Location: Chattanooga, TN | Metro: Chattanooga, TN-GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,270 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
The ZIP code 37424 in Tennessee is currently experiencing a market where the Fair Market Rent (FMR) is set at $1300 for the fiscal year 2024. This figure serves as a benchmark for rental prices within the area, indicating the government's assessment of what constitutes a fair rent for the region.
The absence of data on market rent, days on market (DOM), and median home value suggests a lack of comprehensive real estate activity reporting in this particular ZIP code. This could imply that either the market is relatively quiet, or there is limited publicly available data to reflect the current state of the housing market accurately.
The unknown percentage of price-cut share also points towards a less transparent market condition. Typically, a higher price-cut share indicates a market where supply might be outpacing demand, as landlords or homeowners may have to lower their prices to attract tenants or buyers. Conversely, a lower price-cut share would suggest a tighter market where demand is strong relative to supply.
The undefined percentage of renter share in the ZIP code provides insight into the potential long-term housing pressures. A higher renter share generally implies greater long-term housing pressure, as it signals a larger population that relies on rentals rather than owning homes. This reliance can create sustained demand for rental properties, which landlords should consider when evaluating the potential for investment in this area.
In summary, while specific metrics such as market rent, DOM, and median home value are not available, the defined FMR and the unknowns surrounding other key indicators suggest a market in flux. The dynamics of ZIP 37424 point to a need for landlords and small-portfolio investors to stay informed and adapt to the evolving conditions, particularly focusing on the balance between supply and demand and the underlying trend of housing pressures driven by the renter share.
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.