Chattanooga Credited for Its Sizzling Apartment Market
As mortgage lending standards remain tight, most people just don’t have the resources or credit to buy despite the low-interest borrowing rates and falling home prices. Kim White the head of River City Co., a non-profit redevelopment group located in Chattanooga says that this is creating a pent-up demand in the Scenic City. This trend is set to continue as Chattanooga showed an employment growth of 2,120 people from June 2011 to June 2012 and the county’s jobless rate fell from 9% to 8.2 %. Grace Frank has sold over $8million in multi-family in 2012. Call us today and let one of our experienced agents assist you with information on investing in Chattanooga’s booming apartment market!
South River/Hamilton Place Mall
Most existing complexes were built in the 1980s but this area boasts most of Chattanooga’s newer apartment communities. Since 1999 six new constructions have been completed as of 1999. North River
This market is made up of mostly vintage properties spread out across the area with Hayden Place Apartments and City Green at Northshore being the newest in the area.
Most properties in this area are smaller with about 60 units each. Walnut Commons is under construction and will add 100 units and another development near Finley Stadium will add in another 160 units.
There has been little development in this area in the last 15 years except for some low income tax credit properties.
Source: Chattanooga Times Free Press