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01-22-08 1B Market Study
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01-22-08 1B Market Study
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Last modified
1/18/2008 11:19:37 AM
Creation date
1/18/2008 11:17:07 AM
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Market Study by Maxfield Research
General - Type
Agenda Item
Date
1/22/2008
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<br />2005 in Falcon Heights, which reports a single vacancy out of 119 units. The 2005 Land- <br />ings of Silver Lake Village project in St. Anthony has a total of 172 units and a vacancy <br />rate of about 6%. <br /> <br /> <br />RENTAL MARKET ANALYSIS <br /> <br />~ <br /> <br />Apartment managers interviewed reported lowering vacancy rates though 2007, particu- <br />larly among the newer developments featuring more amenities. <br /> <br />TABLE 22 <br />VACANCIES BY UNIT TYPE <br />SURVEYED RENTAL DEVELOPMENTS <br />November 2007 <br /> <br />Unit Type <br /> <br />Total <br /> <br />Vacant <br /> <br />Vacancy Rate <br /> <br /> <br /> <br />Studio 7 0 0.0% <br />t BR 521 22 4.2% <br />1 BR + Den 10 0 0.0% <br />2BR 929 43 4.6% <br />2 BR + Den 6 1 16.7% <br />3 BR 228 10 4.4% <br />4BR 2 0 0% <br />Total 1,703 76 4.3 0/0 <br />Studio 32 0 0.0% <br />I BR 361 2 0.6% <br />I BR + Den 7t 1 1.4% <br />2BR 4t7 13 3.1% <br />2 BR + Den 33 2 6.1% <br />3 BR 82 6 7% <br />Total 996 24 2.40/0 <br /> <br /> <br />Sources: GV A Marquette Advisors; Maxfield Research Inc. <br /> <br />Rent and Size Comnarison <br /> <br />~ <br /> <br />Average monthly rents at these projects for one-bedroom units were $821 for one- <br />bedroom units ($1.00 per square foot), $1,015 for two-bedroom units ($0.95 per square <br />foot), and $1,077 for three-bedroom units ($0.83 per square foot). <br /> <br />~ <br /> <br />Average sizes for units at the projects were 824 square feet for one-bedroom units, 1,073 <br />square feet for two-bedroom units and 1,294 square feet for three-bedroom units. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />54 <br />
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