Nearly all Grinnell property owners own just one property, yet 15 owners control 15 percent of the city

As over 50,000 low-income renters across Iowa search for affordable housing, a quiet concentration of property ownership is reshaping Grinnell, a town of fewer than 10,000 residents. An analysis by The Scarlet & Black reveals that just 30 property owners—a mix of corporations, nonprofits and individual investors—collectively hold nearly 18 percent of Grinnell’s residential properties.

These 30 entities own 662 of the town’s 3,417 parcels, according to public property records. Their holdings span entire streets and concentrated blocks, significantly influencing the town’s housing dynamics. Just 15 owners, 0.6 percent of the owner base, control 14.9 percent of the city.

St. Francis Manor, a nonprofit nursing care provider, is Grinnell’s largest property owner, holding 144 parcels. Spaulding Lofts East I, a residential complex developed using federal Low-Income Housing Tax Credits and local tax abatements, ranks second with 58 units. Grinnell College, under names like “Trustees of Iowa College” and “Trustees of Grinnell College,” owns 71 parcels combined and houses 1,750 students in town.

Among the top 30 landlords, five are individuals. The largest private landlord, a Grinnell resident, individually owns 18 properties.

From May 2024 to May 2025, property sales in Grinnell exceeded $22 million across 115 transactions, averaging roughly $175,900 per sale, according to publicly available data reviewed by The S&B. These sales occur in a community where the median per capita annual income is around $36,382, $6,907 less than the national average.

Housing affordability in Grinnell presents a stark reality for its residents. According to Zillow data from 2024, average monthly rent in Grinnell stands at approximately $950. A household earning $20,100 annually—the poverty threshold for one individual—would spend about 57 percent of their monthly income on rent alone, nearly double the federal affordability standard of 30 percent.

Kate Slater, executive director of the Grinnell Housing Authority, outlined strict eligibility requirements for housing assistance.

“Their income cannot be over the limit, which for one individual is $20,100 a year,” Slater said. “They can’t have more than two criminal issues in the last three years, and cannot be on the sex offender list or have been convicted of doing methamphetamines on federal grounds.”

Even those who meet these criteria often face a daunting wait of over 15 months for housing choice vouchers. And qualifying doesn’t always translate to successful placement.

“One problem we’re running into significantly is they’re responsible for their own utilities,” Slater explained. “But if they don’t have income, they’re not able to pay those utilities. So we’re bumping heads with that right now—we’ve got a couple families that were not able to get in anywhere because of that income gap.”

Slater said the most vulnerable residents are those most frequently rejected by corporate landlords, whose strict screening processes leave few options. She described these residents as Grinnell’s “hidden homeless,” families that bounce from one temporary arrangement to another, unable to secure stable housing.

“I have three families right now that need at least a three-bedroom and they’re not able to pass anything corporate,” Slater said. “These individuals have past evictions, so corporate entities decline them. Then I try to go to private renters—and right now, I don’t have anything.”

Poweshiek County, which includes Grinnell, reports a rental vacancy rate around 2.1 percent, significantly lower than the 7–8 percent rate considered healthy. Low vacancy rates typically drive rents higher, intensifying competition and affordability challenges for renters.

The concentration of property ownership in Grinnell also intersects with local policy and economic incentives. The city has encouraged developments like Spaulding Lofts through tax abatements and has supported nonprofit expansions, like St. Francis Manor, via tax-exempt municipal bonds.

Tyler Avis, Grinnell’s director of building and planning, said becoming a landlord in Grinnell is straightforward, involving minimal regulatory barriers.

“There’s typically a $10 fee,” Avis said. “There are no restrictions on how many properties a person or company can own.” Avis noted Grinnell’s rental inspection program, established in 2022, ensures basic safety compliance across rental units, regardless of ownership size.

Despite these measures, the city council has not specifically addressed the growing concentration of ownership among a small number of landlords. Unlike Ames, home to Iowa State University, which implemented a rental cap near its campus to curb investor-owned housing, Grinnell has yet to adopt similar strategies.

Since January, four participants in Grinnell’s housing program assisted by Slater have lost their vouchers, though not all due to noncompliance. “Some of them ended up being over income, and they are no longer able to participate,” Slater said.

The community’s housing landscape starkly contrasts its perceived economic vibrancy. “Grinnell’s seen as booming, especially compared to other towns around here,” Slater noted. “But that doesn’t mean the people who need help are getting it.”