The downtown housing market could potentially double the number of living units it has without exhausting demand, according to a new report.
The Downtown Dayton Partnership recently released its analysis of the downtown Dayton housing market, which reviewed national trends, housing preference, demographics of potential home-buyers and rents and other patterns in similar cities.
Here are five fast facts to know about the housing market:
1. Since the launch of the Greater Downtown Dayton Plan in 2010, about 322 housing units have been added in the core of downtown, and the population has increased by 18 percent.
2. Downtown Dayton has an occupancy rate of 96 to 98 percent, and owner-occupied housing has remained above 90 percent occupancy.
3. “We’ve definitely experienced a boom in the downtown housing market, but there was uncertainty in the growth potential for residential in downtown Dayton,” said Scott Murphy, DDP vice president of economic development. “We conducted this study to address that uncertainty by estimating the depth of the residential market, and we’re very pleased to see that we have significant potential to grow the downtown neighborhood.”
4. There are currently 204 units under construction and another 432 units in the development pipeline.
5. The partnership is also hosting a “Downtown Housing Tour,” which includes shuttles and three information stations for details about the different residential areas. The tour is May 20 from 1 to 5 p.m.
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