“Just Not Enough Housing Out There”

BLAIR, NEBRASKA (2024 AUGUST 16, FRIDAY) Our town of just over 8,000 residents, is experiencing a housing crisis that mirrors challenges faced by communities across the nation. If you live in Blair – or, more likely, if you want to live in Blair, you may feel like it’s impossible to find an apartment here.

If that’s how you feel, you aren’t far from the truth.

We spoke with representatives from five apartment complexes in Blair – Brookview, Deerfield, North View, Kimberly Manor, and Fox Ridge – and found a stark reality: Out of 295 total units, there is not a single one-bedroom apartment available, and only one three-bedroom unit open at Fox Ridge.

We spoke with Sara, a representative from the Lund Company, a commercial real estate firm, and she shed light on the factors contributing to this shortage. These include people moving from Omaha, individuals displaced by recent storms, changing demographics with newcomers from out of the area, and rising prices in Omaha pushing people to seek housing in Blair.

Another local apartment manager echoed Sara’s thoughts. He told us, “No one’s moving. It’s almost impossible due to pricing increases.”

Paradoxically, this high cost of moving is causing current tenants to “stay put,” creating a logjam in the rental market.

In response to this crisis, the Blair City Council recently approved $300,000 in LB840 funds for a new 132-unit apartment complex to be developed by Metonic Real Estate Solutions. The project is planned for construction just south of the roundabout between Highways 133 and 30.

LB840, Nebraska’s Local Option Municipal Economic Development Act, allows cities to use local tax revenue for economic development programs, including housing initiatives. This tool has become increasingly crucial as communities across Nebraska grapple with housing shortages that threaten economic growth.

And, Metonic Real Estate Solutions, the developer behind this crucial project, brings significant experience to the table. Based in Omaha, Metonic is a private real estate investment management company with over $550 million in sponsored investments. They currently manage over 10,500 multifamily units across more than 30 communities in nine states, along with over 1 million square feet of commercial space. Their strategy focuses on building in secondary and smaller metro areas, making them well-suited for a project in Blair.

Blair’s situation is not unique. The housing crunch extends to Omaha and beyond, reflecting a national trend. Between 2012 and 2022, America saw 6.5 million more households formed than single-family homes built, exacerbating a pre-existing housing shortage. The U.S. Government Accountability Office (GAO) has described affordable housing shortages as a long-standing challenge, citing factors such as high interest rates, low inventory, and demographic shifts.

As Blair awaits the completion of its new apartment complex, the city stands as a microcosm of a larger national struggle – balancing growth, affordability, and community character in the face of an unprecedented housing crunch. The new housing can’t come quickly enough, either. As one apartment manager we spoke with said, “There is just not enough housing out there.”