Study says Georgetown cottage community could lease up quickly

A July 2026 market study for Little Living projects Market Street Village, a 20-cottage affordable rental community in Georgetown, Delaware, could reach 95% stabilized occupancy within about a month of opening. The report points to strong local demand, a tight rental market and a shortfall of affordable housing units for income-eligible households.

Why it matters: - The study suggests Market Street Village could fill fast in a market with very limited affordable supply. - The project is aimed at working households, seniors and veterans who qualify for income-restricted housing. - A rapid lease-up would support the case for more small-scale affordable housing in Sussex and Kent counties.

What happened: - Bowen National Research prepared a July 2026 market study for Little Living on the proposed Market Street Village in Georgetown. - The report projects the 20-cottage community could reach 95% stabilized occupancy within about one month of opening. - The study concludes that a market exists for the development if it is built and operated as planned. - Market Street Village is planned for East Market Street in Georgetown and is targeted for completion in 2027, subject to final approvals and financing.

The details: - Bowen surveyed 40 rental communities with 4,423 total units and found combined occupancy of 98.9%. - The study described that occupancy level as a very strong rate. - The seven affordable properties identified as the most comparable were all 100% occupied. - Each of those comparable properties had a waiting list. - One waiting list included up to 380 households. - Another property reported a wait of up to two years for the next available unit. - Bowen identified 1,246 affordable units, including existing, planned and proposed supply, for 10,511 income-eligible renter households projected in the market area in 2027. - That supply equals about 11.9% of the projected household pool, or roughly one unit for every eight or nine eligible households. - A 20-cottage community represents about 0.2% of that projected pool. - Bowen estimated proposed rents at 33.9% to 61.7% below achievable market rents. - Little Living says the community generally targets households earning 50% to 80% of area median income, with final eligibility depending on household size, unit and program requirements. - Published rents currently start at $950 a month for a one-bedroom cottage, $1,100 for a two-bedroom cottage and $1,200 for a three-bedroom cottage. - The published rents include utilities and internet. - The site is described as compatible with surrounding uses. - The study notes a DART public bus stop 0.1 mile away. - The Perdue facility is 0.5 mile away and within walking distance. - Georgetown Elementary and Middle schools are 1.1 miles away. - Delaware Technical Community College, TidalHealth Primary Care and a Walmart Supercenter are each within 2 miles.

Between the lines: - The occupancy and waiting-list data point to a market where affordability is the main constraint, not demand. - The supply gap calculation helps explain why a small development can still make a meaningful dent in local need. - The proximity to transit, jobs, schools and services strengthens the case for the East Market Street site. - Little Living’s model relies on volunteer support and local trades, which may help keep costs down but also ties delivery to fundraising and financing.

What's next: - The project moves forward through final approvals and financing before construction can finish. - If the study’s assumptions hold, the cottages could lease quickly once available. - Little Living says donations support land, materials and infrastructure as the organization develops additional cottage communities. - More information is available at littleliving.org.