Multifamily Rental Housing Market Analysis (Hartford, CT)

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MULTIFAMILY HOUSING MARKET ANALYSIS

Downtown Hartford, CT

THE CHALLENGE

GOMAN+YORK was tasked by the Capital Region Development Authority (“CRDA”) to conduct a feasibility study of the market fundamentals of the multifamily rental housing market in the Hartford region. Before engaging us, the CRDA had financed the redevelopment of 23 formerly commercial properties in Downtown Hartford into amenity-rich apartments. The CRDA needed to reassess its strategy moving forward of how to manage the 1500+ units portfolio, whether to invest further, and which market segments were appropriate for their involvement.

OUR SOLUTION

Review current and proposed competitive multifamily residential rental developments to establish:

  • current market pricing, trends and amenities,
  • absorption rates,
  • anticipated return on investment (ROI), and
  • operating costs;
  • Provide a forecast and analysis of market demand and conditions for multifamily residential rental development in the Hartford region in the coming years.