Client: Hugh Futrell Corporation
Hugh Futrell Corporation retained GG+A to conduct residential market research to evaluate the potential demand for a proposed 107-unit apartment development in Downtown Santa Rosa, given market conditions and the competitive position of the location.
To provide a framework for the demand-supply forecast and assessment of the potential for the proposed development to capture demand for apartment units, GG+A completed the following primary tasks:
• Conducted field research and interviews with leasing agents of all apartment buildings built in Santa Rosa since 2000. The interviews were directed toward gaining information and insights needed to define the relevant primary market area and to identify the geographic areas from which prospective households would move; the alternative locations households may consider; and the relative advantages and disadvantages of the site for an apartment use;
• Identified the site’s position or advantages and disadvantages relative to competing apartment supply apartment alternatives within the relevant primary market area;
• Analyzed apartment market supply conditions including characteristics of apartment developments;
• Forecast the demand for apartment units at the site based on an analysis of the demographics and income characteristics found to apply to the kinds of households likely to rent apartments in Downtown Santa Rosa and estimated employment growth in Santa Rosa; and
• Synthesized the tasks summarized above to reach conclusions about the potential for the proposed apartment development to capture demand for apartment units and to estimate obtainable rents and the pace of absorption of the units.
GG+A prepared a written report which included principal findings and conclusions and recommendations.