Data shows we’re experiencing record-high rents and apartment rentals with occupancy sitting over 95 percent, an all-time high. In turn, rates are rising month-over-month and it’s all due to a lack of equality with supply and demand. Report: Nashville takes top spot as city with most economic growth in 2021 People keep moving here and builders can’t keep up. Plus, there’s a lack of inventory in houses, so for some, apartment renting just makes sense. There are 21,663 market rate and affordable apartment units currently under construction in the Nashville Metro, with construction wrapping on 1,868 apartment units in the first half of 2021. Joel Sanders, Founder & CEO of Apartment Insiders , says it’s a lower amount compared to recent years due to supply chain issues and labor availability shortages. A few ways for cash-strapped buyers to compete in red-hot housing market “All submarkets in the Nashville apartment market reported strong results for the second quarter of 2021. They all reported occupancy rates above 91 percent, which demonstrates there isn’t any relative weakness in the market at this time,” said Sanders. “They’re just filling right up as soon as they open the doors, they’re leasing quickly.” Since demand is so high, concessions are at a five year low with rates at an all-time high. Supply and demand in Nashville housing market slowly but surely leveling out The average apartment rent for the second quarter of 2021 was $1,404, which is a 22.3 percent five-year increase from the same quarter in 2017, according to the Greater Nashville Apartment Association. According to Apartment List , rents in Nashville increased 3.8 percent month-over-month, it’s the 13th-fastest growth rate among the nation’s 100 largest cities. Year-over-year rent growth in Nashville currently stands at 9.4 percent, compared to -1.4 percent at this time last year. Data: More than half of young adults plan to use saved pandemic money toward down payment on home The bad news for renters, Apartment Insiders predicts the Nashville apartment market will remain tight for apartment seekers throughout 2021. “I clicking here have one word to maybe help people lower their apartments costs if they find Nashville apartments costs are too high: roommates,” Sanders said. Keep in mind—something’s got to give, whether it’s the amenities, location, or the cost. If you’re looking for the biggest bang for your buck, Sanders says head to South Nashville. Copyright 2021 Nexstar Media Inc.https://www.wkrn.com/news/despite-continued-construction-apartment-supply-struggles-to-meet-high-demand/
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“I got a spot for 15 minutes, and here’s a special price. That’s the evolution we’re enabling: Get people off the street and into the lot.” Flash’s chief executive, Dan Sharplin, called parking today “an accidental experience.” “You’re driving in town to do something, and then looking for parking,” he said. “But our view is there will be very few accidental drivers in the future. And that these parking assets” — garages — “can be converted into a dynamic hub of a broad network and connected in a digital fashion through consumer-facing apps. It only works if you reach the consumer where he lives today: on his phone.” Mr. Sharplin’s organization, which he describes as SaaS — software as a service — needs partners. In fact, Flash doesn’t own the garages or the thousands of other parking locations across the country that it supplies, he said. “But,” Mr. Golson added, “we do own the infrastructure: the hardware that makes the gates go up and down, the scooters, the E.V. charging stations.” An attendant in Hoboken, Arnel Smith, helping a customer at a FlashParking ticket machine.Credit...Andy Zalkin for The New York Times One of the garage’s cameras, which can also identify cars by a dent or a sticker.Credit...Andy Zalkin for The New York Times And there are other partners in the mix: the automakers. Flash is working with more than a dozen of them to integrate parking apps, Mr. Golson said. “But they’re not necessarily the ones creating the tech,” he added. “We want to be at the table as the parking adviser, alongside Google and Amazon and Uber.” Many garages that SP Plus, a Chicago-based company, manages across the country employ hands-free systems at the gates and mobile payments “to create a touchless experience,” said Jeff Eckerling, the company’s chief growth officer. Overall, the company oversees “upwards of two million” parking spaces in several thousand locations, including more than 70 airports, he said. Despite the touchless technology, stay-at-home restrictions that were mandated more than a year ago because of the coronavirus wreaked havoc on the parking garage business. An empty parking spot is like a subway car without riders, a baseball stadium without fans. “Our whole industry was hit very hard, from hotels to airports to event venues,” Mr.https://www.nytimes.com/2021/07/08/business/parking-garage-apps.html