With a complete lack of new construction short term rental product on the market, we are excited to announce the pre-MLS sales for Muse Nashville and Lyric Cleveland Park. These 2 luxury Nashville Airbnb developments will fill a rather large hole in the Nashville market and will give investors an opportunity to capitalize on our lucrative nightly rental market. Both sales will be handled by Grant Hammond and Brian Merrill of Metropolitan Brokers.
Muse Nashville: Downtown, Condominiums
Update: presale from 1pm – 3pm CST on Wednesday 11/13 sold 46 of the 55 units
Muse Nashville is a 55 unit “Airbnb Hotel” in the Rutledge Hill Neighborhood of downtown Nashville. Located at 65 Lindsley Avenue, Muse will have studios, 1, 2 and 3 bedroom condos available. Pricing will range between $269,900 and $689,900. Muse is purpose-built to maximize income and security. This Nashville Airbnb development has a roof top community terrace, a rooftop club house, a game room, fitness facility, gated parking and check in/check out lobby with bag drop. Muse will feature ground floor retail spaces where we have targeted a Bodega, blow out bar and nail bar making Muse a one stop shop for Nashville fun.
Lyric Cleveland Park: East Nashville, Townhomes
— Presale from 1pm – 3pm CST on Thursday 11/14 —
Lyric at Cleveland Park is a 50 unit townhome development located at 818 Cherokee Avenue that features purpose-built short-term rentals with 3, 4 and 4+ bedroom townhomes. Approximately 22 of the 50 will have roof top decks with downtown skyline views. Expected delivery for the 1st phase is July 2020. Pricing will range between $379,900 and $549,000. This development is developed and built by Avenue Construction. We will send out the floor plans, interior finishes and prices early next week. Do not miss your chance to secure a townhome at ground floor pricing!
Right Time to Buy into a Nashville Airbnb Development?
It’s no secret that the Nashville short term rental market has been heating up over the past few years. In fact, since 2017, nightly short term rental rates have skyrocketed a staggering 147.81%. So what’s driving Nashville Airbnb development prices and where will they be in the future? Surprisingly, there’s a pretty simple answer to this complicated question: it’s a combination of continued record tourism rates, a lack of nightly rental product (both traditional hotel and Airbnb), an entire generation changing their travel preferences, a development community that has been slow to fill excess demand and a City Council that has sought to make it more difficult to obtain short term rental permits. It looks strange in print, but there are only 6,839 legally operating Airbnbs in all of Davidson County at the time of publishing this article. That’s for the entire city and surrounding suburbs. In our next series, we will break down each of the 5 major factors and show how future nightly rental rates will be influenced even higher.
It has always been important to be plugged into the whims of the City Council, but never has it been as important as it is now. The latest edition of Council is full of self-described “neighborhood first” members who lean very far left of center. Many of these members ran on anti-Airbnb platforms and vowed to rid their neighborhoods of the scourge of short term rentals. Several consider themselves Pied Pipers who will march down the legislative halls playing their magical anti-Airbnb flutes. Ironically, their hyper focus on traditionally residential neighborhoods has led Council to approve Airbnb rentals in 16 non-residential zonings, giving developers a clear vision on where to develop short term rental product.