With an occupancy rate of 97 percent and waiting lists at many apartment buildings, it shouldn’t be a surprise that downtown rental rates have increased over the past year.
But what may come as a surprise, to some at least, is that the smallest units, studios ranging from 419 square feet to 600 square feet, are yielding the highest square footage prices. In newer apartments in the Gulch, some studios are renting between $3 and $3.48 per square foot, according to the Nashville Downtown Partnership’s 2015 residential report, released Monday afternoon.
There are a total of 4,902 residential units downtown, 47 percent of which are rentals; 49 percent are condos, and four percent are single-family. Affordable housing accounts for five percent of downtown’s housing stock.
Nashville Biz Journal
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