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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 />HOUSING RECOMMENDATIONS <br /> <br />$1.30 per square foot). Some public assistance may be needed to make even a market rate <br />building affordable. <br /> <br />We recommend adding the rental building in two phases with about 180 units each. Each phase <br />could also contain multiple buildings, such as two 90-unit buildings or three 60-unit buildings. <br />A development of this size can support an abundance of common area that are highly desirable <br />by renters but are often not found in older, smaller buildings. These features include in-unit <br />laundry, balcony, swimming pool, party room, business center, fitness center, and underground <br />parking. We recommend that these features be included in the development. <br /> <br /> TABLE 37 <br /> RECOMMENDED UNIT MIX, SIZES, AND RENTS <br /> GENERAL-OCCUPANCY RENTAL APARTMENTS <br /> TCAAP SITE <br /> January 2008 <br /> %of 0/0 of Recommended Reutl <br />Unit Type Units Units Square Feet Rent Sq. Ft. <br />I BR 30% - 35% 750 - 775 $975 - $1,025 $1.30 - $1.32 <br />I BR+Den 15% - 20% 895 - 925 $1,200 - $1,250 $1.34 - $1.35 <br />2BR 35% - 40% 1,100 - 1,150 $1,425 - $1,500 $1.30 - $1.30 <br />3 BR 10% - 25% 1,275 - 1,325 $1,500 - $],575 $1.18 - $L19 <br />Total Units 275 - 300 $1.29 <br />Note: Recommended rents are for 2008 and can be adjusted for inflation by 3% annually prior to <br />occunancv. <br />Source: Maxfield Research Inc. <br /> <br />Interviews revealed that there is pent-up rental demand from people currently employed in the <br />area. Given high wages at many of area employers, a significant proportion of the target market <br />for rental housing will be professional young adults with higher incomes that desire rental hous- <br />ing with contemporary features and a higher level of amenities. Also, mid-age adults have in- <br />creased demand for upscale market rate rental housing. Many of these mid-age adults are trans- <br />plants to the area for jobs and will rent before finding a home to purchase. <br /> <br />In addition to these higher income households, many of entry-level positions at local employers <br />are held by people who must commute from outside ofthe area because of a lack of affordable <br />rental housing nearby. Affordable rental units restricted to moderate-income households would <br />satisfy a portion of this need. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />87 <br />
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