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Santa Ana Redhill Development <br /> <br /> <br /> <br /> <br />Prepared for: City of Santa Ana <br /> <br />AECOM <br />16 <br /> <br />Figure 9: MFR Rent per SF <br /> <br />Source: Costar, BLS, AECOM <br /> <br />Figure 10: MFR Rent per Unit <br /> <br />Source: Costar, BLS, AECOM <br /> <br />While the multifamily vacancy rate of the 2-mile radius has risen following additions of inventory around 2008, 2014 <br />and 2018, the market has absorbed these units fairly quickly as the rate stabilizes between 3%-5% (Inventory has <br />grown 27% since 2010, see Table 2.7 below). <br />Multifamily rent for both geographies has increased gradually since 2000 and was found to be approximately $2.24 <br />per SF or $1,998 and $1,928 in the 2-mile radius and Orange County respectively at the end of 2018. After adjusting <br />for inflation, this represents approximately a 17% increase in rent for both geographies and has pushed inflation <br />adjusted average rents slightly above their previous peak prior to the last recession. <br />Rent per unit is helpful to assess the health of a market, while rent per SF is an important input for the development <br />feasibility analysis modeling of the Project in the following sections. <br /> <br />$2.24 <br />$0.00 <br />$0.50 <br />$1.00 <br />$1.50 <br />$2.00 <br />$2.50 <br />2000 2002 2004 2006 2008 2010 2012 2014 2016 20182019 Inlfation Adjusted DollarsMFR Rent (Effective/SF/Month) <br />2-Mile Radius Orange County <br />$1,998 <br />$1,928 <br />$0 <br />$500 <br />$1,000 <br />$1,500 <br />$2,000 <br />$2,500 <br />2000 2002 2004 2006 2008 2010 2012 2014 2016 20182019 Inflation Adjusted DollarsMFR Rent (Effective/Unit/Month) <br />2-Mile Radius Orange County <br />3-243