Operating Status – Apartment Supply

"Apartment supply" considers several facets – describing inventory in numbers of properties, numbers of units, and among property types. Specific needs can define inventory relationships according to: Rental Format, Resident Restrictions, Completion Status or Certain Characteristics, as:

Rental Format

A Property’s Rental Format is defined by presence of rental rate restriction as:

Rental Status

Market Rate

A market-rate property is free to establish rental rates, subject only to rental environment competitive restrictions.

Partially Affordable

A property including a portion of households required to be offered as Affordable is treated as Market Rate under definitions applied to illustration. Affordable households included in a partially affordable property may:

  • Be subsidized by the property in the form of reduced rental rates among select households
  • The resident may be subsidized by an outside agency (i.e. Section 8), or;
  • Subsidy isn't required, but a percentage of households must meet certain, not-to-exceed, household income standards

Affordable

A property designated as Affordable is non-competitive. That is, rents are pre-established by a regulatory agency. The Affordable property restricts housing only to pre-qualified low-income households, and rents are subsidized according to household income.

Properties designated as Affordable are not representative of rental market conditions consequently are excluded from rent surveys.

Resident Restricted

Age

Age restricted properties rent exclusively to resident households according to age group. (i.e. 55+ years of age)

Student

Student apartments are fully furnished, include utilities in rents, and rented by the bed, rather than a conventional by-the-unit format. While student housing is typically located on, or near, college/university campuses, rental may not necessarily be limited to students.

Military

Military apartment communities are developed, and operated, by private companies under contract with a government agency. Location is typically on a military base; rental is limited to military personnel.

Completion Status

Apartment supply completion status illustrates four levels of condition:

Completed Properties

Inventory of all 50+ unit apartment communities currently operating, regardless of rental status (i.e. restricted, or market-rate).

Under Construction

Apartment communities currently under construction.

Planned

A planned apartment community is actively moving through the pre-development process; specifically intended to be developed as apartments.

Prospective

A prospective development is tentative, subject to: Entitlement approvals; having been temporarily shelved by the developer, or; the developer is uncertain regarding final status - whether the property will be an apartment, or units will be sold individually as condominiums.

Apartment Communities Defined By Certain Characteristics

Transit Oriented Development (TOD)

A development included within an approximate one-quarter mile (1,250 foot) radius surrounding a public transit rail station.

Green Buildings

A property designated as holding a particular status as "environmentally friendly." The term "sustainable" is often applied interchangeably with green building designation. Sustainable design refers to such characteristics as a lowering of demands on the environment as a result of certain building characteristics: Low energy usage; reduced water usage; carbon neutral (i.e. no carbon dioxide emissions result from property operations - either directly or indirectly).

Mid-Rise

Apartment communities incorporated into buildings of five to nine stories in height.

High Rise

Apartment communities of 10+ stories in height.

Mixed Use

Apartments combined into a single development incorporating any combination of residential (apartments and condominiums), office, and retail.