14490 full.pdf - Georgia Department of Community Affairs
14490 full.pdf - Georgia Department of Community Affairs
14490 full.pdf - Georgia Department of Community Affairs
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a. Market-Rate<br />
Following is a distribution <strong>of</strong> market-rate units surveyed by unit type and vacancy rate:<br />
SUMMARY OF CONVENTIONAL MARKET-RATE APARTMENTS<br />
ALBANY, GEORGIA<br />
SITE EFFECTIVE MARKET AREA<br />
MAY 2002<br />
MARKET-RATE UNITS VACANCY MEDIAN<br />
UNIT TYPE NUMBER PERCENT RATE NET RENT<br />
ONE-BEDROOM 1,354 28.8% 3.6% $407<br />
TWO-BEDROOM 2,298 48.9% 5.1% $469<br />
THREE-BEDROOM 1,052 22.3% 3.0% $538<br />
TOTAL 4,704 100.0% 4.2%<br />
The overall market is 95.8% occupied. Vacancies are relatively low in the market area,<br />
and the market appears limited by supply rather than demand.<br />
The Site EMA apartment base contains a disproportionately high percentage <strong>of</strong> threebedroom<br />
units, 22.3% <strong>of</strong> the total. These are adequately absorbed, however, as<br />
demonstrated by the low three-bedroom vacancy rate <strong>of</strong> 3.0%. Generally, a welldeveloped<br />
rental market includes 30% to 35% one-bedroom units, 60% to 65% twobedroom<br />
units, and 8% to 12% three-bedroom units.<br />
Based on prior studies conducted by The Danter Company, rents in the Site EMA have<br />
increased at an established rate <strong>of</strong> 3.1% per year between 1998 and 2002.<br />
IV-39
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