Five days after announcing a deal with Citizens Energy Group to restore water service to tenants at two south-side Indianapolis apartment complexes, officials said they’re planning to get the city’s money back, but a lack of communication with the properties’ owners could complicate matters.
In the 50 largest U.S. metro areas, median rent rose an astounding 19.3% from December 2020 to December 2021, according to a Realtor.com analysis of properties with two or fewer bedrooms. Indianapolis-area rents have seen a smaller, but still significant, jump.
Percolating under the radar for two years, the first phase of Hobbs Station is expected to feature 300 apartments, 99 single-family homes and 500,000 square feet of logistics space.
In Indianapolis, rents increased 9% last year, to $1,280 per month. But in some cities, rent jumped by more than 40%.
To help support blue-collar workers, Meadows on Main will be income-restricted and serve individuals and families generally making 40% to 70% of the area’s median income.
TWG Development LLC is in discussions with city zoning and planning officials for the 125-unit project, which would be developed on the east side of the road in the 1800 block of North Meridian Street.
Providing pet accommodations has become a top priority for apartment complexes seeking younger tenants, and new-home construction is also seeing an uptick in pet-friendly perks.
The 195-unit Meridian Towers Apartments on the near-north side of Indianapolis has been sold to an out-of-state development partnership that plans to renovate the property.
The development at 22nd Street would keep rents low for tenants while providing nearly free space for initiatives focusing on career building, mental health and substance abuse.
The new owner plans to make a significant investment in improvements that likely will drive up rents that have languished of late.
The court’s action late Thursday ends protections for roughly 3.5 million people in the United States who said they faced eviction in the next two months.
Rents are rising, buoyed by strong demand as U.S. home prices push to new highs, leaving many would-be buyers no choice but to rent.
More than 51,000 eviction filings have been made in Indiana during the pandemic, including nearly 16,000 in the Indianapolis metropolitan area, according to Indiana Legal Services.
A House panel convened to consider emergency legislation to extend the ban, which expires Saturday, through Dec. 31. But approving an extension would be a steep climb in the narrowly-split Congress.
The state is taking aim at the firms for “their respective roles in allowing the Fox Club and Lakeside Pointe apartment complexes in Indianapolis to fall into egregious disrepair.”
The development, called 1202, would feature 105 units on a 1.1-acre parcel on the near-south side, with at least one-fifth of the units reserved for individuals making up to 80% of the area’s median income.
The median national rent climbed 9.2% in the first half of 2021, according to Apartment List, and is still on the way up.
As of June 7, roughly 3.2 million people in the U.S. said they faced eviction in the next two months, according to the U.S. Census Bureau’s Household Pulse Survey.
Lafayette-based IG Development has submitted conceptual plans to redevelop roughly 27 acres of the Emmis Communications radio tower and transmission property in Whitestown with 408 apartments.
Plans for Monon Court call for razing an apartment development that has been been on the site for more than 70 years.
