72 on a scale wherein New York, New York, is ranked 100 as the cost- liest place to live in the country, and the numbers fall from there. Athens, Georgia, ranked lowest on the list with a reading of 59.35. Businesses come to Nashville to ben- efit from a friendly tax environment, pro-business state and local regulations and policies, a highly educated work- force, easy access to an international airport, and, perhaps most important- ly, the ability to attract quality em- ployees thanks to a variety of benefits. Those include: • Many universities and colleges • Good weather • Well-ranked local healthcare systems • Low cost of living
More than half of the U.S. population resides within 650 miles of Nashville.
What is bringing these new residents to Nashville and the surrounding area? The city certainly has a lot to offer, especially to businesses and individuals who are accustomed to living in areas of the country where the cost of living is far greater than it is in Nashville and in the Southeast in general. Just for comparison, Nashville’s cost of living
Nashville’s Housing Market has Plenty of Room to Grow MUSICIANS AREN’T THE ONLY ONES STAR-STRUCK BY THE MUSIC CITY.
needs in terms of housing and what it currently offers leaves a great place for real estate investors to get involved in the market. However, it is important to understand the needs of the incoming population and the dynamics between long-time Nashville residents and poli- cies and the city’s relatively new, boom- ing economy and associated incoming population. As demand for housing in- creases, a number of public and private organizations are also getting involved in the equation, offering assistance, tax incentives, grants, and special loans to incentivize development. A keen aware- ness of your investment options in the area will take you far.
by Bruce McNeilage and Carole VanSickle Ellis
also has expanded to incorporate nearly a dozen Fortune 500 company offices, a thriving healthcare sector, a solid base of institutions for higher education, the automotive industry, technology, and publishing. Nashville is truly rife with opportu- nity, and that means it is specifically suited for real estate investing success. However, just owning real estate is not enough. Thanks to the rapid, massive expansion of the local economy, there are a few issues for local investors to consider before they buy. The popula- tion explosion is both a blessing and a
ashville, Tennessee, is, quite simply, sitting in the catbird
curse, since it has rendered one of the most affordable and attractive metro areas in the United States suddenly sig- nificantly less affordable. At this point in time, analysts estimate that Nashville could use about 10,000 more doors in its housing inventory, either multi- or single-family, rentals or owner-occupied residences, than are currently available. That is a tough order to fill because in Nashville, as in any city, there are multiple steps involved in managing the permits, labor, and planning necessary for development on this scale. The gap between what Nashville
seat when it comes to real estate. The “Music City,” so named in 1950 by radio broadcaster David Cobb thanks to its longstanding position as the home of country music, is hitting all the right notes these days. Positioned in the highly affordable southeastern United States, the U.S. Census Bureau recently reported that Nashville adds about 100 residents to its population each day. This influx of population is supported by a rapidly expanding economy that re- lies not just on music and tourism, but
WHY NASHVILLE, ANDWHY NOW?
Although most Nashville residents do not find the city’s presence at the top of nearly every 2018 “hot list” for real estate markets particularly sur- prising, non-natives often feel as if the city simply “arrived” out of nowhere
Pleasant weather, a rich history, and plenty of beautiful outdoor spaces contribute to Nashville's consistent presence on "best places to live" lists.
34 | think realty magazine :: february 2018
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