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.
The study found:
- Average occupancy rate for apartments is 96.7%. Fewer than 90 units were available for rent at time of the survey and no complex in Kokomo is less than 91% 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.”
Mitchell Market Analyst Inc. has worked with local and state governments as well as private developers. Past public sector clients include:
Indiana Housing and Community Development Authority
City of Southport
New Albany Housing Authority
Fort Wayne Housing Authority
The Housing Authority of the City of Evansville
Indianapolis Housing Agency
Michigan State Housing Development Authority
NC Housing Finance Agency
More information on Mitchell Market Analyst Inc. can be found on their website: https://www.mitchellmarketanalysts.com