{"id":1004148020,"date":"2016-07-19T23:12:51","date_gmt":"2016-07-20T07:12:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004148020"},"modified":"2025-02-26T23:39:29","modified_gmt":"2025-02-27T07:39:29","slug":"yardi-matrix-music-citys-diverse-economy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-music-citys-diverse-economy\/","title":{"rendered":"Yardi Matrix: Music City\u2019s Diverse Economy"},"content":{"rendered":"<div id=\"attachment_1004147969\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Tennessee_Metro_rent16.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004147969\" data-attachment-id=\"1004147969\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/yardi-matrix-music-citys-diverse-economy\/tennessee_metro_rent16\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Tennessee_Metro_rent16.jpg\" data-orig-size=\"800,400\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Tennessee rent evolution\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Tennessee rent evolution, click to enlarge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Tennessee_Metro_rent16.jpg?w=800\" class=\"wp-image-1004147969 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Tennessee_Metro_rent16.jpg\" alt=\"Tennessee rent evolution\" width=\"300\" height=\"150\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Tennessee_Metro_rent16.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Tennessee_Metro_rent16.jpg?resize=300,150 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Tennessee_Metro_rent16.jpg?resize=768,384 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004147969\" class=\"wp-caption-text\">Tennessee rent evolution, click to enlarge<\/p><\/div>\n<p>Driven by a diversified economy led by its iconic entertainment industry and a\u00a0first-rate healthcare sector, the Nashville\/Knoxville metro is becoming one of the\u00a0nation\u2019s most attractive secondary markets for developers and investors, even if\u00a0rent growth is in the middle of the pack nationally. Nashville\u2019s population growth,\u00a0healthy employment sector and cost-friendly business climate are driving corporate\u00a0expansions and relocations in industries such as auto manufacturing.<\/p>\n<p>An economic pillar for the market, the entertainment industry contributes nearly\u00a0$10 billion a year to the local economy, while the healthcare sector\u2019s economic impact\u00a0has reached $38.8 billion. The metro is also developing into an up-and-coming\u00a0locale for entrepreneurial ventures: Investors poured more than $280 million\u00a0into startup businesses last year, with a total of $1 billion statewide since 2012.<\/p>\n<p>The outlook for multifamily fundamentals is favorable, as strong demand will help\u00a0fill the 3,300 units completed in 2015, though the 13,400 units currently under construction\u00a0will put a damper on rent increases once they hit the market. The metro\u2019s\u00a0growing prominence as a top Southern secondary market is attracting investors,\u00a0helping transaction volume reach $1.4 billion in 2015, the highest in the current\u00a0cycle. In-migration and healthy employment will continue to drive rent gains, but\u00a0heavy new supply and affordability should moderate rent growth from the 7 percent\u00a0range in 2015 to 4.2 percent in 2016.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/96-Tennessee-Summer2016Outlook?signup=false\" target=\"_blank\" rel=\"noopener\">Read the full Yardi Matrix Report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Multifamily Summer Report 2016: Driven by a diversified economy, the Nashville\/Knoxville metro is becoming one of the nation\u2019s most attractive secondary markets for developers and investors.<\/p>\n","protected":false},"author":873,"featured_media":1004147964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37769,21782,21808,36077,21742,37795],"tags":[1598],"class_list":["post-1004148020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-absorption","category-development","category-featured","category-nashville-knoxville","category-latest","category-rc-occupancy","tag-nashville"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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