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BLOOMINGTON, Indiana ? The apartment rental business in Indiana University's hometown appears to be going strong.
The annual market update to the Monroe County Apartment Association puts the Bloomington apartment rental rate at 96.6 percent for last year. That's higher than Indianapolis at 93 percent and nearby Columbus at 95 percent, The Herald-Times (http://bit.ly/Zqr8ed ) reported Tuesday.
The city's apartment market has been helped by the steady student enrollment at IU's main campus and local population growth of about 3 percent since 2010, said Dane Wilson, a senior associate for real estate developer CBRE Group Inc.
"The past four years have been really exciting, with record growth year-over-year," Wilson said. "The most important figure is that you've maintained total enrollment over 42,000."
Bloomington's average monthly apartment rent was $892 last year, up nearly $60 since 2010, according to the market report.
Steve LaMotte, co-leader of CBRE's Indianapolis-Cincinnati Multi-Housing Group, said Bloomington was traditionally the strongest-performing market in his group's territory, which covers markets in parts of Indiana, Kentucky and Ohio.
Despite the high occupancy rates and increasing rents, LaMotte said he didn't expect an apartment construction boom in Bloomington.
"It's historically been very, very difficult to build and very difficult for outsiders to get in," LaMotte said. "You don't take kindly to those that come in from out of the market and want to throw up 250-unit, 600-bed apartment properties. It's a painful process."
Information from: The Herald Times, http://www.heraldtimesonline.com
Source: http://www.dailyjournal.net/view/story/efc49565e166406db4710006f0fc18cd/IN--Bloomington-Apartments/
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