DES MOINES, Iowa -- The signs of growth in downtown Des Moines are obvious. Around every corner it seems that crews are hustling to build a new apartment complex.
“The last couple of years it’s been very robust. In fact, it’s been robust for quite some time now,” said Tim Leach, Senior V.P. of Downtown Development, Greater Des Moines Partnership.
Leach estimates that more than 3,000 residential units have been added downtown over the last three years, the biggest boom in the rental market in decades. Leach says it's because downtown is more livable than it’s ever been with the increased amenities and available jobs.
“In the past 20 years, we haven’t had all those different products on the market. Downtown not offers some loft living that maybe wasn’t available 20 years ago,” said Leach.
Metro consumers are really buying into that downtown living. From 2010-2016, the census shows that downtown population grew by 18 percent. With the demand so high, develops are really now just catching up.
“There is some catch up. There was a lag during the recession and some catch up taking place,” said Kyle Gamble, Senior vice president, Hubbell Realty Company.
Within the next year as many as 1,000 apartments will become available to rent in downtown. With the supply so high, is this a good time to move there? Gamble says yes. But not for obvious reason of him having a ton of places to rent.
He says right now is good time for renters because there are so many options and you can afford to be picky.
“Amenities packages are across the board. Anywhere from swimming pools to rooftop gardens, resident lounges, fitness and dog parks. You have a wide variety of options in downtown today,” said Gamble.
As far as price goes it’s going to range quite a bit. Starting $700 for a studio to $2400 for a high end units. Gamble says the price per square foot on average is almost identical to apartments in West Des Moines.