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<br />Market Analysis for Downtown Redevelopment ***Draft*** <br />City of Centerville Economic Development Authority <br />April 3, 2023 <br />A.2Market-Rate Rental Demand in the PMA, 2022 to 2027 <br />Demand from Household Growth in the PMA <br /> 1 <br />Age/income qualified households in 2022 <br />26,092 <br /> 1 <br />Age/income qualified households in 2027 <br />27,110 <br />Projected growth of the age/income qualified market1,018 <br />18% <br />Estimated percentage that will choose new market-rate rental housing <br />188 <br />Units needed to meet demand from household growth in the PMA <br />Demand from Rental Turnover in the PMA <br />Estimated number of market-rate rental households in PMA in 2022 5,789 <br />67% <br />Estimated percentage that will seek new rental housing between 2022 and 2027 <br />10% <br />Estimated percentage that will choose new market-rate rental housing <br />Units needed to meet demand from rental turnover in PMA 391 <br />Demand from Outside the PMA <br />10% <br />Estimated demand from outside PMA <br />Units needed to meet demand from outside the PMA64 <br />Demand in the PMA <br />Total market-rate rental demand in PMA643 <br />Minus vacant and competitive planned units at 95% occupancy256 <br />Units needed in the PMA387 <br />Estimated demand capturable in Downtown Centerville20%25% <br />Units supportable at the Commercial Zone7797 <br />1. Age/income qualified households are households under age 65 with incomes above $63,360 plus 80% of households age 65 <br />and over with incomes above $63,360. 20% of households age 65 plus are assumed to prefer age-restricted housing with <br />services. For 2027, incomes thresholds increased by 3% per year to account for inflation. <br />Source: LOCi Consulting LLC <br /> <br /> <br />Page | 92 <br /> <br />