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New report says downtown Nashville development can't stop, won't stop. Here are the key numbers.

The Tennessean (Nashville) logo The Tennessean (Nashville) 3/5/2021 Sandy Mazza, Nashville Tennessean
a tall building in a city: Construction cranes are seen on the skyline as the sun sets over downtown Nashville, Tenn., Wednesday, Feb. 3, 2021. © Andrew Nelles / The Tennessean Construction cranes are seen on the skyline as the sun sets over downtown Nashville, Tenn., Wednesday, Feb. 3, 2021.

Nashville Downtown Partnership's annual study of the urban housing market and living trends took on a new level of intensity in 2020 with a harrowing series of troubles. 

But the new report's most surprising finding is that living in downtown Nashville is more desirable than ever.

The deadly tornado, COVID-19 business shutdowns and fear of contagion, and the Christmas Day bombing haven't deterred demand, it found. 

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"These key metrics of residential vitality show unrelenting demand for condominium sales downtown, and the neighborhood’s ability to hold its own as a top performer amongst peer and aspirational cities," said Tamara Dickson, vice president of the nonprofit urban marketing firm. "After the year we’ve had, it’s incredibly exciting to see. Downtown Nashville is amongst the most vibrant, desirable neighborhoods in our region, and a competitor in the national urban landscape."

a group of people walking down the street: Pedestrians interact with a band as they make their way down Lower Broadway Wednesday, December 30, 2020. © Alan Poizner, Alan Poizner/For The Tennessean Pedestrians interact with a band as they make their way down Lower Broadway Wednesday, December 30, 2020.

Key findings

  • There are 9,511 apartments, condominiums and single-family homes downtown.
  • Housing occupancy rates downtown ended the year with a comfortable 93.4% filled rental units, and continued rising home values through 2020.  
  • The downtown population has grown 152% since 2010, reaching 14,000 in 2020. It's expected to grow to 21,000 by 2024. 
  • New residential units increased 12.5% last year. 
  • Demand is still high, with more than 8,000 new units in the works. 
  • Two-thirds of downtown household report earning more than $100,000 a year.
  • The two most populous generations of downtown residents are age groups 39 to 54 and 55 to 73.
  • Downtown residents are 58% female. 
  • 38% of residents moved from another state and 18% came from another county.
  • Nine dense housing developments will bring 2,300 new units by the end of next year.
  • There are only 309 specified affordable units, accounting for 4.4% of the rental market. Affordable housing is designed to not exceed 30% of household income. 
a city street filled with traffic at night: Saturn and Jupiter, top center, are seen in the sky over Broadway in downtown Nashville, Tenn., Monday, Dec. 21, 2020. Jupiter and Saturn are aligned, one-tenth of a degree apart, in what is known as the "Christmas Star.” © Andrew Nelles / The Tennessean Saturn and Jupiter, top center, are seen in the sky over Broadway in downtown Nashville, Tenn., Monday, Dec. 21, 2020. Jupiter and Saturn are aligned, one-tenth of a degree apart, in what is known as the "Christmas Star.”

Sandy Mazza can be reached via email at smazza@tennessean.com, by calling 615-726-5962, or on Twitter @SandyMazza. 

This article originally appeared on Nashville Tennessean: New report says downtown Nashville development can't stop, won't stop. Here are the key numbers.

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