Arturo Mazano unravels an extension cord as construction continues on phase two of Walnut Commons apartments at the intersection of East Third Street and Walnut Street.BY THE NUMBERS95.1 Average percent occupancy of Chattanooga’s apartment complexes surveyed as of mid-201330 Percent of apartment properties surveyed offering concessions to get new tenants$37 Average monthly amount of concessionsSource: Rock Apartment Advisors
Michael VanSleen says he’s tiring of apartment living and about ready to start looking for a house.
“I’d rather be in a house with a yard,” he said outside his downtown Chattanooga apartment building. “It would be nice to own a house.”
Some people, such as VanSleen, who may have rented in the past because of tighter credit standards, bigger home down payments or personal financial uncertainty, are getting back into the single-family market – or at least looking to do so.
The past year or so saw modest declines in both occupancy and rent from the prior 12-month period, indicating that the sizzling apartment market in the city has cooled off a little.