2. MetroCOG workforce housing study
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2. MetroCOG workforce housing study
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<br />Most of the available condominium units have lower prices in comparison to the <br />single-family home market. However, prices range from $126,500 to as high as <br />$259,000. <br /> <br />DEMAND FOR NEW RENTAL MULTIFAMILY DEVELOPMENT <br /> <br />Target households for new market-rate housing <br /> <br />The Danter Company projects demand for this housing using the assumption that <br />the "support" for new market-rate apartments comes from tenants already in the <br />area. Tenants will "step-up"; that is, they will incur a rental increase of up to 10% <br />per month for a different rental alternative when it is seen as a value. Renters <br />paying higher rent than housing that they perceive as better quality over their <br />current apartment are potential "step-down" tenants for new apartments. <br /> <br />Total step-up/step-down annual demand potential is 592 units, with the largest <br />demand of275 (46%) at rents of less than $599/month. Based on national ratios <br />and similar demographic and step-up/down ratios of markets nationwide, The <br />Danter Company anticipates that 5% of this total step-up/step-down support can <br />potentially be absorbed within one year. This amounts to 30 units annually. <br /> <br />The Danter Company notes that for the last four years development trends have <br />exceeded this potential for units priced above $600/month. Since 2001, an average <br />of 415.4 units annually have come on the market. As noted earlier, in January <br />2006 the vacancy rate reached 6.4%, indicating an oversupplied market. As <br />vacancies in the overall rental market rise, it will be important to develop <br />apartments at the lower end of the market. <br /> <br />Target households for new low-income housing, i.e.. subsidized housing <br /> <br />The Danter Company projects an increase of 1,421 in the number of families and <br />an increase of 88 senior households earning less than HUD's 2006 50% median <br />income. <br /> <br />DEMAND FOR NEW FOR-SALE HOUSING DEVELOPMENT <br /> <br />The Danter Company projects demand for new single-familv houses based on the <br />economic and demographic characteristics of each submarket and the application <br />of "optimal capture factors." Households are first qualified based on what they can <br />13 <br /> <br />Linda S. Dunnelly. ;\'1.c.I'. <br /> <br />August 2006 <br />
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