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Nashville's Supply Side Shines

Nashville's Supply Side Shines Commercial Property Executive 06/06/17 Croitoru, Evelina

Yardi Matrix reports that strong demand fueled by robust population gains and consistent job growth have kept the Nashville multifamily housing market at a high level. Investors acquired more than $1 billion in apartments in 2016 in the city. A booming economy is broadening the city's labor force at a rate well above the national average, helping to drive demand for housing. Nashville's knowledge-based economy thrives due to growth-oriented industries, such as health care, which continues to attract a highly educated workforce. Overall, employment is healthy, with 24,300 jobs added in 2016. Meanwhile, the Nashville Metropolitan Transit Authority approved nMotion, a $6 billion transit plan that will develop a large number of high-capacity and rapid transit services over the next 25 years. Public-private collaborations, such as the Partnership 2020 initiative that aims to create economic growth in the region, are also drawing investors to the area. Yardi Matrix forecasts a 4.5 percent rent increase for the full year.