Our senior independent living studies provide you with a
clear understanding of how the market will respond to your
senior apartment development. Whether your project stands
alone or is part of a Continuing Care Retirement Community (CCRC),
we can measure the depth and breadth of support for your
Specifically, our studies will provide the following
- Optimum unit mix, number and size recommendations
- A unit and project amenities package that is responsive to
your target group
- Projected absorption
- At initial lease-up
- Overall average rate
- Impacted by turnover if absorption is extended beyond
standard lease terms
- When appropriate a discussion of the subject site’s site
and floor plan from a market perspective, identifying areas
where design may hinder market response
- Competitive Analysis. When appropriate, 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.
- Marketing strategies for the proposed project,
particularly for those projects sponsored or developed by a
nonprofit group, may be discussed if appropriate.
Our conclusions and recommendations for senior independent
living developments are based on an analysis of the relationship
between existing and projected supply and demand based on a 100%
survey of existing senior housing in the Effective Market Area (EMA)
and an analysis of the overall area demographics.
Supply is determined through:
- A 100% field survey of Effective Market Area modern
- A 100% survey of area elderly housing/CCRC developments
- Data from the US Census Bureau
The supply of apartments is analyzed to identify rent and
vacancy trends of units by unit type, number of bedrooms, year
built, and comparability index. Particularly important are
the identification of senior occupancy of existing apartment
properties and analysis of independent living options offered by
local retirement communities.
For more information on independent living studies, please call
us at (614) 221-9096 during business hours (8 am to 5 pm)
Eastern US time.
- 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.
In addition, step-up support totals are adjusted to reflect
total senior renters within the market.
- 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.
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