MINNEAPOLIS, MN NASHVILLE, TN Minneapolis became the first large city in the country to end single-family zoning. This means the city allows small multifamily properties to be built on single-family lots. It is one of the biggest reasons why there’s been a strong housing market performance.
Nashville’s multifamily sector benefits from a business- friendly environment, expansive job market, and growing population. For years, major companies, including Alliance Bernstein, Amazon, and Oracle, have been relocating or expanding in the market, contributing to the stellar job growth and strong multifamily demand in both urban and suburban submarkets throughout the metro. With 14.1% of inventory underway, Nashville has one of the country’s most active multifamily construction pipelines. Around 3,600 units have been delivered in the last year, and over 19,000 are currently in development. There is also ramped up activity in suburban submarkets that offer numerous shopping centers, several major office- using and industrial employers, and highly ranked schools, including Middle Tennessee State University.
There are 16 Fortune 500 companies (including Best Buy, 3M, General Mills, and Ecolab), concentrated in the Minneapolis -Saint Paul metro area. Minneapolis is one of the most economically diverse and stable cities in the country. Minneapolis has 197 parks and 120 miles of bike paths, which ranks it as the best park system in the country. It is also home to the 3rd largest university (U of M) in the United States and in close proximity to the top ranked hospital system where the Presidents typically go (Mayo). These are just a few reasons Minneapolis boasts a quality of life that regularly ranks among the top 5 in the country.
• No single-family zoning • 16 Fortune 500 companies
• 8,000 new high-paying jobs • Downtown is the top submarket for units underway in the nation • Ramped up activity in suburban counties: Murfreesboro, Williamson, and Wilson County
• 197 parks, 120 miles of bike paths • Home to 3rd largest U.S. university • Top ranked hospital system where Presidents typically go
Chris Missling Multifamily Business Development, DRG Connect with Chris
Austin Tomaiko Multifamily Associate, Matthews Real Estate Group Connect with Austin
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