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% are apartments.  By comparison, Carmel has 19%, Noblesville 18%,  Zionsville 17% and Greenwood 28%.  The only area city with a lower percentage than Fishers is Westfield with 14%.

The apartment unit vacancy rate in Fishers is 5.7%.  Zoning & Planning Director Tony Bagato says a good vacancy rate is normally in the range of 5% to 8%.

The average rent per unit is $1,170.  6% of Fishers apartment units are studios, 32% one bedroom, 49% two bedroom and 13% 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.