Post by CMF Newsman on Jan 19, 2012 12:26:37 GMT -5
Chattanooga ranked with big metro areas such as San Francisco, San Jose and New York in apartment rent increases in 2011, pointing to signs of a rising local economy, officials said.
Brad Doremus of Reis Inc., a real estate trends company that issued the report, said he was "fairly surprised" Chattanooga was No. 3 nationally last year in rent growth.
He said that "different plants ... distribution centers are definitely giving the town a boost. That's definitely reflected in apartment demand."
Reis found that so-called "effective rents" in Chattanooga jumped by 3.8 percent for the year compared with 2.3 percent countrywide. Effective rents are those without any kind of incentives or concessions.
Read more: www.wrcbtv.com/story/16554950/chattanooga-ranks-no-3-in-apartment-cost-growth
Brad Doremus of Reis Inc., a real estate trends company that issued the report, said he was "fairly surprised" Chattanooga was No. 3 nationally last year in rent growth.
He said that "different plants ... distribution centers are definitely giving the town a boost. That's definitely reflected in apartment demand."
Reis found that so-called "effective rents" in Chattanooga jumped by 3.8 percent for the year compared with 2.3 percent countrywide. Effective rents are those without any kind of incentives or concessions.
Read more: www.wrcbtv.com/story/16554950/chattanooga-ranks-no-3-in-apartment-cost-growth