Title
Presentation of the Housing Needs Assessment for the City of Lee's Summit, Missouri
Body
Issue/Request:
Presentation of the Housing Needs Assessment for the City of Lee's Summit, Missouri
Key Issues:
Vogt Strategic Insisghts has performed a housing needs assessment to evaluate the future market demand and support for potential new rental housing developments. Their analysis and report focused on the market demand for market-rate multi-family rental units. An analysis of the Lee's Summit market as well as the surrounding submarkets was completed. Demographic, Socioeconomic, and Economic factors, as well as currently Planned and Proposed multi-family units have been considered in the analysis. A field survey of existing units within the Lee's Summit market and surrounding submarkets was also performed.
The study projects market demand for a 10 year period, and is based upon the surplus of income-eligible households and the existing supply of modern rental units.
Currently, the report has minor items that need to be revised prior to being finalized. Some of the corrections include the listing of proposed units, minor spelling errors, and minor table inconsistencies. These are expected to be corrected prior to the end of June.
The results of the report show a high demand for additional modern market-rate multi-family units over the projected 10 year period. The current occupancy rate of 98.4% is considered high, and is indicative of existing high demand. Including the units that are shown on approved Preliminary Development Plans and currently under construction, the report indicates an additional shortage of approximately 2,400 new units.
Staff will present the findings of the report and will be prepared to answer questions.
Background:
In March of 2017 RFP 2017-101 was issued seeking qualified consultants to prepare a housing needs assessment evaluating the future market demand and support for potential new rental housing developments.
Vogt Strategic Insights was selected to perform the analysis and prepare the report.
A draft report was recevied on May 9, 2017.
Presenter
Presenter: Ryan A. Elam, PE, Director of Development Services
Committee Recommendation
Committee Recommendation: Staff is seeking feedback and recomendations on how the Council would like to share the results of the study.