The apartment boom in Warren County: what it could mean for renters

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BOWLING GREEN, Ky. (WBKO) -- The number of apartment buildings going up in Bowling Green-Warren County may be at all-time high, but so too may be the demand for them.

"Warren County has experienced an extraordinary amount of growth over the past two years, growing somewhere around 2% a year," says Judge Executive Mike Buchanon.

Some developers say charging $750-1,000 per month is what it takes to turn a profit based on modern building costs. Ideally, the more apartments that become available, the more that price of older apartment buildings is driven down, therefore making the market for multi-family housing a more favorable one.

"As these new apartment complexes are built," says Judge Buchanon, "it's going to help create an additional market of more affordable housing that is a little bit older."

Developers of some of these projects have at times been met with backlash, whether it be amid concerns of traffic, property values, or not fitting in with traditional housing certain areas.

Buchanon says no matter the situation, there will always be growing pains.

"With growth, comes change," he says, "and with change comes conflict and concern, but each time we grow in one sector, it brings growth in the other sectors."

As the job sector continues to grow, Buchanon says he's seen home ownership decline, which he believes is a testament to a new generation of the workforce.

"It's just a change in the times," he explains, "and I believe that some of these apartment complexes that are being built today are going to be the most desirable places to live in the future."

Judge Buchanon says right now there are nearly 6,000 open jobs in the area. Even with how rapidly Warren County is growing, he's not sure they'd have the housing to fill those positions.

Buchanon also says he's already seen the new apartment complexes play a role in affecting the price of older ones.



 
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