MEMPHIS AND NASHVILLE RENTS: HOW’S YOUR SQUARE FOOTAGE?
By Samuel X. Cicci
Apartments are springing up around here like wildflowers. You can’t drive through the downtown area without having to weave around some construction taking up half of the road every few blocks.
Nashville is also a hotbed for young folks looking to move, but the difference between the two cities in this field couldn’t be more pronounced.
In a recent study, RENTCafé researched the maximum square feet you can rent in the 100 most populous U.S. cities without going broke. Memphis came in as the 27th best city based on the rent-to-surface-area ratio if renters aren’t spending more than 30 percent of their income. They can get up to 806 square feet without crossing that threshold. In addition, the average size of apartments in Memphis is higher at 910 square feet.
Nashville’s apartment prospects are more grim where 30 percent of the median income there will get you a measly 639 square feet, placing the city at 60th on RENTCafé’s list. The average apartment size in Nashville is 895 square feet, but that would necessitate renters spending more than a third of their income on rent.
But the biggest advantage in Memphis? A very low probability of being run over by a tractor-trailer bachelorette party when you step outside.
Meanwhile, in a different but related set of facts and figures, the RealtyHop Housing Affordability Index rates Memphis at No. 81, meaning it’s among the top 20 most affordable housing markets of the top 100 population centers. Nashville comes in at 45. For more on the index, go here.
NEWS FROM OTHER SOURCES
– The city is formalizing the process to find “bold visions” for Overton Park‘s two unique and soon-to-be-vacant buildings. Maya Smith reports in the Memphis Flyer on how the city is seeking to find new roles for the Memphis Brooks Museum of Art building and the Memphis College of Art facility. Read the story here.
– The Orpheum has signed up a record number of season ticket holders this year as a result of the musical “Hamilton.” Read Corey Davis’ story in the Memphis Business Journal here.
– The General Assembly is looking favorably on giving FedEx a $21 million sales tax break for it’s planned hub expansion. Read the story in the Daily Memphian here.
– The Greater Memphis Chamber and Shelby County Schools are teaming up to boost vo-tech training. Read Desiree Stennett’s story in The Commercial Appeal here.
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– AutoZone Park Job Fair: Positions available for 901 FC and Redbirds games for the remainder of the season. May 8 from 4 p.m. to 6 p.m. Home Plate Club at AutoZone Park, 198 Union Avenue. For more information, go here.
– Margarita Festival: Vote on the city’s best margarita makers. Ticket ($34) includes entry to the event and 15 margarita samples, plus food, cash bar, and entertainment. Proceeds benefit Volunteer Memphis. May 11, 3-6 p.m., Fourth Bluff Park. More info here.
– Davos in the Delta: More than 300 experts in ag and tech will attend a four-day conference to discuss the future of the global food system and encouraging new investment. It’s May 13-16 at the Peabody. For registration, go here.
– Finance consultant Thomas Ho of THC Financial Engineering to discuss upcoming changes in banking regulations. Current Expected Credit Loss (CECL) standards take effect Dec. 15, 2019, for public business entities that are US SEC filers and they will fundamentally change how banks estimate losses. The event, sponsored by Joel Banes and Banes Capital Group, LLC, is for bank and credit union leaders and accountants. It’s at 2:30 p.m. May 16 at the Crescent Club, 6075 Poplar Avenue. No charge, but seating is limited. RSVP to [email protected]com to reserve a spot.
THE HOT SHEET
Who’s getting promoted? Who’s closing big deals? Who’s getting awards? Inside Memphis Business magazine’s Hot Sheet has the latest on milestones in Memphis.
– Junior Achievement of Memphis announced that president Larry Colbert retired and a search for his replacement is underway.
– University of Tennessee Health Science Center was ranked as a top 10 school in the 2019 Safest Colleges in America by the National Council for Home Safety and Security.
– Oden expanded its digital team and technology solutions with the addition of Matt Brandt as director of digital technologies.
– The Seam added Pam Jackson (pictured) as senior software engineer. Seam chairman and CEO Mark Pryor was also selected to present at the Complete Cotton training program in Liverpool, as well as other industry training programs throughout the year.
– Burch, Porter, Johnson, LLC attorney Charlie Newman received the Olmstead Award from the Tennessee Chapter American Society of Landscape Architects.
Inside Memphis Business magazine publishes a list of local Power Players every year. These are the movers and shakers in more than 30 categories who get things done in their respective fields. IMB’s April issue has the complete list. We also publish individual categories in other issues throughout the year, and we feature individual Power Players in our weekly Tip Sheet.
This week’s Power Player is Susan Golden, founding partner, president, & healthcare practice leader, brg3s architects. Bachelor of Architecture, University of Tennessee. Clients include Youth Villages, Methodist Le Bonheur Healthcare, Shelby County, Regional One Health, West Cancer Center, St Jude. Notable projects include Methodist University ED, Le Bonheur faculty office building, Methodist Hospice, Youth Villages. Current projects include Youth Villages’ Residential Treatment Center and the Shelby County Health Department. Member/former board representative, Memphis Chapter, American Institute of Architects. Member/former secretary, Memphis Rotary Club. LEED AP and NCARB certified.
“… Create a new blueprint for these cornerstone anchors located in the heart of Memphis at Overton Park to ensure that they remain accessible cultural assets for the entire Greater Memphis community and beyond.”
– The stated goal of the city in looking for ideas to repurpose Memphis Brooks Museum of Art and Memphis College of Art. Read Maya Smith’s story in the Memphis Flyer here.