More Houses, Rental Properties Needed in Kokomo
KOKOMO, Ind. -- A housing study conducted by Indianapolis-based Mitchell Market Analyst Inc. shows a need for new housing in Kokomo.
The study looked at wide range of criteria in making its recommendations. The findings show a strong demand for both affordable and market-rate rental housing within the City of Kokomo.
Among the findings:
- Average occupancy rate for apartments is nearly 97-percent..
- Fewer than 90 units were available for rent at time of the survey.
- No complex in Kokomo is less than 91-percent occupied.
- Demand has increased over the last eight years and that demand is expected to continue to increase over at least the next five years.
- Kokomo’s rental housing inventory is dated.
- The average year of construction is 1981.
- There is a demand for more apartments even when taking into account Kokomo’s apartments currently under construction.
The study details Kokomo’s demand for more market-rate and affordable housing over the next few years.
This demand is being driven, largely, by millennials and retiring baby boomers who are looking for quality apartments and condos.
“Millennials and Baby Boomers are flocking to urban apartments nationwide,” said Kokomo Mayor Greg Goodnight. “This report shows that Kokomo’s demand reflects this national trend. We must have the diverse housing options these groups are looking for in order to attract and retain a talented workforce.”
“All housing developments planned, in the works, or already completed are being developed by private companies,” said Mayor Goodnight. “However, the City has the ability to market and position itself as a place that can attract diverse types of housing. We owe it to the taxpayers to ensure what we are attracting is in demand and will have the largest positive impact on Kokomo.”
(Photo by jswinborne/Thinkstock.)