In 2017, community members and officials came together to develop a Comprehensive Plan for Redwood Falls. The lack of housing was studied in the process, and a brand-new development is now planned for Redwood Falls. Here’s how this housing development is helping the housing issue in Redwood Falls.
Housing Issues in Redwood Falls
Chapter 7 of the Comprehensive Plan addresses the need for additional housing in Redwood Falls. One specific housing issue that came up was the rental market occupancy rate of 96.7%. This high occupancy rate means that almost all of the existing rental properties in the city are occupied by tenants. Any new families looking to move to the area are then unable to find housing and must look outside of Redwood Falls for housing options.
How the Housing Development Can Help
We saw a need to address the lack of both rental and owned housing in Redwood Falls, which led to the creation of the Reflection Prairie housing development. This housing development will include a mix of single family and multi-family housing units, which will create additional housing opportunities.
Because of our Comprehensive Plan, we know that we have a portion of our population looking to downsize to a smaller home. That includes empty nesters or seniors who would prefer one-level living. Building additional homes in this new development provides space for seniors looking to downsize.
Those existing larger homes in town will then become available for those looking for more space—especially first-time homeowners and families who are new to the area. More homes available to buy or rent translates to Redwood Falls becoming a more attractive community for younger adults with families.
Multiple Benefits to Redwood Falls
The housing development will help to ease many housing issues in Redwood Falls. It offers smaller properties for seniors looking to downsize. Freeing up those larger homes in other parts of Redwood Falls will potentially attract new residents to the area. Ultimately, providing smaller options in this development for people looking to downsize is also keeping senior residents in town, preventing a loss of population and income from the area while attracting new residents.
In short, there are multiple benefits to the new housing development in Redwood Falls. Please contact us if you’d like to learn more about the Reflection Prairie Housing Development.