Kokomo Tribune; Kokomo, Indiana

Local News

August 28, 2013

Rental market worries

Landlords wonder if Kokomo can support higher rents

(Continued)

Chris White of Site Solutions Inc., Carmel, told the Kokomo Common Council last month that Redwood has been getting anywhere from 90 cents to $1.10 a square foot for its style of two-bedroom, two-car garage, two-bath rentals. The company has built more than 2,000 units so far, mainly in suburban areas of Ohio.

That equates to a rent of between $900 and $1,200 a month, which is far beyond what any Kokomo apartment complexes are presently charging for a two-bedroom unit, said George Tikijian, head of Indianapolis real estate research firm Tikijian Associates.

Right now, Tikijian said, the average rent for a two-bedroom, two-bath rental in Kokomo is 68 cents a square foot.

The highest rent Tikijian found among 21 properties surveyed in Kokomo was the Legends of Wildcat Creek, at 71 cents a square foot. That’s about $750 a month in rent.

Redwood, White said, is targeting empty nesters who might have the resources to afford a nicer rental.

“The population is aging, and [Redwood] thinks there’s a niche. I think it’s a good idea, but I just don’t know how you support those rent levels in Kokomo,” he said.

Redwood officials didn’t respond to interview requests, but marketing materials they provided to the Kokomo-Howard County Plan Commission show they’ve been building in much more affluent communities than Kokomo.

Kokomo city officials have suggested that some higher income individuals might move here if there were higher quality rentals available, but Tikijian is skeptical.

“If you build it, they will come? That’s pretty risky,” Tikijian said. “Lenders don’t like to take those kinds of risks.”

Mullinax worked on a recent project to rehabilitate a Kokomo apartment complex and said the owner was faced with a dilemma.

Was it better to make basic upgrades and keep rents the same, or should the owner spend more on upgrades in hopes of increasing rents?

Text Only | Photo Reprints
Local News
  • Pence pushing Medicaid alternative during DC trip INDIANAPOLIS (AP) — Indiana Gov. Mike Pence is heading to Washington to seek federal approval of his proposed state-run alternative to traditional Medicaid in order to expand health care coverage for low-income residents. The governor's office says P

    July 30, 2014

  • mopeds Mo-ped law means some scooters now require license With more and more mo-peds hitting the streets, police are having a hard time enforcing new restrictions encompassed in the new scooter law. Mo-ped drivers can still cruise the streets and roads on their two-wheel machines, but the new state law, whi

    July 29, 2014 2 Photos

  • Indianapolis man buys 2 $1M tickets in 3 months INDIANAPOLIS (AP) — An Indianapolis man is celebrating his second $1 million Hoosier Lottery prize in the past three months. Lottery officials say Robert Hamilton won a $1 million prize from a scratch-off ticket he bought last week at a convenience s

    July 30, 2014

  • Two arrested in purse-, wallet-snatching spree

    Two people were arrested late last week in relation to a string of purse and wallet thefts from shopping carts in local department stores.

    July 30, 2014

  • Feds cite Indiana Medicaid fraud unit over notices INDIANAPOLIS (AP) — A federal agency found that the Indiana attorney general's office didn't give proper notice in nearly a quarter of the Medicaid fraud cases it helped prosecute in recent years. A report from the Department of Health and Human Serv

    July 30, 2014

  • Frankfort teen dies after rescue from Indiana city pool FRANKFORT (AP) — Authorities say a 15-year-old boy pulled from a central Indiana city pool has died. Frankfort Mayor Chris McBarnes says Adrian Alanis died in an Indianapolis hospital on Tuesday, the day after he was rescued from the deep end of the

    July 30, 2014

  • YMCA front rendering NIPSCO donates $50K to YMCA campaign The Northern Indiana Public Service Company donated $50,000 Tuesday to the Kokomo Family YMCA’s Beyond the Bricks campaign to build a new Y in downtown Kokomo.“The Y is a great resource for the community, so we’re glad to help it grow and add to the

    July 30, 2014 1 Photo

  • Fatal Truck+Car Accident03 Woman killed after vehicle collides with semi head-on A woman was killed Monday night after her vehicle collided with a semi truck in the northbound lanes of U.S. 31 near the junction with U.S. 931.Elizabeth Ann Jeffries, 41, Monticello, died after her car apparently left the road and entered oncoming,

    July 30, 2014 1 Photo

  • Bldg Wall Collapse 01 KipCor purchases partially collapsed downtown building A building that has long been a part of downtown Kokomo’s landscape will remain intact, but undergo extensive demolition, after being purchased by a company that has been active in the city’s redevelopment efforts. The Barko building, also known as t

    July 29, 2014 1 Photo

  • Supreme Court observers predict ‘wide open’ process of picking of next chief INDIANAPOLIS — State Supreme Court Chief Justice Brent Dickson surprised observers in June when he decided to step down after a brief tenure in the leadership post. Another surprise may be in store when his replacement is named. A seven-member panel

    July 29, 2014

Latest news
Featured Ads
Only on our website
AP Video
Obama Chides House GOP for Pursuing Lawsuit New Bill Aims to Curb Sexual Assault on Campus Russia Counts Cost of New US, EU Sanctions 3Doodler Bring 3-D Printing to Your Hand Six PA Cops Indicted for Robbing Drug Dealers Britain Testing Driverless Cars on Roadways Raw: Thousands Flocking to German Crop Circle At Least 20 Chikungunya Cases in New Jersey Raw: Obama Eats Ribs in Kansas City In Virginia, the Rise of a New Space Coast Raw: Otters Enjoy Water Slides at Japan Zoo NCAA Settles Head-injury Suit, Will Change Rules Raw: Japanese Soldiers Storm Beach in Exercises Raw: Weapons Fire Hits UN School in Gaza Raw: Rocket Launches Into Space With Cargo Ship Broken Water Main Floods UCLA Two Women Narrowly Avoid Being Hit by Train Crayola Announces Family Attraction in Orlando
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Obituaries