Renters having trouble finding housing - | Chattanooga News, Weather & Sports

Renters having trouble finding housing

Posted: Updated:

By Paul Shahen

CHATTANOOGA (WRCB) -- Local real estate leaders say the Chattanooga housing market is defying national trends.

The Southeast Tennessee and the Northwest Georgia area saw the sale of 637 residential units. That's a 13% rise over June of 2009.

Realtors also say homes are selling quicker with an average of 124 days on the market, nearly 20 fewer days than a year ago.

"If somebody is looking for property in the Volkswagen area they're really going to have to look hard, drive the streets, get a map," says Derek Rayburn with River City Property Management.

Rayburn has seen the frustration of trying to find property in that area, while hard working locals like Aaron Atherton are living the frustration.

"It's just hard trying to look, you find a few things then it's gone before you try to move on it.  There's just so many people looking for this type of stuff," says Aaron Atherton, who is looking to rent near Volkswagen.

Property managers say there's a simple explanation for the high demand of property.  A billion dollar investment, set to employ 2000 people in Chattanooga.

"So it's not just the employee's there it's the construction workers, they're looking for somewhat temporary or a year or two lease.  So all the properties over there are going as quick as we bring them on," says Rayburn.

In 2007, Chattanooga averaged 15 vacant rental properties. Today only 1 to 2 are available. Rayburn suggests using property management companies and act fast.

"We found a couple nice places but they say they need you in within 2 weeks, and we can't afford to pay double rent for a month," says Atherton.

Rayburn also said in this economy, it's not the worst problem renters could have.  

"With all the houses that will be rented out in that area, people are gonna stay there, have great jobs there.  They're going to be renting these long term, so it's going to help," says Rayburn.

Powered by Frankly