Kokomo Tribune; Kokomo, Indiana

Local News

August 28, 2013

Rental market worries

Landlords wonder if Kokomo can support higher rents


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
  • Sobriety checkpoints planned for Friday in Kokomo The Howard County Sheriff Department announced today that deputies will conduct a multi-jurisdictional enforcement checkpoint targeting impaired drivers in Howard County. Officers from the Kokomo Police Department and troopers from the Indiana State

    August 21, 2014

  • VFW commander injured in motorcycle accident Post commander of the Veterans of Foreign Wars Post 1152 suffered head and other injuries when he crashed his motorcycle Wednesday evening on East Lincoln Road. A Kokomo Police Department accident report stated that Kenneth A. Fisher, 67, was riding

    August 21, 2014

  • Robert Lee Rev. Robert A. Lee’s candidacy once again challenged For the second time, Rev. Robert A. Lee’s candidacy for Center Township Trustee is being challenged in what Howard County Democratic Chair David Tharp has described as an act of “singling out” the retired pastor. Lee’s candidacy for township trustee

    August 21, 2014 1 Photo

  • IU grad wins $100,000 technology startup prize BLOOMINGTON, Ind. (AP) — A recent Indiana University graduate has won a $100,000 technology prize that will finance his new startup company devoted to improving hearing aids and prosthetics. Gregory Mattes graduated this year from IU's Kelley School

    August 21, 2014

  • NWS - KT082114 - Banks Additional charges filed against attempted murder suspect A 17-year-old facing attempted murder charges in connection with a Tuesday shooting incident now also faces charges of criminal recklessness and pointing a firearm.Kokomo police were called to the city’s northeast side on a report of shots fired Tues

    August 21, 2014 1 Photo

  • Jenkins card Greatest Save brings Major Leaguers to Kokomo Community First Bank Executive Vice President Bob Hickman saw first hand the great benefits and excitement the Greatest Save program brought to the community of Evansville the last two years. He watched as Major League Baseball legends like Rollie Fi

    August 21, 2014 3 Photos

  • Buddy Bags starts gearing up

    Every kid who goes to school gets at least one square meal a day. For some kids, that’s the only good meal they’ll get.And when the weekend rolls around, children living in poverty may not be eating at all.“We knew that some kids were eating school

    August 21, 2014

  • Truckers on Strike Local 135 strikes against trucking company Members of Teamsters Local Union 135 went on strike Wednesday morning against Diamond Trucking Inc. after new contract negotiations broke down Tuesday night. Thirty-eight members of Diamond Trucking, which hauls materials for Kokomo Gravel to places

    August 20, 2014 1 Photo

  • NWS KT 082114 Western site plan Western seeks public input on athletic facility renovations RUSSIAVILLE — For the third month in a row, the main topic of Western School Corp. board of education meeting was a face lift for school facilities. The board held two public hearings before a regular meeting Tuesday to gain input on two stages of th

    August 20, 2014 1 Photo

  • Indiana told to honor other states' gay marriages INDIANAPOLIS (AP) — A federal judge ruled Tuesday that Indiana must recognize same-sex marriages performed in other states, but says the ruling doesn't take effect until the 7th U.S. Circuit Court of Appeals rules on the issue. U.S. District Judge R

    August 20, 2014

Latest news
Featured Ads
Only on our website
AP Video
Raw: Grief After Deadly Airstrikes in Gaza Officer Who Pointed Gun at Protesters Suspended Kathy Griffin Challenges Minaj to 'a Booty Off' Johnson: Six Arrests, No Tear Gas in Ferguson Raw: Rescue, Relief Efforts at Japan Landslide Cadavers, a Teen, and a Medical School Dream Raw: Woman Escorted From Ferguson Protests California Drought Stings Honeybees, Beekeepers Officer Who Pointed Gun at Protesters Suspended Holder Hopes to Bring Calm to Ferguson US Mission to Rescue Hostages in Syria Failed Manfred, Torre and MLB Take Ice Bucket Challenge Bank of America Reaches Record $17B Settlement Holder Reassures Ferguson Community With Visit GlobalPost CEO Remembers Foley As a Brave Man

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.