PEORIA, Ill. – The City of Peoria says 98 to 99 percent of any available rental unit in what they consider the downtown area is occupied, and there’s an appetite for more.
That’s the short result of the most recent downtown residential market study.
“This year’s housing, through the study, shows strong demand for new units to be built, and also opportunities for renovated properties, over the next five years,” said Mayor Rita Ali.
The first of that new rental housing is hoped to be located in the Warehouse District.
The occupancy rates are higher than the state and federal average, and the average age of a renter is 33 — younger than the city’s median age.
The city says they’re looking at more young professionals and some “empty nesters” coming downtown, with incomes ranging from $35,000 to $150,000 a year.
But wouldn’t developers target only people on the high end of that scale?
“You look at that, and you start to see where development like that might make make sense,” said City Manager Patrick Urich, referring to more affordable housing, compared to higher end. “Or, is there a mix? There may be a mix of both affordable units, and market rate units in development, and we’ve had those discussions with interested developers in the past.”
Urich says while the trend has been toward rehabbing existing buildings, new building could begin to be developed over the next five years, with the Warehouse District the opening target.
He says the city council could even see some development agreements in the coming month.
CLICK HERE to read the full study, commissioned by the Downtown Development Corporation of Peoria (.pdf format).
