Residents of South Ridge Apartments have a grim choice to make – pay $290 more per month for rent or find another place to live. The residents learned of this in a non-renewal notice regarding their lease agreements. The rate increase amounts to 80% higher cost per apartment, per month.
The notices were delivered this week, and give residents only until June 17 to move if they cannot pay the additional charges. The notice also said anyone who doesn’t pay the new rate by June 5th will be subject to eviction. The mid-month notice gives residents who cannot pay the higher rates less than two weeks to find new housing…since most rental leases begin at the first of the month.
At least part of the complex was designated as low-income housing, and has received federal funding over the years. WBRY has learned that the new owner of the complex is HMS Associates Acquisition LLC, Series Tennessee. The company is based in Tulsa, Oklahoma. More on this story as it develops.