Multi-Family New Development activity status is tracked through a combination of primary research, and secondary source reference. Results are reported under three activity categories:
Prospective – Communities designated as Prospective represent:
- the intent of building on a respective piece of land
- developments in project conception stages (design, surveys, environmental studies, neighborhood meetings, search for developers/investors, evaluation for zoning approval, etc.)
- projects with conceptual plans submitted to planning/zoning authority for approval
- projects temporarily placed on hold by the developer, holding a lower status in probability of completion
These communities will be represented as Prospective until approval of formal submitted plan.
Planned – Planned apartment communities went through evaluation of formal conceptual plans and received approval from planning/zoning authority. In this stage, projects are expected to receive funding and start construction in the following 12-18 months.
Under Construction – Properties actively being developed. A property remains "Under Construction" until construction is finalized, completion status being verbally confirmed through direct developer, contractor, or leasing office contact during construction stage.
Under construction status begins with vertical construction or poured foundation, but not site work (the grading of the site, laying underground utilities). "Under Construction" properties are monitored every 30-60 days.
- Lease-Up – Properties actively leasing. Lease-Up begins when a property starts accepting applications or pre-leasing, it generally does not include when a property begins assembling an Interest or VIP List. Properties in development may be identified as pre-leasing or renting, depending how far along they are in the lease-up process and how close they are to completion. Properties in lease-up are surveyed monthly for preleasing and/or actual occupancy.
Information specific to a property's composition is entered as soon as possible after start of construction. Rental rates among apartment communities under construction are included immediately following start of a property's rent-up period.
Information sources include: review of construction plans at city planning departments, contact with developers, contractors, architects associated with the project and leasing office, and official property website visits.