Downtown Nashville expected to see continued population boom as costs, concerns grow

NASHVILLE, Tenn.--New data from the Nashville Downtown Partnership (NDP) shows Downtown Nashville is poised to see a continued boom in residential population in the next few years.

The NDP is comprised of board members representing First Tennessee Bank, the Nashville Predators & Bridgestone Arena, the Tennessee Titans, Pinacle Financial, Bridgestone Americas, Warner Music Group, Ingram Industries, and many others. The NDP's purpose is to focus on recruiting businesses, development of retail and residential spaces, transportation, communications, and marketing.

According to their 2019 Mid-Year Residential report released on Wednesday, the current residential population of 12,000 will hit 20,000 by 2022. Based on their data, there are currently 8,366 residential units in downtown, 58% being rental units with an average rental rate of $1,893. The average rental unit size is 795 square feet, a cost of $2.38 per square foot.

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The growth and increased demand has led to 2,104 residential units with another 2,913 planned. 37% of residents have moved to downtown from out of state, comprised of 40% millennials, 30% Generation X and 30% Baby Boomers. 40% of downtown households earn between $100,000-$249,000 according to the NDP report.

WHAT DO RESIDENTS THINK?

The NDP also published their 2019 Residential Survey, where homeowners, renters and condo owners shared their thoughts on living downtown.

56% of respondents said they rent, versus 44% which said they own their residence. In terms of their positive and negative thoughts about the city, 55% said they feel either 'safe' or 'very safe' downtown, though 40% said public safety needs improvement. This was an 8% increase compared to last year's survey results.

Other areas which saw increases in concern compared to last year were the number of residents who said they were affected by transients or panhandlers. 41% said they were 'very affected,' a 4% increase compared to 2018's 37%. Another 49% said they were 'somewhat affected.'

The affects of vandalism in the city were also a point of growing concern, 42% saying they were 'somewhat affected' compared to just 36% last year. However, half of respondents said they were 'not affected.'

Residents said what needs most improvement downtown are grocery store options (43%), tying with panhandlers (43%). Traffic (36%) and housing costs (22%) were the third and fourth elements residents believed need improvement.

On the positive side, 90% of residents said downtown is a fun place to live. 57% said walkability was the most positive influence to keep living downtown, 38% said it was the convenience, 34% enjoy the urban experience, and 30% stated it was because they were close to work.