DOMINION BOULEVARD CORRIDOR STUDY | Chesapeake, Virginia
326 | Appendix
Exhibit VI-7
FOR-RENT RESIDENTIAL DEMAND
DOMINION STUDY AREA
2014-2035
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 TOTAL
MSAHouseholdProjections
1
649,200 656,543 664,162 671,092 677,549 683,516 689,241 694,593 699,570 704,237 708,379 712,159 716,011 719,531 722,913 726,249 729,643 733,215 736,673 740,143 743,567 747,042
AnnualHouseholdChange
5,557 7,343 7,619 6,930 6,456 5,967 5,725 5,352 4,976 4,667 4,142 3,780 3,852 3,519 3,382 3,336 3,394 3,572 3,458 3,470 3,424 3,475 103,399
%RenterHouseholds
2
33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33%
NewRenterHouseholds
1,851 2,445 2,537 2,308 2,150 1,987 1,906 1,782 1,657 1,554 1,379 1,259 1,283 1,172 1,126 1,111 1,130 1,189 1,151 1,155 1,140 1,157
34,432
%Capture inChesapeakeSubmkt
3
9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
%Capture inDominionAreaNoEmpCore
4
0% 0% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
StudyAreaRentals -NoEmp.Core
0
0
34
31
29
27
26
24
22
21
19
17
17
16
15
15
15
16
16
16
15
16
407
%Capture inChesapeakeSubmkt
3
9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
%Capture inDominionAreaW/EmpCore
4
0% 0% 25% 25% 25% 25% 33% 33% 33% 33% 33% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
StudyAreaRentals -w/Emp.Core
0
0
57
52
48
45
57
53
49
46
41
57
58
53
51
50
51
54
52
52
51
52
1,027
1
Moody'sEconomy.com
2
AmericanCommunitySurvey, 5%Sample, 2007-2011
3
Based upon theChesapeake submarket's average capture of the region'sapartmentabsorption from 2000-2013
4
Based upon the study area's desirability for rental projectswith andwithout the creationof an employment core in the area
Exhibit VI-7
E4-11982.40
Printed: 3/27/2014
CITY OF CHESAPEAKE
