Demand for downtown residential opportunities in Peoria is on the rise, according to a new study.
The Downtown Development Commission funded the updated Downtown Rental Market Study.
Rob Parks is chair of the commission. She’s also lived downtown for about 17 years.
Parks says the demand for housing downtown has increased by 22 percent in the last two years. “That pretty significant. That creates an annual average demand of over 160 new units each year.”
Parks says the study also indicates market rental rates have increased about 10 percent since 2016. The maximum rental rate of about $1.60 per square foot. That makes rent on 800 square foot apartment $1,280 a month.
The study results are expected to support and draw more residential development downtown and in the Warehouse District.