We prepare numerous market studies in conjunction with a wide variety of housing projects. While a fairly heavy concentration of this work effort applies to affordable and moderate income housing, there are other market segments that we analyzed which are important to consider:
Over the past year, GAR Associates has prepared at least four market studies for new and prospective student housing projects throughout upstate New York. This is a unique product concept and type, and is growing in regards to popularity as students housing decisions and lifestyle choices have been changing.
While economic constraints have limited new market rate multi-family housing in many upstate New York communities, GAR has prepared appraisals on at least three projects that have been built over the past couple of years. We have found that there are niche markets where upscale market rate housing can succeed. This includes suburban districts and in many of the older upstate New York communities, new urban infill developments. This includes loft style redevelopment and renovation of old warehouses/manufacturing plants to accommodate multi-family housing in and around downtown corridors. We have prepared numerous studies in Albany, Syracuse, Rochester and Buffalo pertaining to these types of developments.
Our demand model and analysis applied to senior housing of an affordable nature has dovetailed into numerous studies on the market rate side. Developers have been successful in providing both upscale and moderate priced market rate housing accommodating senior specific markets in many upstate New York communities. Again, this tends to be a niche product type, and GAR has become familiar with the intricacies and variables necessary in order to create a successful project.