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/.