6. RENTAL HOUSING MARKET ANALYSIS

To determine the potential for new market-rate rental housing development in Buckeye, we have examined market conditions for a variety of rental housing complexes throughout the Study Area. Within this area, we have identified eight existing rental developments of varying ages and amenity offerings that represent the area’s current supply (see Figure 9).

Figure 9: Existing Rental Housing Complexes in Buckeye

121 Larchmere (Total Units: 88, Built: 2021) Mikros on Larchmere (Total Units: 29, Built: 2021)

Shaker University Apts. (Total Units: 59, Built: 1959) Vista at Shaker Square (Total Units: 130, Built: 1955)

Van Aiken Court (Total Units: 34, Built: 1950) Residences at Shaker Sq. (Total Units: 119, Built: 1949)

Shaker House (Total Units: 157, Built: 1941) Nineteen12 (Total Units: 515, Built: 1940)

Source: Apartments.com, Apartmentfinders.com, Urban Partners

The newest complexes in the Study Area examined—121 Larchmere and Mikros on Larchmere—were both built in 2021, while the oldest building—Nineteen12—was built in 1940. Unit counts in the multi-family buildings range from 29 at Mikros to 515 at Nineteen12. The newest complexes have the most amenities among the buildings examined, with a business center, fitness center, multi-use room, and pool, among others. The older complexes have offstreet parking and some outdoor space, but very few amenities otherwise.

In Table 25, shown on the following page, rental rates and occupancy information is summarized for the eight apartment complexes in the Study Area. Overall, our research shows a competitive market-rate rental housing market, with several of the complexes having no available units of certain types at the time of this report. Four of the complexes—Shaker House, Van Aken Court, Shaker University Apartments, and the brand new Mikros on Larchmere— have no vacancies at all.