Rental study shows people enjoy Iowa City

Iowa City Press-Citizen

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We've been watching students and others moving in and out of apartments for the past couple of weeks, so we read with interest the findings of new study on the area rental market by Cook Appraisal of Iowa City (“Area rent cost rises,” Aug. 1).

The average rent in the Iowa City, Coralville and North Liberty area is $816 per month, which is up 7.2 percent ($55) from the last time the company undertook its biennial study, in 2009. The monthly increase over the same time frame in the downtown area was slightly less on a percentage basis, up 5.8 percent ($60) to $1,093. The area also has a lower vacancy rate than most markets

As Casey Cook, founder of Cook Appraisal, said, how you look at the rental housing market depends on your viewpoint.

“If you're a mother with three kids and vacancy rates are very low, that's a terrible thing,” Cook said. “And if you're a property owner who's renting to a student in downtown Iowa City, it's a great thing.”

When we think of the area economy, we believe the low vacancy rates and increasing rents are generally positive. We do share the concern that Cook gets at that some have a hard time affording housing here.

But overall, we believe results of the study show the continuing desirability of our community. They show that for a variety of reasons - study or employment at the University of Iowa, employment at our three hospitals, our vibrant cultural scene or others - people want to live here.