Plymouth faces housing crisis with only four rental units available amid soaring demand

The City of Plymouth, Wisconsin, held a council meeting on December 11, 2024, focusing on the pressing issue of housing supply in the area. The discussion highlighted significant trends in the local housing market, revealing a critical shortage of both rental and owner-occupied homes.

The meeting began with an analysis of the housing stock, noting that nearly 22% of homes in Plymouth were built before 1939. This aging inventory has not kept pace with current demand, particularly since 2009, when new construction rates dropped sharply. A representative reported that as of August 13, only four rental units were available in the entire city, underscoring the severe shortage of housing options.

Data presented during the meeting indicated that single-family home sales have also declined due to limited inventory. Listings have decreased significantly since July, leading to homes selling quickly—often within days—due to high demand. This rapid turnover suggests a competitive market where buyers are increasingly willing to forgo contingencies and pay cash to secure properties.

The council discussed the implications of demographic changes on housing demand. The aging population is staying in their homes longer, which contributes to the inventory shortage. Additionally, the report noted that major employers in Plymouth have expressed a need for both entry-level and executive-level housing to accommodate their workforce, with at least 175 open positions identified in the city alone.

Looking ahead, the council reviewed a demand forecast indicating that Plymouth will need between 686 and 981 new housing units over the next five years. This includes approximately 541 rental units and 440 owner-occupied units. The discussion emphasized the importance of addressing this housing crisis to support the community's growth and meet the needs of its residents.

In conclusion, the meeting underscored the urgent need for strategic planning and action to increase housing availability in Plymouth, as the current market conditions pose significant challenges for potential homeowners and renters alike. The council plans to continue exploring solutions to this ongoing issue in future meetings.