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
MSA Household Projections
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
Annual Household Change
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
% Renter Households
2
33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33%
New Renter Households
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 in Chesapeake Submkt
3
9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
% Capture in Dominion Area No Emp Core
4
0% 0% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
Study Area Rentals - No Emp. 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 in Chesapeake Submkt
3
9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
% Capture in Dominion Area W/Emp Core
4
0% 0% 25% 25% 25% 25% 33% 33% 33% 33% 33% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50%
Study Area Rentals - 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's Economy.com
2
American Community Survey, 5% Sample, 2007-2011
3
Based upon the Chesapeake submarket's average capture of the region's apartment absorption from 2000-2013
4
Based upon the study area's desirability for rental projects with and without the creation of an employment core in the area
Exhibit VI-7
E4-11982.40
Printed: 3/27/2014
CITY OF CHESAPEAKE
