Report says plenty of room for growth in downtown housing

DAYTON, Ohio (WDTN) – A group focused on the growth of downtown Dayton said Wednesday the market for housing downtown is still vibrant.

The Downtown Dayton Partnership (DDP) published an analysis of downtown Dayton’s housing market that reviewed national trends in housing preference, demographics of homebuyers and renters, and patterns in similarly sized cities where urban development is outpacing Dayton’s.

The report says the downtown area could sustain about 950 more condos and around 1,400 more rental units.

DDP says these two figures represent enough pent-up demand to roughly double downtown’s existing housing, which has increased 20-percent since the launch of the Greater Downtown Dayton Plan in 2010.

According to the DDP, 332 housing units have been added in the core of downtown, and the population has increased by approximately 18-percent since the plan was launched.

The partnership also says downtown Dayton has experienced an occupancy rate above 90-percent for the last four years.

Currently, 204 units are under construction and another 432 units are in the development phase.

“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 DDP Vice President of Economic Development Scott Murphy. “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.”

You can see the full market analysis report click the image on the right,.

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