Axios Des Moines

Picture of the Des Moines skyline with DSM written across it.

February 08, 2023

๐Ÿš‚ Choo choo, it's Wednesday. We're on track to reach the weekend.

โ˜€๏ธ Weather: Sunny and highs in the upper 40s.

๐Ÿฅณ Axios Des Moines turns 2 today โ€” help us celebrate by becoming a member! Your contribution will support our work and allow us to do more of it.

Today's Smart Brevityโ„ข count is 488 words, a 2-minute read

1 big thing: Des Moines rents are cooling off

An illustration of an apartment call box.

Illustration: Brendan Lynch/Axios

Rents are coming down for one- and two-bedroom apartments in Des Moines, Axios' Sami Sparber reports.

Why it matters: Affordability concerns are starting to weigh down the booming rental market.

By the numbers: In January, the city's median rent price for a one-bedroom apartment was $910, down 6.2% from last month, rentals site Zumper found.

  • The median two-bedroom rent dropped 5.9% and now cost $960, per the data.

What's happening: Many would-be home buyers chose to rent longer last year, sustaining apartment demand, economists at Moody's Analytics say. But folks are hitting their spending limit.

Year-over-year rent growth slowed in the second half of the year across the board, "and we expect further deceleration as new supply makes it to market at the same time the labor market softens," senior economist at Moody's Lu Chen tells Axios.

Zoom out: Rents are already falling in cities that were near the epicenter of the pandemic home-price boom, Axios' Matt Phillips reports.

What we're watching: New apartment construction. The expected surge in supply could help bring down prices.

Yes, but: Experts tell the Wall Street Journal that most cities will "remain undersupplied with the kind of affordable units that see the highest demand."

Share this story

On the job hunt?

๐Ÿ’ผ Check out these fresh open positions in the city.

  1. Office Manager at Sentry Management.
  2. Customer Development Representative at ESO.
  3. Principal Engineer at Wells Fargo.

Want more opportunities? Check out our Job Board.

Hiring? Post a job.

2. ๐Ÿ‘ถ The Ear: Happy birthday, baby corn

Illustration of the Axios logo made out of corn.

Illustration: Allie Carl/Axios

๐Ÿถ Iowa's dog breeders had the worst record of compliance with federal regulations in 2022, accounting for 36% of all violations cited nationally. (Iowa Capital Dispatch)

๐Ÿ“š Parents spoke at a hearing before lawmakers Monday about their experiences trying to remove or limit explicit books from schools or curriculums. (WHO-13)

๐Ÿšœ A Republican lawmaker concerned about proposed pipeline projects says Iowa's current regulatory process is unfair to landowners โ€” but he's unsure if his party will act. (Radio Iowa)

๐ŸŽจ The DSM Art Center named Kelly Baum, the current curator of contemporary art at the Metropolitan Museum of Art in New York City, as its new director. (DSM Magazine)

3. Ask Axios: What's Hoyt Sherman's noise print?

Illustration of a hand motioning "stop" coming out of a megaphone.

Illustration: Maura Losch/Axios

Hoyt Sherman Place unveiled plans last month for a permanent $500K outdoor stage for concerts and community events.

Question: Have there been noise reviews?

  • "I would hate for Hoyt Sherman to add a benefit to the community and have some old fuddy-duddies get in a huff," Bradley said.

Answer: Hoyt Sherman Place believes the project will meet city noise restrictions, CEO Robert Warren tells Axios.

  • It has hosted outside "Jazz in July" concerts for three years without complaints and its events will end earlier than those at Water Works, he says.

Of note: Hoyt Sherman's neighbors include homes, apartments and the Methodist Medical Center.

A drawing of Hoyt Sherman Place's outdoor theater.
Rendering: Confluence landscape architects via Hoyt Sherman Place

Zoom in: Hoyt Sherman is a few blocks outside the downtown area set in 2021.

Yes, but: Other sound limits apply.

๐Ÿ™Š Our thought bubble: Fuddy-duddies just need a good, hard โ€ฆ hug.

๐ŸŽ‚ 60,000 birthday cheers: One for each of our Axios DSM readers.

  • Thank you!