HomeMy WebLinkAboutA008 - Reports from October 25, 2017 regarding housing units, permits, plans, and bedrooms City of Ames MEMO as of October 25, 2017 reports the following:
Numbers of apartment units as of 11,000
Numbers of registered single fam/duplex 2471
If average apartment/home/duplex, is 2.5 bedrooms,this gives 33,677 bedrooms
New permits for 2018 1186 Bedrooms
Site Development plans for 2018 1200 bedrooms (not permitted yet)
ISU bedrooms as of March 2 2017 is 12,273 bedrooms
Grant total is: 48336 bedrooms
Total Ames population is 66,191
Some property management companies are reporting 15%+or—vacancy with rising vacancy and
softening of rents expected.
The building official Sara Van Meteren reports 3 cases of over occupancy for 2017
The interest in purchasing rental properties has been on a declining trend since 2016. Home prices on
average from 2015 to 2016 have risen from $202,184 to$225,052 and from 2016 to 2017 up to
$245,000. It is becoming unsustainable to purchase a small single family home and have it cash flow,
particularly of concern is the expectation of softening rents.
Limiting the free market is risky and will penalize the owner occupants who live in a high rental district.
Although we will have a very small segment of parents purchasing a property for their son/daughter, it is
a very small number that can afford to do so. If we let the market dictate transitioning,we should see a
slow return of homes to be owner occupied due to the over-supply of rental property.