Blog

Chattanooga will soon have its first single-family rental neighborhood, thanks to a new community being constructed in Red Bank. The new subdivision will be known as Julia’s Park and will provide a unique opportunity to Red Bank residents.

This initial development will include 34 homes, but the builders say that they plan to create at least three other rental neighborhoods. The developer, RoseRock, has partnered with a local home builder, Ethan Collier. This commitment to the local community bodes well for contractors and suppliers, especially if the new rentals are a hit.

RoseRock will be constructing several different floor plans in the community, which will accommodate families of different sizes. This will surely help in the success of the program. Collier and RoseRock are making the dream of living in a single-family structure a reality for dozens of families.

When Will the Project Be Complete?

As it stands, the initial neighborhood will be complete within a few months. In fact, the first few tenants are already moving in!

If all things go according to plan, RoseRock should get things rolling on the other communities later this year. They are constructing all homes in each community at the same time to cut costs. Collier and RoseRock also hope to save residents the headache of having to deal with never-ending construction once they move in.

Home Size and Cost

As noted above, each community will contain several different floor plans to accommodate the needs of renters. They will range in size from 1,500-1,700 square feet. The smallest homes will consist of 3 bedrooms and 2 bathrooms. The largest homes feature 4 bedrooms and as many as three-and-a-half bathrooms.

As with any rental, rates will vary based on home size. The smallest homes can be rented for $2,150 per month, with rates increasing among the larger floor plans. The rates include lawn care, pest control, and all exterior maintenance.

RoseRock has invested a total of $9.5 million in the project. When all four Chattanooga communities are complete, they will have invested nearly $50 million and employed dozens of contractors for hundreds of labor hours.

Benefits of Renting a Home 

While the rates may seem a bit high, there are a ton of benefits to renting a home as opposed to an apartment. The most obvious is that tenants will have a standalone space to call their own. They will no longer have to contend with noisy neighbors located directly overhead. They can enjoy their beautiful space in peace.

In addition, the community will include sidewalks and nearby walking trails. Every home will have a garage and front porch. Tenants will also enjoy the benefits of having their own yard.

Renting a home has advantages in comparison to homeownership, too. While Chattanooga residents could likely purchase a comparable home for less than the rental rate, there are hidden costs associated with owning a home.

For example, homeowners are responsible for all lawn maintenance, pest control, and external upkeep. Tenants of this new rental community will not have to worry about any of those tedious tasks.

Tenants can rent a beautiful new home for a set monthly fee. This eliminates the stress of a possible equipment breakdown or major repair. If something goes wrong, all they need to do is contact the landlord to be able to get things fixed.

Rental homes are becoming an increasingly popular living option for thousands of people. This will drive demand for new construction and require the aid of licensed contractors.

In order to take advantage of this rapid growth, you can obtain a Tennessee contractor’s license. RocketCert can help you to accomplish this goal through our remote test prep and study materials. We offer hundreds of online courses and even have a “No Pass, No Pay” promise!