Recommendations We estimate that there is a potential demand for 60 to 80 new, market rate rental units available to the proposed location. Taking into consideration of the information in the report as well as the fact that there has been little to no multi-family development in the North Platte market in over 7 years, we feel the proposed 75 units will make good business sense.
M
SA
In addition to the shortage of quality units, the median, fair market rent in the North Platte area was $791 in 2019. Using a conservative rent to income ratio of four to one, renter households need a household income of close to $38,000 to qualify. The median income for households in the market, however, is over $49,000. That means that more than half of the households in the market can afford rents of closer to $1,000 per month conservatively. In a typical ratio of three to one, over half the market could afford more than $1,300 per month.
E PL
One- and two-bedroom units should be featured. We advise onebedroom floor plans be between 700-900 square feet. We advise twobedroom floor plans be between 900-1100 square feet. Monthly rents should be between $675 and $825 for the one-bedroom units and $750 to $950 for two-bedroom units per month. If the product is successfully developed at these rents and units sizes, and the site is fully marketed, the proposed 75 units will lease up in less than 12 months.
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www.housing-advisors.com
3/30/2020
