Our comprehensive downtown housing studies provide you with
an understanding of downtown housing options and a comprehensive
strategy for housing development. We analyze both for-rent
and for-sale options.
- Support for multifamily (for-rent/for-sale) development in
the downtown area by rent range/sales prices, mix, and
- Support components will be identified, including
in-migration and internal mobility.
- Discussion of product types, amenities/features, unit mix,
and premiums associated with downtown apartments and
- Estimated absorption by product type and rent range/sales
- Establish broad marketing strategies to optimize rent and
absorption of downtown apartments and condominiums.
- When appropriate, barriers to downtown housing development
will be discussed as determined based on interviews, case
studies and surveys
Our conclusions and recommendations are based on a thorough
inspection of the subject site (or site area), an analysis of
area demographics, and the identification of an Effective
Market Area (EMA) for downtown housing. The EMA is the
smallest geographical area expected to generate a majority of
support for the subject site.
Area supply is determined through
- A 100% field survey of EMA apartment developments.
Apartments are surveyed to find the following information
for each property: number of units, type of unit
(garden/townhouse), unit mix, rent, vacancies, unit and
project amenities, project type (market-rate or government
subsidized), utilities, comparability rating, and year
built/opened. If upscale property is proposed,
additional field surveys of upscale projects located in
nearby suburbs may be conducted to identify performance of
potentially competitive properties.
- A 100% field survey of EMA condominium developments.
Condominiums are surveyed to find sales prices, unit and
project amenities, year built, association fees, and
- Data from the US Census Bureau
For more information on downtown studies, please call us at
(614) 221-9096 during business hours (8 am to 5 pm) Eastern US
- Analysis of the overall demand for multifamily apartments
and condominiums in the downtown area, including market-rate
low-income housing Tax Credit (LIHTC) units and other
- Analysis of the overall demand for condominium development
by sales price based on applying standard capture factors to
available household income distributions. This demand
figure is compared to existing supply to identify existing
- Demand for downtown corporate rentals can be identified
through interviews with major employers
- When appropriate, telephone, Internet and intercept surveys with
downtown employees and residents may be conducted to
- Overall perception of downtown and downtown housing
- What additional amenities would attract people to
- Positive and negative elements of living in an urban
- A comparison of proposed rent to expected market-driven
rent at opening based on a Comparable Rent Analysis. The
Comparable Rent Analysis allows for determination of
market-driven rent for projects of any amenity level by
using a regression analysis to analyze project rent in
conjunction with its Comparability Index.
- An analysis of step-up support for the proposed project.
Our research indicates that the largest single component of
support for any apartment project is apartment tenants
already residing within the EMA, and that most apartment
shoppers will "step up" their rent payments for
housing that they consider to be a value. Our analysis
identifies this step-up support by dollar range and median.
- An analysis of potential turnover vulnerability for the
proposed project. Our research indicates that the largest
single source of tenant "drain" from any
development is the apartment communities in the EMA priced
within step-up range of the subject community.
- An analysis of rent gaps. Rent gaps are the differences in
rent between unit types, such as one-bedroom and two-bedroom
units. Rent gaps can be a substantial factor in a project's
initial rent-up. Our analysis identifies the area's median
rent gap, rent gap at the proposed project's Comparability
Index, and rent gap at the proposed project. Rent gap among
product alternatives (such as mix, location, and floor plan)
at the subject site is also evaluated.
- Competitive Analysis. When necessary, potentially
competitive projects are compared with the proposed project
and analyzed in detail, including a detailed look at floor
plans, entry impact, storage space, unit and project
amenities, and pricing.
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