The Chattanooga Times Free Press had a story about the state of the rental market in Chattanooga that included some comments from CRER director and chief economist Howard Wall. The article recounts how the addition of thousands of new units over the past five years has been followed by a reduction in rents and more options for renters. Chattanooga saw an influx of high-earning renters, which put a lot of pressure on the rental market while house prices were rising dramatically in the area.
Some of those people may be opting to rent while they save up to buy a house, economist Howard Wall said.
The calming rental market is mirroring a similar trend in for-sale properties, Wall said, which is also reacting to a spike in supply.