Nashville has more than 9700 short-term rental units – and a lot of neighbors are feeling the pinch.

Cleveland Park in East Nashville is an example.

Life-long resident Sam McCullough has short term rentals on either side of his house, and one across the street.

"You don't know who's next to you on the weekends," he said. "Neighborhoods are unrecognizable."

Metro council now has limits on short-term rentals in residential neighborhoods, but it hasn't stopped entire buildings from being constructed  specifically for the short-term rental market, where the property zoning allows it.

One example is Hendrix Cleveland Park, which is  under construction at 829 Lischey Avenue.

There are eight units, four bedrooms each, and all are being built as short-term rentals. Investors are buying them up at  $700,000-plus per unit.

Not far away, Lyric Cleveland Park is under construction at 818-828 Cherokee Avenue. It’s a 50-unit townhome development. The units have 3 or 4 bedrooms and a “bunk room.” The target market is travelers.

The  broker  marketing these units  is Grant Hammond of Metropolitan Brokers in Brentwood.

Hammond said there are many benefits from short-term rentals: Guests contribute more than 21 million in city tax revenue,  and he said, 82 % of the investor-owners live in Tennessee.

Metro has tried to place limits on where short term rentals can go when the owners don't live in them. But the city doesn't limit them where an area that's already zoned commercial or multi-family.

Metro Council member Sean Parker, who represents district 5 where McCullough's neighborhood is, has introduced a bill that creates a new type of zoning – it will allow multi-family housing, but explicitly prohibit short term rentals.

Parker said the city needs more multi-family housing, but he said too many multi-family developments are selling as short-term rentals.

 

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