DAYTON, Ohio (WDTN) — On Tuesday, The City of Dayton celebrated the grand opening of the Arts Lofts at the Dayton Arcade. It comes as many U.S. cities are facing a housing crisis with costs and demand rising.
The 110-unit loft apartment development is part of the historic revamping of the Dayton Arcade.
“If you were to walk in and see the units you would think wow these are fantastic,” said Trace Shaughnessy Vice President, design and construction manager of McCormack Baron Salazar.
At the official grand opening, 97 of the 110-units available were already occupied, and 12 individuals or families were already on the waitlist.
“We rented up probably in about 60 days total,” Shaughnessy said.
The lofts are in high-demand despite rising rental prices. Officials with Dayton Realtors said rental rates increase about eight percent year-to-year in Dayton, which is driving more people to buy instead of rent.
Sharon Geier, President of Dayton Realtors said “They recognize that’s an investment into their future rather than paying someone else’s mortgage through a rental.”
At the Greater Dayton Apartment Association, they’re seeing overall housing demand on the rise, especially since the 2019 Memorial Day tornadoes.
“There were a lot of families that were displaced at that time. While there weren’t a lot of apartment communities that were greatly affected, you had a lot of smaller single-family homes that were being rented out affected. So there really is a higher demand and occupancy started increasing in 2019. When 2020 hit, obviously we had the pandemic and many people stayed in place at that point,” said Lloyd Cobble, President of the Board of Directors for the Greater Dayton Apartment Association.