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Why is Nashville an attractive market for real estate investors?

Nashville remains among the leading U.S. real estate markets to watch, according to an "Emerging Trends in Real Estate" report compiled by the Urban Land Institute and consulting firm PwC. That report looks at projected growth for 2018 and beyond.

This marks the third consecutive year the Music City has made the top 10 -- even though it dropped three spots (from six to nine) from last year. Two new cities broke into that top 10 -- Fort Lauderdale, Florida, and Salt Lake City, Utah. The rankings for the annual report are based on surveys of developers and other real estate experts who regularly evaluate the best cities in which to invest.

Nashville's population grew by 100 people per day on average between mid-2015 and mid-2016 (the period studied). Further, the city has seen a higher-than-average increase in key younger demographic groups. That includes the millennial generation as well as what's known as Generation Z (those born after 1994). Nashville's population is projected to have a net five-year increase of 20,000.

Much of the attractiveness of Nashville for investors relates to the affordability of living and doing business here. As one partner with PwC notes, the cost of doing business is lower than the national average.

Housing costs are also below the national average. This has resulted in a shortage of single-family homes. However, as the PwC executive notes, "The good news on Nashville is there's a lot of apartments in the pipeline and that's a good thing." Meanwhile, disposable incomes are growing and projected to be some 40 percent higher than the U.S. average during the next few years.

All of this appears to be good news for anyone in the residential real estate market, whether it's as an individual homeowner or as a property owner of multi-family dwellings like condominiums and apartment buildings, as well as for those in commercial real estate.

Source: Tennessean, "Nashville drops three notches for 2018 outlook, remains top 10 U.S. real estate market," Getahn Ward, USA Today Network, accessed Dec. 22, 2017

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