Ellis Consulting Group is able to assist you in providing market comparable studies for all your properties. A market comparable study can be completed in three distinct phases:
Each phase gives more detail and analysis about a given market or submarket in which you own or seek to acquire apartment communities. These three phases build upon one another with the final phase a full market comparable study, utilizing all the information and work of the first two phases. The study can be stopped after any phase should the information gathered be sufficient to meet your objective
Phase I - Comparable Property Information
The first phase will be the gathering and reporting of all comparable property information including, but not limited to, amenities, unit mix, rent schedule, vacancies, incentives, advertising, and leasing policies.
Phase II - Comparison of Comparable Information
The second phase of the study includes a comparison of all comparable properties, using graphics and charts to analyze and "grade" amenities, unit cost, floor plans, and market/net rental rates. We recommend this phase be completed with an actual visit to the site.
Phase III - Complete Market Comparable Study and Analysis
The third and final phase will be the complete, comprehensive Market Comparable Study. This study will provide an analysis of the existing market and how your property should position itself in rental rates, amenities, and floor plans to be competitive and successful. The subject community's unit mix, rental schedule, and amenity package will compare with all the study comparables. Finally, we offer pertinent observations and an economic analysis of the region and apartment submarket.