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Chattanooga ranks No. 3 in apartment cost growth

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Construction crews continue to work Wednesday morning on the new buildings to be opened at Hayden Place Apartments off of Pineville Road in Chattanooga. Photo by Ashlee Culverhouse/Times Free Press. Construction crews continue to work Wednesday morning on the new buildings to be opened at Hayden Place Apartments off of Pineville Road in Chattanooga. Photo by Ashlee Culverhouse/Times Free Press.
CHATTANOOGA -

(Times Free Press) -- 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 on the story from our news partners at the Chattanooga Times Free Press.

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