Housing demands, rent grow in Bowling Green
BOWLING GREEN, Ky. – The increasing housing demand in Bowling Green means more apartment properties, and soon higher rent.
Local real estate professionals heard new analysis about the multi-family housing market at a luncheon put on by the Bowling Green Apartment Association.
The presentation focused on job growth, wage increase and in-migration.
A Washington D.C. based company called CoStar Group created the housing report.
One major takeaway is that Bowling Green has seen a decrease in single family homes, and a rapid increase in the amount of apartment housing.
In 2018, Bowling Green added a record number of multifamily housing, such as apartment buildings and townhomes.
“Thinking about those 20 to 34-year olds who are most likely to rent, there are a lot being pushed into these apartments because they can’t afford a family home. The apartment market is thriving because of that, but when you’re thinking about a market such as Bowling Green adding 10% more units in a few quarters it does scare a lot of people,” said Alexander Tkac, market analysis at Costar Group, Inc.
The report also predicts that rent prices will continue to increase in the area.