Lexington City Board Approves 5.9% COLA Raise
The regular voting session for the Lexington Board of Mayor and Aldermen was held on Monday, April 25, 2022.
Photo by: W. Clay Crook / The Lexington Progress
Article by W. Clay Crook-
The Board of Mayor and Aldermen for Lexington met in their regular voting session on Monday evening, April 25, 2022.
Lexington Mayor Jeff Griggs gave the floor to Younger Associates who recently completed a rental survey. Lexington and Henderson County are two of the few areas in West Tennessee that has not lost population, and its proximity to Jackson, the excellent school systems here, and the market opportunity project further growth, about 1.86% by 2027.
Of the properties identified, some were low income/section 8 housing. The assisted living area was removed from the survey, as it centers on property for working age adults. Some property managers were difficult to reach, some were reluctant to cooperate. Out of 550 properties in the survey, only fifty were available to rent, representing a 99% occupancy rate, and many with a long waiting list. Rental rates are low compared to other areas.
The average for Henderson County is $676.00 and that of Lexington is $582.00. The lack of housing may, perhaps, strangle future growth, but as there is a great potential for apartment complexes or rental properties, this can be avoided, and be a catalyst for growth.
The board discussed possible ways to keep the board and public more informed about conditions in the city and…
For complete coverage, see the April 27th edition of The Lexington Progress.
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