-Provide a demographic “profile” of the market area’s current residents, including total population, total number of households, and any additional information that will impact residential development such as age, average household income, average number of people per household, etc.
-Analyze the competitive residential products in the market area in table format. Include the property name, address, number and type of units, vacancy rate (if applicable) and any amenities that could serve as a point of market attraction for potential renters or buyers.
-Consider projected population increases or any other local improvements or development projects that could drive the need for housing in the Gaithersburg submarket area. How many and what type of units do you anticipate these new residents will need?
-Conclude by identifying any unmet residential demand in the market area for the two time periods (current and + five years) and provide your assessment of the Lakeforest Mall site as location for apartment development.
The methodology for assessing these data points begins with estimating the area’s population within the next five years. Will the current housing stock be able to provide enough space for the market’s projected growth? Determining an answer to this question will involve analysis of the vacancy rate, the average household size, and the market’s current, available housing inventory.
Are there gaps in the market that could be filled at your project site? Would your site need to offer units below average market rent or sales per square foot to be competitive? Are there any amenities that could be offered and not easily replicated on other sites?
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