Staff Photo by Angela Lewis
Hayden Place is being built on Pineville Road across the street from Windridge Apartments.WHAT MAKES US SPECIALLow trafficResurgence of life to formerly blighted areasShort commute to workNew public and magnet schools downtownBooming nightlifeAccess to Tennessee Aquarium and other museums by footReliable public bus systemSources: Community representativesPopular amenitiesFree yoga, front-door trash pickup, free dog walking service, free massages and in-floor heating systemSources: Apartment industry officials.
Newcomers looking to live in downtown Chattanooga have a variety of options, according to Lisa Wagner, community manager at The Haven at Commons Park.
At The Haven, renters can occupy luxury apartment homes for $750-$1,000 per month, a price that includes Wi-Fi, a car-care center, pilates classes and other amenities, said Ms. Wagner.
"We are one of the higher-end communities, so we have a lot of amenities," said Ms. Wagner, who is also Chattanooga Apartment Association president. She added that with the arrival of the Volkswagen plant, high-end downtown apartments are in demand.
Local developer John Wise believes there is plenty of room for more rental stock downtown.
"It seems like there's a demand in the city; downtown there's a demand for apartments. People like nice things, so the better your amenities the better your places will do," said Mr. Wise, who has begun construction on apartments along Pineville Road.
"Rent is moving upwards slightly," Mr. Wise said, citing $750 for one bedroom or $875 for two, in upper-end, 'A' or 'B' units."
He said there is an oversupply of "C" units for a variety of reasons. Prices could remain low for mid- to lower-end housing for some time, he added.
George Kangles of Waldorf Property Management said the rental market probably has bottomed out, but if job losses continue, supply will outstrip demand.
"If you have job growth, the rental market goes up," he said. "I think you'll see the rental market tighten. Rent should move up again for landlords over the next 12-18 months."