vi. field survey of modern apartments

64 Pages·2017·1.13 MB·English

VI. FIELD SURVEY OF MODERN APARTMENTS
The following analyses represent data from a field survey of the modern apartments in
the Site EMA. Each development was surveyed by unit and project amenities, year
opened, unit mix, vacancies, rents, and aesthetic quality. The collected data have been
analyzed as follows:
 A distribution of both market-rate and government subsidized modern apartment
units. The units are distributed by mix and vacancy.
 An analysis of multifamily construction trends, which includes number of units,
number of projects, percent distribution, cumulative units, and vacancy rate by year
built.
 A rent and vacancy analysis, which contains distributions of units and vacancies by
net rent range. A separate distribution appears for units by number of bedrooms.
 A project information analysis listing the name and address of each development, its
occupancy, and year opened. Any unique features are noted by the analyst.
 A street rent comparison listing rents by unit size for all market-rate developments.
 A comparability rating, assigning point values for unit amenities, project amenities,
and overall aesthetic appeal/curbside marketability.
 Amenity analyses, including the following:
 A unit amenity analyses listing the unit amenities for each property.
 A project amenity analysis listing the project amenities for each development.
 A distribution of amenities by number of units and properties offering that
amenity.
 A unit type/utility detail analysis with units offered and utilities available, including
responsibility for payment.
 Rent/square foot.

A map showing the location of each apartment complex included in this analysis is in
Section VII – Modern Apartment Locations and Photographs.
V I-1
DISTRIBUTION OF
MODERN APARTMENT UNITS
AND VACANCIES
RAPID CITY, SOUTH DAKOTA
SITE EFFECTIVE MARKET AREA
MAY 2017
MARKET RATE UNITS
UNIT TYPE UNITS VACANCIES
NUMBER PERCENT NUMBER PERCENT
STUDIO 136 2.8% 3 2.2%
ONE-BEDROOM 1,271 26.6% 19 1.5%
TWO-BEDROOM 2,653 55.5% 78 2.9%
THREE-BEDROOM 702 14.7% 12 1.7%
FOUR-BEDROOM + 14 0.3% 0 0.0%
TOTAL 4,776 100.0% 112 2.3%
TOTAL DOES NOT INCLUDE 344 UNITS UNDER CONSTRUCTION
SUBSIDIZED
VACANCIES
UNIT TYPE UNITS
NUMBER PERCENT NUMBER PERCENT
STUDIO 65 5.8% 0 0.0%
ONE-BEDROOM 581 52.2% 0 0.0%
TWO-BEDROOM 327 29.4% 1 0.3%
THREE-BEDROOM 127 11.4% 0 0.0%
FOUR-BEDROOM + 13 1.2% 0 0.0%
TOTAL 1,113 100.0% 1 0.1%
VI-2
MARKET RATE MULTIFAMILY
CONSTRUCTION TRENDS
RAPID CITY, SOUTH DAKOTA
SITE EFFECTIVE MARKET AREA
MAY 2017
MAY 2017
YEAR OF NUMBER OF NUMBER OF PERCENT CUMULATIVE VACANCY
PROJECT OPENING PROJECTS UNITS DISTRIBUTION UNITS RATE
Before 1970 2 170 3.6% 170 1.2%
1970 - 1974 11 794 16.6% 964 2.6%
1975 - 1979 2 239 5.0% 1,203 2.1%
1980 - 1984 2 108 2.3% 1,311 2.8%
1985 - 1989 6 735 15.4% 2,046 2.7%
1990 - 1994 3 186 3.9% 2,232 3.2%
1995 - 1999 7 608 12.7% 2,840 2.0%
2000 - 2004 4 403 8.4% 3,243 0.0%
2005 - 2009 7 721 15.1% 3,964 1.8%
2010 0 0 0.0% 3,964 0.0%
2011 0 0 0.0% 3,964 0.0%
2012 1 162 3.4% 4,126 1.9%
2013 0 0 0.0% 4,126 0.0%
2014 1 216 4.5% 4,342 4.6%
2015 3 248 5.2% 4,590 4.8%
2016 3 186 3.9% 4,776 2.7%
2017* 0 0 0.0% 4,776 0.0%
TOTAL: 52 4,776 100.0 % 4,776 2.3%
AVERAGE ANNUAL RELEASE OF UNITS 2012 - 2016: 162.4
* THROUGHMAY 2017
VI-3
RENT AND VACANCY ANALYSIS
STUDIO UNITS
RAPID CITY, SOUTH DAKOTA
MAY 2017
SITE EFFECTIVE MARKET AREA
TOTAL UNITS VACANCIES
COLLECTED RENT NUMBER PERCENT NUMBER PERCENT
$879 6 4.4% 0 0.0%
$779 6 4.4% 0 0.0%
$684 5 3.7% 0 0.0%
$567 - $580 18 13.2% 0 0.0%
$524 5 3.7% 0 0.0%
$480 - $490 46 33.8% 3 6.5%
$430 12 8.8% 0 0.0%
$365 38 27.9% 0 0.0%
TOTAL 136 100.0% 3 2.2%
Median Collected Rent: $490
VI-4
RENT AND VACANCY ANALYSIS
ONE BEDROOM UNITS
RAPID CITY, SOUTH DAKOTA
MAY 2017
SITE EFFECTIVE MARKET AREA
TOTAL UNITS VACANCIES
COLLECTED RENT NUMBER PERCENT NUMBER PERCENT
$1290 5 0.4% 0 0.0%
$1209 - $1223 8 0.6% 1 12.5%
$1159 26 2.0% 1 3.8%
$1127 21 1.7% 1 4.8%
$1074 - $1095 80 6.3% 2 2.5%
$1059 42 3.3% 1 2.4%
$1000 4 0.3% 0 0.0%
$974 30 2.4% 0 0.0%
$947 76 6.0% 4 5.3%
$885 - $909 65 5.1% 2 3.1%
$874 - $877 30 2.4% 0 0.0%
$834 - $851 33 2.6% 0 0.0%
$808 - $824 59 4.6% 0 0.0%
$774 - $795 190 14.9% 0 0.0%
$755 - $760 22 1.7% 0 0.0%
$704 - $729 51 4.0% 1 2.0%
$679 - $699 113 8.9% 0 0.0%
$655 - $670 173 13.6% 2 1.2%
$620 - $628 98 7.7% 0 0.0%
$574 - $593 15 1.2% 1 6.7%
VI-5
RENT AND VACANCY ANALYSIS
ONE BEDROOM UNITS
RAPID CITY, SOUTH DAKOTA
MAY 2017
SITE EFFECTIVE MARKET AREA
TOTAL UNITS VACANCIES
COLLECTED RENT NUMBER PERCENT NUMBER PERCENT
$565 60 4.7% 0 0.0%
$535 60 4.7% 3 5.0%
$490 3 0.2% 0 0.0%
$459 3 0.2% 0 0.0%
$367 2 0.2% 0 0.0%
$334 2 0.2% 0 0.0%
TOTAL 1,271 100.0% 19 1.5%
Median Collected Rent: $780
VI-6
RENT AND VACANCY ANALYSIS
TWO BEDROOM UNITS
RAPID CITY, SOUTH DAKOTA
MAY 2017
SITE EFFECTIVE MARKET AREA
TOTAL UNITS VACANCIES
COLLECTED RENT NUMBER PERCENT NUMBER PERCENT
$2119 1 0.0% 1 100.0%
$1643 36 1.4% 0 0.0%
$1505 - $1525 29 1.1% 2 6.9%
$1456 - $1480 72 2.7% 3 4.2%
$1421 - $1436 24 0.9% 0 0.0%
$1406 26 1.0% 2 7.7%
$1345 30 1.1% 1 3.3%
$1276 26 1.0% 1 3.8%
$1243 40 1.5% 3 7.5%
$1193 - $1215 175 6.6% 8 4.6%
$1175 3 0.1% 0 0.0%
$1111 - $1131 43 1.6% 0 0.0%
$1081 - $1102 417 15.7% 4 1.0%
$1055 - $1076 24 0.9% 2 8.3%
$1021 - $1040 38 1.4% 1 2.6%
$985 - $1010 103 3.9% 3 2.9%
$960 - $982 193 7.3% 3 1.6%
$932 - $950 199 7.5% 8 4.0%
$890 - $912 238 9.0% 8 3.4%
$849 - $873 362 13.6% 12 3.3%
VI-7
RENT AND VACANCY ANALYSIS
TWO BEDROOM UNITS
RAPID CITY, SOUTH DAKOTA
MAY 2017
SITE EFFECTIVE MARKET AREA
TOTAL UNITS VACANCIES
COLLECTED RENT NUMBER PERCENT NUMBER PERCENT
$825 - $843 140 5.3% 5 3.6%
$789 - $806 147 5.5% 3 2.0%
$766 - $779 111 4.2% 4 3.6%
$720 - $744 59 2.2% 3 5.1%
$675 - $693 40 1.5% 1 2.5%
$650 - $657 23 0.9% 0 0.0%
$588 - $612 52 2.0% 0 0.0%
$560 2 0.1% 0 0.0%
TOTAL 2,653 100.0% 78 2.9%
Median Collected Rent: $950
VI-8
RENT AND VACANCY ANALYSIS
THREE BEDROOM UNITS
RAPID CITY, SOUTH DAKOTA
MAY 2017
SITE EFFECTIVE MARKET AREA
TOTAL UNITS VACANCIES
COLLECTED RENT NUMBER PERCENT NUMBER PERCENT
$1614 - $1619 23 3.3% 1 4.3%
$1539 - $1557 22 3.1% 1 4.5%
$1456 - $1471 25 3.6% 0 0.0%
$1433 - $1444 51 7.3% 0 0.0%
$1324 - $1329 25 3.6% 1 4.0%
$1256 - $1277 21 3.0% 1 4.8%
$1241 9 1.3% 0 0.0%
$1146 - $1166 38 5.4% 2 5.3%
$1124 - $1136 37 5.3% 1 2.7%
$1089 - $1107 121 17.2% 2 1.7%
$1041 - $1064 41 5.8% 0 0.0%
$1001 - $1023 78 11.1% 0 0.0%
$973 - $987 50 7.1% 1 2.0%
$932 - $956 66 9.4% 1 1.5%
$884 - $900 13 1.9% 0 0.0%
$868 3 0.4% 0 0.0%
$825 - $840 11 1.6% 0 0.0%
$789 - $814 13 1.9% 1 7.7%
$759 - $784 54 7.7% 0 0.0%
$724 1 0.1% 0 0.0%
VI-9
RENT AND VACANCY ANALYSIS
THREE BEDROOM UNITS
RAPID CITY, SOUTH DAKOTA
MAY 2017
SITE EFFECTIVE MARKET AREA
TOTAL UNITS VACANCIES
COLLECTED RENT NUMBER PERCENT NUMBER PERCENT
TOTAL 702 100.0% 12 1.7%
Median Collected Rent: $1,105
VI-10