HUD’s Economic and Market Analysis Division has released Comprehensive Housing Market Analyses for College Station-Bryan, TX; Columbia, SC; Lancaster, PA; Manchester-Nashua, NH. These reports are published regularly by PD&R for market areas all over America, and provide a summary of the changes in the economic, demographic, and housing inventory characteristics of each specific housing market area, as well as offer projections for a three-year forecast period.
College Station-Bryan, TX. Rental housing market conditions in the HMA remain soft but are improving. The current overall rental market vacancy rate is estimated to be 6.5 percent, down from the 7.3 percent rate reported in the 2010 Census. The apartment vacancy rate is estimated to be roughly the same as the overall rental market vacancy rate. Demand for 1,450 new rental units is expected during the next 3 years. Approximately 380 units are currently under construction and will satisfy a portion of the forecast demand.
Columbia, SC. Rental housing market conditions in the HMA are currently soft, with an estimated overall rental vacancy rate of 10 percent, down from 11.8 percent in 2010. Despite weak rental housing market conditions, the construction of multifamily units has increased and average rents have gone up by 3 percent during the same period. During the next 3 years, demand is expected for 940 new rental units. Approximately 430 apartments are currently under construction and will satisfy a portion of the forecast demand.
Lancaster, PA. Rental market conditions in the HMA are currently tight. The overall rental vacancy rate declined from 5.3 percent in 2010 to a current estimated rate of 3.8 percent. The average asking rent for apartments in September 2011 was $870, indicating an increase of more than 1 percent compared with the asking rent a year earlier. During the next 3 years, demand is expected for 1,275 new rental units. Approximately 370 rental units are currently under construction and will satisfy a portion of the forecast demand.
Manchester-Nashua, NH. The rental housing market in the HMA is balanced, but the market for newer, larger, and higher quality apartment projects is tight. Despite increased construction of new multifamily units, the current overall rental vacancy rate for the HMA has declined to an estimated 6.8 percent, down from 7.5 percent in 2010. During the forecast period, demand is expected for 1,050 new rental units. The 350 units currently under construction will satisfy part of the demand.
