By John Tuohy | Indianapolis Star
With deluxe rental properties the hot trend in city and suburban downtowns, developers and civic leaders covet specific demographic groups to add vibrancy and variety to their municipal core.
So much so it has become a cliché: Millennials and empty nesters.
Millennials are renters between the ages 25 and 34, preferably with high incomes. Empty nesters are older parents whose children who have “flown the coop,” so to speak, and don’t need a house anymore.
So are these apartment builders drawing the clientele they desire?
In Fishers, developer Flaherty & Collins Properties has built a 240-unit apartment complex on 116th Street and Municipal Drive that is 90 percent full. Rents at the Depot at Nickel Plate range from about $1,000 for the cheapest one bedroom to $3,850 for the most extravagant three bedroom. One hundred of the apartments are one bedroom and 327 people live there. Here’s the breakdown from Flaherty & Collins Properties:
So who lives there?
Millennials: 52 percent.
Generation X (ages 35-46): 13 percent.
Empty nesters (ages 57-65): 7 percent.
Others (older than 65 and younger than 25): 11 percent.
How much money do the residents at the Depot earn?
The average income of the residents is $114,000.
More than $150,000: 8.2 percent.
$100,000-150,000: 11 percent.
$90,000-100,000: 6.4 percent
$80,000-90,000: 4.2 percent.
$70,000-80,000: 7 percent.
$60,000 -70,000: 11.9 percent.
$50,000-60,000: 9.4 percent.
$40,000-50,000: 11.6 percent.
Under $40,000: 19.4 percent.
Unavailable/other: 10.9 percent