Tennessee Apartment Construction Ramps Up, Except In Nashville

Chattanooga Doubles Apartment Construction

Tuesday, September 10, 2019

Apartment construction is ramping up in Tennessee's major urban centers, with the exception of the Nashville Metro Area, which is witnessing a 51% dip.

Here are the highlights:

  • 3,725 new units are estimated to hit the Nashville Metro market by the end of the year. This may sound like a significant addition, but it is actually less than half of what developers had built in 2018: 7,622.

  • The City of Nashville itself will add 2,177 new apartments, while Murfreesboro and Franklin will each add 512 and 470 units, respectively.

  • The Memphis Metropolitan Area has a spectacular increase of 33% in construction this year.
    Estimates show another 1,033 apartments are on the pipeline in the metro area, all expected by the end of 2019.

  • Knoxville is also ramping up construction, with plans to build an additional 1,181 new units. This is an increase of 28% compared to last year's 926 apartments.

  • Chattanooga doubles apartment construction compared to last year's 446 new units. For 2019, the estimated deliveries increased by 93%, as 860 new apartments are in the pipeline.

At a national level, this decade makes history with a whopping 2.34 million new units, a number unattained since the '70s and '80s.

The full study can be accessed here: https://www.rentcafe.com/blog/rental-market/apartment-construction-2019/.


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