Since 2011, our firm has been conducting statewide rental housing surveys on Tax Credit properties for various states that we select. Thus far we have surveyed nine different states, which include Georgia (2013), Indiana (2012), Iowa (2012), Kentucky (2013), Ohio (2014 our most recent), Pennsylvania (2012), South Carolina (2012), Tennessee (2013), and Virginia (2012). These surveys are all conducted by telephone and include properties that only operate with Low-Income Housing Tax Credits (both 4% and 9%). Some of these projects also operate with a project-based subsidy, such as Section 8 or Rural Development 515, and/or have market-rate units. While these surveys do not include all Tax Credit rental housing projects, we aim to survey approximately 75% of the published Tax Credit rental housing alternatives in each state, which provides a good representation of the affordable Tax Credit rental housing market conditions in each state surveyed.
We recently completed a statewide rental housing survey in the state of Ohio that included 815 rental projects comprising 57,072 Tax Credit units. There were 1,146 vacant Tax Credit units, yielding an overall occupancy rate of 98.0%. Note that our housing data is segmented between non-subsidized Tax Credit units and Tax Credit units that operate with a concurrent subsidy. The occupancy rate among the non-subsidized Tax Credit units was 97.1%, while the occupancy rate among Tax Credit/Government-Subsidized units was 99.2%. The statewide median collected rents for studio up to four-bedroom units range from $323 to $725. We also derived the median collected rents on a county level as well as the occupancy rates. To access the full Ohio statewide rental housing survey, including aggregate occupancy and rental data, overall demographic growth trends, low-income household growth trends, general economic data and more, please visit the Research Center on our website. You can also see the full statewide reports of all nine states our firm has conducted.
Although we are not hired to conduct these statewide rental housing surveys, we complete these reports for several reasons. One of those reasons is for our internal use. It makes our process more efficient when we have this data readily available in our database. This improves our accuracy and turn around time for site-specific feasibility studies. Secondly, it expands our coverage areas. It ultimately adds to our expertise in these markets, specifically, the states we do a vast amount of work in. Lastly, and most importantly, we can assist our current and future clients to identify markets that are performing well in terms of housing conditions and demographics, and what markets are lacking affordable housing. With these statewide rental housing surveys we are able to see a quick summary of the entire state’s affordable rental housing market conditions including breakdowns by county levels. This is valuable information to our clients as it gives great insight into that state’s affordable rental housing market. Although it is not an in depth analysis, it is a good starting point for developers.