Market Study Index
Market Analysts must provide achecklist referencing all components of their market study. This checklist is intended to assist readerson the location and content of issues relevant to the evaluation and analysis of market studies. Thepage number of each component referenced is noted in the right column. In cases where the item is notrelevant, the author has indicated "N/A" or not applicable. Where a conflict with or variation from clientstandards or client requirements exist, the author has indicated a "V" (variation) with a commentexplaining the conflict. More detailed notations or explanations are also acceptable.
Page Number(s)Executive Summary
Precise statement of key conclusions
Market strengths and weaknesses impacting project
Recommendations and/or modification to project discussion
Discussion of subject property's impact on existing housing
Absorption projection with issues impacting performance
Discussion of risks or other mitigating circumstances impacting project
Project Description
Number of bedrooms and baths proposed, income limitation, proposed rents and utility allowances
Utilities (and utility sources) included in rent
Occupancy type and target population description
Project design description
Description of service amenities
Date of construction/preliminary completion
If rehabilitation or demolition of occupied housing, existing unit breakdown and rents
Reference of status or date of architectural plans and name of architect
Copy of floor plans and elevations
Delineation of Market Area
Primary Market Area and Secondary Market Area description
Scaled for distance map of the suggested market area
Site amenities description and map
Description of site characteristics
Photographs of site and neighborhood
Visibility and accessibility evaluation
Crime statistics
Market Area Economy
Employment by industry
Major employers
Historical unemployment rate
Five-year employment growth
Employment Trends
Typical wages by occupation
Discussion of commuting patterns of area workers
Population, Household and Income Trends
Population and household estimates and projections
Households by tenure
Distribution of income
Demand Estimate
Evaluation of proposed rent levels
Existing household demand
New household demand
Commuter demand
Calculation and analysis of Capture Rate
Calculation and analysis of Penetration Rate
Identification of risks
Conclusion of Demand analysis
Absorption Rate
Definition and Justification
Estimated time to reach occupancy and percentage of units
Competitive Rental Market
Derivation of achievable market rent and Market Advantage
Derivation of achievable Restricted Rent
List and contact information of all considered properties
Profiles and narrative of comparable properties
Map of comparable properties
Comparable property photos
Comparison of subject property to comparable properties
Existing rental housing evaluation
Rent comparability matrices
Market Vacancy Rates
Availability of Housing Choice Vouchers
Identification of waiting lists
Explanation of adjustments
Description of overall rental market including share of market-rate and
affordable properties
List of existing a LIHTC properties
Discussion of future changes in housing stock including homeownership
Tax credit and other planned or under construction rental communities in market area
Other Requirements
Market Study Index
Date of field work / preparation date of report
Resume
Utility allowance schedule
Floor plans and elevations
Demographic reports used
Bibliographical list of the data sources used
Market Study Index for TCAC & CDLAC Market Study GuidelinesPage 1 of 2 2/12/10