FORT WAYNE, Ind. (WANE) — Fort Wayne has over 20,000 rentable units, and it’s only growing.
According to Cushman & Wakefield, a real estate company, renting grew 16% in the Summit City from 2021 to 2022.
That growth is fueled by several big new projects like the Electric Works building, which will add rentable houses, and The Riverfront at Promenade Park, which will add 230 units.
Some say that the boom represents a new generation with a different set of priorities.
“We’re dealing with a more transient society, what used to be someone wanted to own a home, they’re around now, they don’t want the responsibility of owning a home,” said George Guy, CEO of the Fort Wayne Housing Authority (FWHA).
It’s generally agreed that more rent coming to a city is a sign of growth, but the FWHA said unless affordable housing is coming to all areas of the city, there is still more work to be done.
“I think the challenge is what we’ve seen when it comes to affordable units, most of them are located in one part of town,” Guy said. “We like to see growth happen throughout the community.”
“Affordable” is normally defined as rent that costs no more than 30% of your income.
It’s a term that the FWHA is honed in on as more growth comes to Fort Wayne.
“We are in the middle of an affordable housing crisis, so we like to see new development come in,” Guy said. “Our concern always though is the rent, is it going to be affordable.”
Last year, the average rent in Fort Wayne was $1,009, meaning that it would be affordable for those who make about $3,633 a month coming out to just over $40,000 a year.
If you want to explore the statewide and local data on the increase of renting you can take a look at Cushman and Wakefield’s entire report for 2022.