Pennsylvania Multifamily Market Studies

Clarendon awarded contract to provide HUD Sec. 8 Rent Comp Study Reviews for Pennsylvania

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Project Description:

Clarendon was awarded a contract with Pennsylvania Multifamily Asset Managers (PMAM) to provide Reviews of  HUD Section 8 Rent Comparability Studies (RCS) for the State of Pennsylvania.

Section 8 laws and administrative procedures require HUD to obtain and review Rent Comparability Studies (RCS) when initially renewing most Section 8 contracts and when processing some rent increase using the Annual Adjustment Factors. The market rents resulting from these studies determine the rents owners can receive and, hence greatly influence whether an owner will renew and continue providing assisted housing or opt-out of the Section 8 contract and convert to unassisted, market rent housing. The market rents set in these studies also drive HUD’s outlays for Section 8 project-based subsidy.

Market Overview:

Philadelphia-Multifamily-Investment-Sales

Economic conditions in the Philadelphia market have been improving since mid-2010 after a decline beginning in 2008, with the metro recording an increase of 17,600 jobs.  The education and health services sectors are the largest employers and account for approximately 25% of all jobs, added 12,100 positions.

Philadelphia is experiencing the current national trend of downtown population growth, with approximately 183,000 people residing in the Center City , up 16% from 2000.  Like most large urban markets, much of the growth is driven by millennials, who have a preference for renting in urban locations.  The city is also attracting residents from the New York City market.

Apartments represent 15% of Philadelphia’s housing stock, compared to 30%  in Chicago, 35% in Boston and 51% in New York City.  This has caused dramatic rent growth, given demand and limited supply. The market has seen record new construction permits issued to meet the demand.

Project Details:

Client:  Pennsylvania Multifamily Asset Managers (PMAM)

Skills:  Appraisal, Market Study – Affordable Housing

Property Details:

  • Occupancy: Senior and Family
  • Locations: Urban, Suburban, Rural
  • Development Size : 20 -300 Units
  • Property Type: High and Mid-rise, Garden, Townhouse, Walk-up
  • Unit Mix: 2-4 Types per property

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For Additional Information:

Valuation@Clarendon.com    |   +1 888.340.6431

This document has been prepared by Clarendon for advertising and general information only. Clarendon makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Clarendon excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of The Clarendon Group, Inc.  All rights reserved.

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