Lynda Williams stands outside her apartment at Waterford Place Apartments on Shallowford Road.Area marketsSouth River/Hamilton Place mallThe majority of the apartment units were built in the 1980s, but the area also features most of Chattanooga’s newer properties with six built since 1999. The newest is Amberleigh Ridge, completed in May 2011.North RiverThis market features mostly 1970s to 1980s vintage properties scattered across a broad area. The largest concentration is along the Mountain Creek Road corridor. Hayden Place Apartments and City Green at NorthShore are the newest in the area.DowntownAlthough downtown does have a fairly sizable concentration of apartments for a city of its size, almost all are relatively small properties under 60 units or “affordable” apartments. Walnut Commons is under construction and will add 100 units, while another development near Finley Stadium could add 160.East Ridge/CentralLittle new development has occurred in this market over the past 15 years, with the exception of several low income housing tax credit properties.Source: Rock Apartment Advisors, newspaper archives
When Chattanooga apartment dweller Lynda Williams thinks about buying a house, she gets nervous over the instability in the market and the expense of upkeep.
“I’ve thought about it a couple different times,” said the Waterford Place resident. “I’ve looked at different places. I don’t know if I’m ready.”
In the wake of the housing downturn and tighter credit limits, many would-be homebuyers are reluctant to buy, helping Chattanooga’s apartment market to sizzle, according to a new study.
After years of rising homeownership, the share of Americans who own their home has declined, and Chattanooga renters such as Williams are keeping apartment complexes nearly full.