Apartment Market Research Key Terms
Understand the terms used in apartment market researchApartment market research includes surveying and analyzing the current trends and data in the apartment market. This can include cost, lease information, number of units, location, class ratings, vacancies, construction style, housing permits and other variables when looking into buying an apartment unit or renting an apartment. Before you start searching for an apartment to rent, or an apartment building to buy, you'll want to learn apartment market research key terms.
Apartment buildingAn apartment building is a structure that includes many individual units to be lived in by multi-family units. These units vary in size and share a common hallway and main entrance.
Metropolitan and micropolitan statistical areasA metropolitan or micropolitan statistical area is an area containing a large population that has adjacent communities with a high social and monetary integration within that area.
U.S. Census Bureau provides a broader explanation of metropolitan and micropolitan statistical areas.
SubmarketA submarket, or submarket map, represents a division of a larger market, outlines a specific geographic area within a core competitive area and represents similar types of properties. To find a submarket map of the area you're looking for, simply choose that area, select your property type and view and download the documents you're looking for.
Apartment market reportsWhen you're doing research on the apartment market, you'll want to look at many different reports regarding your target area. You'll want to look at market statistics, market research, market trends and other resources that can help you determine which apartment complexes are worth looking into.
Risk reportYou'll want to know what the risks of buying an apartment building are, and for this you'll want to read apartment rental risk reports. These reports can explain risks involved in the apartment industry itself, risks from future expectations of the industry and outside risks to the industry.
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