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 with foundation poured and going vertical.
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Planned
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Development projects with approval of formal plan submitted to planning/zoning authority; specifically intended to be developed as apartments.
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Prospective
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A prospective development can be in project conception stages, pending approval of formal plan submitted to planning/zoning authority, or temporarily placed on hold by the developer.
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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 “LEED Certified”, holding particular status as “environmentally friendly”.
The LEED green building rating system promotes design and construction practices that increase profitability while reducing the negative environmental impacts of buildings and improving occupant health and well-being. Certified, Silver, Gold and Platinum correspond to the number of credits accrued in five green design categories: sustainable sites, water efficiency, energy and atmosphere, materials and resources, and indoor environmental quality.
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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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