The Water Street District’s newest apartments are filling up so fast that there might be few units left by next weekend’s Downtown Housing Tour (1 to 5 p.m. Saturday, May 5).
The Flats at South Park, Dayton’s other newest apartments, already are 40 percent leased.
Greater Downtown Dayton’s apartment market is scorchingly hot, and there is strong demand for new product.
The Dayton metro area’s rental market could use some freshening up, considering that more than 60 percent of occupied apartment homes in the region were built before 1980, according to Census data provided by the National Multifamily Housing Council.
Downtown’s core alone is underbuilt by about 1,200 apartment units, which is a conservative estimate, says an analysis by the Downtown Dayton Partnership.
The Flats at South Park offers 43 “luxury” apartments at the corner of Warren Street and Nathan Place near the University of Dayton and Miami Valley Hospital.
The apartments lease for between $740 and $1,230 per month. They range in size from a studio (532 square feet) to a two-bedroom (955 square feet).
The Flats is just down the road from the Brown Street business corridor. The apartment building, located in South Park, also is a short walk or bike trip from downtown and the Oregon Historic District.
The Water Street District, in the northeastern part of downtown, originally had 215 apartments along the riverbank. Those are fully leased.
Developers Crawford Hoying and Woodard Development opened 133 new units in the Delco Loft building next to Fifth Third Field. Delco is now 97 percent leased.
The developers also have built 54 new units along the river, 36 of which have opened, and rest open next week.
Twenty-one of the 36 new units are already leased.
And the Delco Lofts and the Water Street Flats will be stops on the popular Downtown Housing Tour.