As of July 1st, 2019, with the passage of Nashville Council Bill BL2019-1627, the cost to obtain a short term rental permit (STRP) is now $313. The STRP permit fee was $50, which we can all agree was laughable. This change comes as a result of a 9 month fee study that sought to determine the true cost to obtain a short term rental permit from Metro Nashville.
As of January 1st, 2022, with the passage of Nashville Council Bill BL2019-1633, Nashville will no longer issue non-owner occupied short term rental permits (NOO STRPs) in RM zoning. However, anyone that has a NOO STRP prior to January 1st, 2022 will be grandfathered forever making that permit quite valuable. Owner occupied STR permits will continue to be issued. For additional info read my write up on BL2019-1633.
Short Term Rental Permit – New Construction
By the end of this month Catalyst Vanderbilt, a 16 unit NOO STR development for VRBO, will be closed out. This development sold out during a one day pre-sale event earlier this year with prices in the low to mid $700,000. Catalyst Vanderbilt was developed, designed and built by the Urban Development Group.
By the middle of October, Vibe East Nashville, a 38 unit NOO STR development, will be closed out. This development consists of 5 phases, all of which sold out during their pre-sale events. Prices ranged from the mid to high $300,000’s for the 3 bedroom homes and in the lower $500,000’s for the 4 bedroom homes.
NOO STRS for VRBO Coming Soon
We have quite a few new construction developments that will pre-sell in Fall 2019. In fact, we have 6 different developments with more than 175 opportunities to purchase a NOO STR and 1 development with 18 opportunities to purchase an owner occupied STR within 4 miles of downtown Nashville. Prices will start at $250,000 and go well over $1,000,000 for a downtown penthouse in a new development called Muse Nashville (pictured). Be sure to get one my pre-sale list by emailing me at grant@granthammond.com or by using the form below. We do keep this page up to date with off market Nashville VRBOs for sale.
