Apartment property operating status, or "Apartment supply", considers several facets – describing inventory in numbers of properties, numbers of units, and among property types. Specific needs can define inventory relationships according to: Rental Format, Resident Restrictions, Completion Status or Certain Characteristics, as:
Rental Format
A Property’s Rental Format is defined by presence of rental rate restriction as:
Rental Status
Market Rate
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A market-rate property is free to establish rental rates, subject only to rental environment competitive restrictions.
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Partially Affordable
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A property including a portion of households required to be offered as Affordable is treated as Market Rate under definitions applied to illustration. Affordable households included in a partially affordable property may:
- Be subsidized by the property in the form of reduced rental rates among select households
- The resident may be subsidized by an outside agency (i.e. Section 8), or;
- Subsidy isn't required, but a percentage of households must meet certain, not-to-exceed, household income standards
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Affordable
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A property designated as Affordable is non-competitive. That is, rents are pre-established by a regulatory agency. The Affordable property restricts housing only to pre-qualified low-income households, and rents are subsidized according to household income.
Properties designated as Affordable are not representative of rental market conditions consequently are excluded from rent surveys.
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Resident Restricted
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Age
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Age restricted properties rent exclusively to resident households according to age group. (i.e. 55+ years of age)
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Student
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Student apartments are fully furnished, include utilities in rents, and rented by the bed, rather than a conventional by-the-unit format. While student housing is typically located on, or near, college/university campuses, rental may not necessarily be limited to students.
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Military
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Military apartment communities are developed, and operated, by private companies under contract with a government agency. Location is typically on a military base; rental is limited to military personnel.
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Completion Status
Apartment supply completion status illustrates four levels of condition:
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Completed Properties
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Inventory of all 50+ unit apartment communities currently operating, regardless of rental status (i.e. restricted, or market-rate).
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Under Construction
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Apartment communities currently under construction.
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Planned
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A planned apartment community is actively moving through the pre-development process; specifically intended to be developed as apartments.
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Prospective
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A prospective development is tentative, subject to: Entitlement approvals; having been temporarily shelved by the developer, or; the developer is uncertain regarding final status - whether the property will be an apartment, or units will be sold individually as condominiums.
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Apartment Communities Defined By Certain Characteristics
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Transit Oriented Development (TOD)
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A development included within an approximate one-quarter mile (1,250 foot) radius surrounding a public transit rail station.
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Green Buildings
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A property designated as holding a particular status as "environmentally friendly." The term "sustainable" is often applied interchangeably with green building designation. Sustainable design refers to such characteristics as a lowering of demands on the environment as a result of certain building characteristics: Low energy usage; reduced water usage; carbon neutral (i.e. no carbon dioxide emissions result from property operations - either directly or indirectly).
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Mid-Rise
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Apartment communities incorporated into buildings of five to nine stories in height.
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High Rise
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Apartment communities of 10+ stories in height.
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Mixed Use
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Apartments combined into a single development incorporating any combination of residential (apartments and condominiums), office, and retail.
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