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EXHIBIT I-8SUPPLY VS. DEMANDCOMPETITIVE MARKET AREA2017 THROUGH 2021ProjectionAnnual 5-YrYear: 3Q17 2017 2018 2019 2020 2021 Total Source: Apartment InventoryStart of Period 37,244 37,426 37,724 39,331 39,852Subject Site Units522522Planned Supply 182 298 1,607 521 943 3,550 Exhibit I-7ATotal Additions 182 298 1,607 521 1,465 4,072End of Period 37,244 37,426 37,724 39,331 39,852 41,316Exhibit I-5AOccupancyStart of PeriodOccupied Units35,754 35,876 36,364 36,851 37,339Additional Demand122488 488 488 4882,072 Exhibit I-6AEnd of PeriodOccupied Units35,754 35,876 36,364 36,851 37,339 37,826Occupancy Rate96.0% 95.9% 96.4%93.7% 93.7% 91.6%Exhibit I-5BOver / Under Supply EvaluationStabilized Occupancy95%95% 95% 95% 95% 95%Stabilized Occupied Units35,382 35,555 35,838 37,364 37,859 39,250(Under) / Over Supply(372)(321) (525)513 521 1,42491%92%93%94%95%96%97%98%99%(2,000)(1,500)(1,000)(500)05001,0001,5002,0003Q17 2017 2018 2019 2020 2021(Under) / Over Supply(Under) / OverSupply - BarOccupancy - Line(Right Axis)Considering large planned product and the concludedapartment demand, the Competitive Market Area willtake a short term dip in occupancy, with a projected lowof 92% in 2021.17590.00 Macro: SDThe Concord Group2-268