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2023-05-10 CC Packet
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2023-05-10 CC Packet
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6/6/2023 3:10:37 PM
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LOC,1 Market Analysis for Downtown Redevelopment <br />CONSULTING City of Centerville Economic Development Authority <br />April 3, 2023 <br />A.2 Market -Rate Rental Demand in the PMA, 2022 to 2027 <br />Demand from Household Growth in the PMA <br />Age/income qualified households in 2022 <br />26,092 <br />Age/income qualified households in 2027 <br />27,110 <br />Projected growth of the age/income qualified market <br />1,018 <br />Estimated percentage that will choose new market -rate rental housing <br />18% <br />Units needed to meet demand from household growth in the PMA <br />188 <br />Demand from Rental Turnover in the PMA <br />Estimated number of market -rate rental households in PMA in 2022 <br />5,789 <br />Estimated percentage that will seek new rental housing between 2022 and 2027 <br />67% <br />Estimated percentage that will choose new market -rate rental housing <br />10% <br />Units needed to meet demand from rental turnover in PMA <br />391 <br />Demand from Outside the PMA <br />Estimated demand from outside PMA <br />10% <br />Units needed to meet demand from outside the PMA <br />64 <br />Demand in the PMA <br />Total market -rate rental demand in PMA <br />643 <br />Minus vacant and competitive planned units at 95% occupancy <br />256 <br />Units needed in the PMA <br />387 <br />Estimated demand capturable in Downtown Centerville <br />20% - 25% <br />Units supportable at the Commercial Zone <br />77 - 97 <br />1. ge income qualified ouse o s are households underage 6b with incomes above $63,360 pus <br />o of households age <br />and over with incomes above $63,360. 20% of households age 65 plus are assumed to prefer age -restricted <br />housing with <br />services. For 2027, incomes thresholds increased by 3% per year to account for inflation. <br />Source: LOCI Consulting LLC <br />Page 92 <br />
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