A RENTAL HOUSING MARKET STUDY FOR St. Andrews/Columbia, South Carolina St. Andrews Pointe Apartments April 2, 2009 Prepared for: South Carolina State Housing Finance and Development Authority 300-C Outlet Pointe Boulevard Columbia, SC 29210 Prepared by: Community Research Services, LLC 2380 Science Parkway Suite 107 Okemos, MI 48864 (517) 827-6411 Copyright © 2009, Community Research Services, LLC A Rental Housing Market Study for St. Andrews/Columbia, South Carolina Table of Contents SECTION 1: INTRODUCTION ................................................................................................. 1 SECTION 2: EXECUTIVE SUMMARY ................................................................................... 2 SECTION 3: PROJECT DESCRIPTION.................................................................................. 4 SECTION 4: MARKET PROFILE ............................................................................................ 6 SITE EVALUATION/CHARACTERISTICS ..................................................................................................6 Map: Local Features/Amenities............................................................................................................................8 Site Photos.............................................................................................................................................................9 CRIME STATISTICS.................................................................................................................................13 Table 4.1: Crime Data.........................................................................................................................................14 PRIMARY AND SECONDARY MARKET AREA DELINEATION................................................................15 Map: State of South Carolina .............................................................................................................................17 Map: Primary Market Area – By Census Tracts ................................................................................................18 ECONOMIC CHARACTERISTICS.............................................................................................................19 Table 4.2: Employment by Industry (2000) ........................................................................................................19 Table 4.3: Employment by Occupation (2000) ...................................................................................................20 Figure 1: Area Employment Growth ..................................................................................................................22 Figure 2: Unemployment Rate Comparison.......................................................................................................22 Table 4.4: Employment Trends...........................................................................................................................23 Table 4.5: Major Employers................................................................................................................................24 Map: Area Employers.........................................................................................................................................25 COMMUTING PATTERNS........................................................................................................................26 Map: Commuting Patterns (2000).......................................................................................................................27 WAGES BY OCCUPATION .......................................................................................................................28 Table 4.6: Wages by Occupation – 2001 to 2006...............................................................................................29 Figure 3: Employment by Industry – 2001 to 2006 ............................................................................................29 SECTION 5: COMMUNITY DEMOGRAPHIC DATA ........................................................ 30 POPULATION TRENDS ............................................................................................................................30 Table 5.1: Population Trends (2000 to 2011) ....................................................................................................30 AGE DISTRIBUTION................................................................................................................................31 Table 5.2: Age Distribution (2000 to 2011)........................................................................................................32 Table 5.3: Average Household Size (2000 to 2011) ...........................................................................................33 HOUSEHOLD TRENDS.............................................................................................................................34 Table 5.4: Household Trends (2000 to 2011).....................................................................................................34 Table 5.5: Renter Household Trends (1990 to 2000) .........................................................................................35 MEDIAN GROSS RENT AND UNIT SIZE..................................................................................................36 Table 5.6: Median Gross Rent (1990 to 2000) ...................................................................................................36 Table 5.7: Rental Unit Size Distribution (2000).................................................................................................36 GROUP QUARTERS .................................................................................................................................37 Table 5.8: Group Quarters (1990 to 2000) ........................................................................................................37 SECTION 6: HOUSEHOLD INCOME TRENDS .................................................................. 38 INCOME TRENDS ....................................................................................................................................38 Table 6.1: Median Household Incomes (1999 to 2011)......................................................................................38 A Rental Housing Market Study for St. Andrews/Columbia, South Carolina INCOME-QUALIFIED POPULATION .......................................................................................................39 Table 6.2: Household Income by Tenure – PMA (2008) ....................................................................................39 Table 6.3: Household Income by Tenure – St. Andrews CDP (2008) ................................................................40 Table 6.4: Household Income by Tenure – Richland County (2008)..................................................................41 Table 6.5: Future Household Income Distribution (2011) - PMA......................................................................42 SECTION 7: DEMAND ANALYSIS........................................................................................ 43 DEMAND FOR TAX CREDIT RENTAL UNITS .........................................................................................43 Table 7.1: Demand Calculation by Income Targeting (2011)............................................................................45 CAPTURE AND ABSORPTION RATES......................................................................................................46 SECTION 8: SUPPLY ANALYSIS .......................................................................................... 47 HOUSING STOCK COMPOSITION ...........................................................................................................47 Table 8.1: Housing Stock Composition (2000)...................................................................................................47 SUBSTANDARD HOUSING .......................................................................................................................48 Table 8.2: Substandard Housing (2000).............................................................................................................48 LOCAL RENTAL MARKET CHARACTERISTICS.....................................................................................49 Table 8.3: Rental Housing Survey ......................................................................................................................52 Table 8.4: Rent Range for 3 Bedrooms...............................................................................................................53 Table 8.5: Amenities ...........................................................................................................................................54 COMPARABLE RENTAL PROJECTS........................................................................................................55 Map: Comparable Rental Developments............................................................................................................56 PROGRAMMATIC RENTS........................................................................................................................59 Table 8.6: Programmatic Rent Comparisons ......................................................................................................59 SECTION 9: INTERVIEWS ....................................................................................................