Chattanooga rental rates rise but cheaper than U.S.

Chattanooga rental rates rise but cheaper than U.S.

January 2nd, 2019 by Dave Flessner in Business Around the Region

Apartment rents in Chattanooga dipped an average of 0.1 percent in the past month but still rose faster than the U.S. average over the past year.

A new survey by Apartment List showed Chattanooga rents rose an average of 2.2 percent over the past year, or more than double the nationwide average gain of 0.9 percent.

While rents rose faster than the nationwide average in the past year, Apartment List said in a new report Wednesday that Chattanooga prices average about 23 percent less than the U.S. average.

Currently, median rents in Chattanooga stand at $730 for a one-bedroom apartment and $910 for a two-bedroom. Nationwide, the median rent for a one-bedroom apartment is $952 a month and the monthly rate for a two-bedroom apartment is $1,180.

In San Francisco, the median rent for a two-bedroom unit is $3,090, or nearly three-and-a-half times the price in Chattanooga.


Tesla to cut price of cars by $2,000

Electric car and solar panel maker Tesla Inc. said Wednesday it is cutting vehicle prices by $2,000 and announced fourth-quarter sales figures that fell short of Wall Street estimates.

The company said it delivered over 245,000 electric cars and SUVs last year, nearly as many as all previous years combined.

But Tesla also said it would cut prices of its three models by $2,000 to help customers handle the gradual phase-out of federal electric vehicle tax credits. On Jan. 1 the federal credit for Tesla buyers dropped from $7,500 to $3,750. It will gradually be phased out this year.

The company's deliveries for the full year matched Wall Street estimates, but its figures for the fourth quarter didn't reach expectations. Tesla said it delivered 90,700 vehicles from October through December. Analysts polled by data provider FactSet expected 92,000. Tesla said fourth-quarter deliveries were 8 percent higher than its previous quarterly peak in the third quarter of 2018.


Tennessee Walmarts donate $401 million

Walmart, Sam's Club and the Walmart Foundation said Monday they collectively donated nearly $401 million in cash and in-kind contributions to nonprofit organizations across Tennessee during fiscal year 2018. Most of the donations support Tennessee programs focused on hunger relief, healthy eating, workforce development and disaster preparedness.

In Tennessee, Walmart and Sam's Club donated 22.8 million pounds of food to food banks and hunger relief organizations across the state, which is the equivalent of 19 million meals. Walmart associates in Tennessee also performed 25,204 hours of volunteer service in their communities during fiscal year 2018.

"We believe that part of serving our customers is helping those in need," said Walmart Regional General Manager in East Tennessee Katherine Mora. "We are committed to helping our neighbors and our community."


Lord & Taylor closes flagship NYC store

After 104 years, Lord & Taylor's flagship store on Fifth Avenue locked its doors forever.

The venerable department store famed for its animated holiday windows closed down Wednesday afternoon, ending a blowout sale that left whole floors empty. By the end, clothes that once sold for as much as $100 were going for $5.99.

The 11-story building has been sold to the WeWork space-leasing company for more than $850 million.

Forty-five other, smaller Lord & Taylor stores remain open, mostly on the East Coast. In addition, Lord & Taylor-branded merchandise is being sold online through the Walmart website.

The brand is owned by Canadian corporate giant Hudson's Bay Co.