Location: Chattanooga, TN | Metro: Chattanooga, TN-GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
The ZIP code 30726 presents a market in motion, characterized by specific dynamics that reflect current conditions. With a Fair Market Rent (FMR) of $1140 for the fiscal year 2024, the area stands at a pivotal point in terms of affordability and demand.
The absence of data on market rent, price-cut share, days on market (DOM), and median home value indicates a lack of comprehensive insight into the residential rental and sales market. However, we can infer certain market behaviors based on the available information.
The FMR serves as a benchmark for rental costs, suggesting that landlords and investors should aim to keep their rents around this figure to remain competitive and attractive to tenants. A higher rent than the FMR could indicate a strong demand, but without knowing the actual market rent, it's difficult to ascertain if there is an imbalance between supply and demand.
The unspecified percentage of price-cut share and DOM could imply stability in the market, meaning properties are not being heavily discounted nor sitting unsold for extended periods. This suggests a balanced market where neither supply nor demand is significantly outpacing the other.
The median home value being N/A means there isn't enough data to determine the typical cost of homes in the area. This could be due to a low volume of transactions or a diverse range of property values that do not provide a clear median. In such cases, it's important for investors to conduct thorough research on individual property values to make informed decisions.
The unspecified percentage of renters in the area leaves a gap in understanding the long-term housing pressures. Typically, a high renter share can signal sustained housing pressure due to limited homeownership opportunities or preference. Conversely, a lower renter share might suggest a more stable homeownership environment. Landlords and small-portfolio investors must monitor trends in the renter share to anticipate future shifts in the market.
In summary, while ZIP 30726 offers a glimpse into its rental market through the FMR, the lack of detailed market data means investors need to stay vigilant and gather additional information to navigate the dynamics effectively. The current snapshot suggests a market that is moving, but with unknown trajectories in key areas like price competitiveness and home values.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.