2013 Market Study
In order to collect the data to support this study a market survey of Lexington apartments was conducted. The over-the-phone and in person survey was conducted over the course of a month in May 2013. The information collected was based on total number of units, unit breakdown, unit size, current rental rates, occupancy, and concessions. Over 100 Lexington apartments were contacted for the survey and 62 chose to participate. The 62 properties that provided information for the survey were separated into 6 Sub- market Categories based on geographical location and usage. Those Submarkets are North, Northeast, Southwest, Southeast, Downtown, and University of Kentucky Student Housing.
More that 50% of the apartment properties that participated are located in the Southeast region. This is primarily due to the fact the Southeast has the highest density of apartment complexes in the Lexington Market.
The Downtown and UK Student Housing submarkets are very unique from the other regions and well as each other. To begin with, in comparison to other areas, there are very few apartment complexes in the Downtown area; and of those properties only 2 pro- vided information for the survey. To further complicate the study, one of the apartments that participated charges rent to its ten- ants on and income based scale. In regards to UK Student Housing, rent is charged by bed and not by unit. For the purpose of this study by-the-bed rent was combined to find the overall unit rent. Example: A two bed room unit that rents for $350/bed = $700/ month. Furthermore, student housing obviously serves a different demographic than the majority of apartments in a given market. During the study it was found that uniqueness of these two markets was having a great effect on certain averages in the overall data of the study. It was felt that to give a true representation of the Lexington Market adjustments needed to be made. You will notice that on a number of charts and graphs contained within this study data is presented for all 6 Submarkets, the Lexington Market, and (the Lexington Market) Excluding Downtown and & UK.
Ken's Email: email@example.com Jerry's Cell:
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3292 Eagle View Lane, Suite 350
Lexington, KY 40509
Office: (859) 263-2300