The City of Fishers will likely need more apartments in the coming years, based on data gathered the city’s Planning & Zoning Department. Of all residential units in the city, only 15.5 percent are apartments. By comparison, Carmel has 19 percent, Noblesville 18 percent, Zionsville 17 percent and Greenwood 28 percent. The only area city with a lower percentage than Fishers is Westfield with 14 percent.
The apartment unit vacancy rate in Fishers is 5.7 percent. Zoning & Planning Director Tony Bagato says a good vacancy rate is normally in the range of 5 percent to 8 percent.
The average rent per unit is $1,170. Of Fishers apartment units, 6 percent are studios, 32 percent are one bedroom, 49 percent are two bedroom and 13 percent are three bedroom.
The data show Fishers is projected to have 131,525 residents by the year 2040, with the population generally aging. This may increase demand for apartment living.
Mayor Scott Fadness and the City Council submitted a request to state officials to construct a low-income apartment project but were turned down last year. Fadness says the city will once again apply for that low-income housing funding from the state this year.
The work session presentation was for information and no decisions were made.