P.O. Box 4907 Clinton, New Jersey 08809 908 735-6336 www.ZVA.cc • info@ZVA.cc Research & Strategic Analysis
Residential Market Potential 1 Introduction 1 Overview of the City of Springfield 3 City-Wide Market Potential 6
Where are the potential renters and buyers of new and existing housing units in the City of Springfield likely to move from?
Market Potential for the South End Neighborhood 8
Where are the potential renters and buyers of new housing units in the South End neighborhood likely to move from?
How many households have the potential to move to the South End neighborhood if appropriate housing units were to be made available?
What are their housing preferences in aggregate?
Table 1: Annual Potential Housing Market 11
Rental Distribution 13
Table 2: Target Groups For New Multi-Family For-Rent 14
For-Sale Distribution 15
Table 3: Target Groups For New Multi-Family For-Sale 16 Table 4: Target Groups For New Single-Family Attached For-Sale 18
Target Market Analysis 19
Who is the potential market for new housing in the South End?
Table 5: South End Housing Market By Household Type 23
The Current Context 24
What are the alternatives?
24 Multi-Family For-Rent 25
Table 6: Summary Of Selected Rental Properties 27
Multi-Family and Single-Family Attached For-Sale 29
Table 7: Summary Of Selected Multi-Family Listings 30
Market-Rate Rent and Price Ranges: South End Neighborhood 32
What will they pay to live in the South End?
Table 8: Optimum Market Position: Market-Rate Dwelling Units 36
How fast will the units lease or sell?