Urban living: Chattanooga apartment market loses a bit of its sizzle

Arturo Mazano unravels an extension cord as construction continues on phase two of Walnut Commons apartments at the intersection of East Third Street and Walnut Street. BY THE NUMBERS

95.1 Average percent occupancy of Chattanoogas apartment complexes surveyed as of mid-2013

30 Percent of apartment properties surveyed offering concessions to get new tenants

$37 Average monthly amount of concessions

Source: Rock Apartment Advisors

Michael VanSleen says hes tiring of apartment living and about ready to start looking for a house.

Id rather be in a house with a yard, he said outside his downtown Chattanooga apartment building. It would be nice to own a house.

Some people, such as VanSleen, who may have rented in the past because of tighter credit standards, bigger home down payments or personal financial uncertainty, are getting back into the single-family market or at least looking to do so.

The past year or so saw modest declines in both occupancy and rent from the prior 12-month period, indicating that the sizzling apartment market in the city has cooled off a little.

Still, Chattanoogas apartment market was extremely strong in 2013, and next year is shaping up as a healthy one as well, according to an industry expert.

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Urban living: Chattanooga apartment market loses a bit of its sizzle