As population grows, demand for new housing stock is expected to rise
Lee’s Summit, MO.— March 7, 2016 –- Steady population growth in Lee’s Summit through 2020 is expected to drive demand for new market-rate and affordable housing options Downtown, according to a just-released comprehensive housing study commissioned by the Lee’s Summit Economic Development Council (LSEDC) and Downtown Lee’s Summit Main Street Inc. (DLSMS)
“This study confirms a strong need for additional affordable and market-rate housing in Downtown Lee’s Summit as the city continues to grow,” said LSEDC President Rick McDowell. “It’s been 10 years since a new apartment project has taken shape Downtown. In essence, this housing study says, ‘if they build it, they will come.’ “
The study was completed by Canyon Research Southwest Inc., and included an online housing questionnaire with 449 respondents. Eight out of 10 survey respondents said they would consider living in or near Downtown Lee’s Summit, with 9 out of 10 respondents aged 20-39 saying they would consider living Downtown. In addition, respondents to the survey overwhelmingly had a favorable opinion of Downtown Lee’s Summit, with more than 80 percent noting its shops and restaurants and walkability as key attributes, and another 75 percent noting festivals, events and historic character as desirable.
“We’ve been excited to see the findings from this study to help assist in Downtown development efforts. We are confident this report will help spur new market rate housing,” said Donnie Rodgers Jr., executive director of Downtown Lee’s Summit Main Street Inc.
Additional key findings:
•The population of the City of Lee’s Summit is expected to approach 100,000 by 2020, reflecting steady growth patterns that will fuel demand for new housing.
•Almost 80 percent of Downtown Lee’s Summit’s existing housing inventory was built prior to 1980, with just 2.6 percent built since 2000.
•No multi-family residential construction has taken place in Downtown Lee’s Summit since 2005.
•The overwhelming majority of Downtown rental housing is old and lacks features and amenities of more modern multi-family housing stock.
•There is plentiful land available in and around Downtown for residential development and parking.
•Projected growth in young adults aged 25 to 34 years will drive demand for attached rental and “starter homes” in Downtown Lee’s Summit.
•The demographic composition of Downtown Lee’s Summit residents skews younger and less educated than Lee’s Summit overall, creating much different housing needs.
•25 percent of respondents said they would pay between $800-$999 for rent, with the majority preferring 2-bedroom dwellings.
For More Information:
Tina Bell Chace, LSEDC | 816-525-6617 email@example.com
Krista Klaus | 913-284-5752 firstname.lastname@example.org