The dream of homeownership may still be the vision for most Americans, but that dream is no longer immediately possible or wanted by a growing number of residents who are not yet ready to buy in a market or may want to give up the maintenance chores of owning a home.
An increasing number of American families are choosing to rent, rather than buy, their home and a new subdivision taking shape in Red Bank is designed to meet that need.
Known as Julia’s Park, the 34-home development is Chattanooga’s first individually-platted, single-family rental neighborhood. The developers of the $9.5 million subdivision off of Delashmitt Road say it is the first of at least four such rental neighborhoods they plan to erect in the Chattanooga area and among at least eight they are developing in Tennessee and Texas.
RoseRock, a Bryan College, Texas-based developer of both commercial and residential properties, has created a new business unit to construct the new rental subdivisions of single-family homes to offer a neighborhood community to those wanting to rent their homes.
“We seek to create unique communities in vibrant cities with thoughtfully curated neighborhoods for our residents,” said John Jordan, CEO of the RoseRock. “The more we have gotten to know the Chattanooga market, the more excited we have become about growing a portfolio here and meeting a vital need in this beautiful community.”