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Nashville Apartment Market Booming, Germantown A Hot Spot

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Posted at 7:04 PM, Jul 27, 2015
and last updated 2015-09-07 08:42:52-04

NASHVILLE, Tenn. -  Nashville's apartment market is booming, and the Germantown area is one of the busiest in the city.

Jack Brown's Beer and Burger Joint on 3rd Avenue North opened on June 5th.

"Coming up on two months, and it's been a tremendous start so far. Couldn't be happier with how it's going," said Ian Revereza from Jack Brown's.

Broadstone Germantown is currently under construction, across the street from the new restaurant. The project is one of the reasons the owners chose the location.

"We knew the Sounds stadium was coming in, we knew about certain developments. When we signed a lease last June we were pretty much on the outskirts of Germantown," Revereza explained. "Coming up next year, hopefully we'll be in the center of it."

There are more than 2,000 apartment units in the works with in a few blocks of Jack Brown's.

Woody McLaughlin has been in the apartment business for the last 30 years. He has never seen the Nashville market like this.

"Right now, the ones coming to market, that are completed, seem to be leasing up pretty quickly, without incentives," McLaughlin said.

In the Nashville market, that extends to Lebanon, Murfreesboro, and Franklin, there are currently 13,000 apartment units under construction. Sixty-five hundred of those units are in the downtown, West End, and Germantown areas.  There are 8,850 more units in the pipeline, and nearing construction. 

Currently in New York City there are 26,000 units under construction.  That's double the amount of Nashville, but New York is more than ten times the size of this city. 

McLaughlin said Germantown is an apartment hot spot for a specific reason.

"Germantown has kind of blossomed as far as restaurants and activities, the ballpark, so there are more things for apartment dwellers to do, within walking distance," McLaughlin said.

Rent is also rising during this apartment boom. The current average rent is $1,500. If you take out the downtown, and Franklin area, that average rent drops to $900.