Downtown Condo/Apartment Rentals

[Unregistered]

My wife and I and our two dogs are thinking about relocating to Nashville either late this year or early next year. I would like to be able to rent a place downtown within walking distance of the Broadway strip. I've been searching alot online and can't find many places available to rent, does anyone have any suggestions on how to look or any particular properties to visit? We are looking for $1200/month or less

I would consider purchasing a place downtown, but I'm concerned about the market. It seems like prices are pretty high and going up now, but they are building so many more properties that I'm afraid that prices will drop by the time we want to have kids and move out to the suburbs. Any suggestions?

[Gary Ashton]

Hello,
I have to say that I'm not an expert on the downtown condo rentals but they will probably run you more that the $1200 you had mention. In addition, the two dogs will further narrow down your choice, sad as it is landlords don't like pets :(

As for the real estate market in downtown Nashville I think you'll find that all the recent figures actually show that the market there is very strong still. I was just at the Icon and the new Rhythm and I know that the Rhythm is 90% sold out. One of our agents just sold a condo there and the demand is still good.

The downtown condo market in Nashville is by comparison to other similar markets still at a very low density and has the ability to support many more units. As the talk of higher gas prices and the faltering economy keep circulating throughout the media the appeal of the downtown condo seems to increase. Not having to drive to work and being in a community that is almost self contain with pools and fitness facilities has become more and more appealing.

Areas like the Gulch have condos that will have fantastic views of downtown Nashville and in some respects these are like the waterfront homes in Hendersonville and Gallatin etc. The lake home has traditionally been an excellent investment as the appreciation rate has weathered any real estate storm and always remained positive. This is because they aren't too many new lake homes coming on to the market. The condo has the similar advantage in that if you buy the right condo in the right development the appeal will still be there is 3 years, 5 years and more. The view and the facilities and the convenience of location are things that will basically remain the same and the demand will always be there.

I see no reason not to invest in a downtown condo right now as the buyer is definitely in the driving seat the sellers are open to a little more negotiation but fundamentally the condo is a good long term investment...as long as you pick the right unit, the right development and the right location.