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5 <br /> SECTION IV <br />RESIDENTIAL MARKET RESEARCH <br /> <br /> <br /> <br />Related Bristol at 3600 South Bristol Street September 2023 <br />Draft Market Study Report <br /> <br />www.FinanceDTA.com <br />IV RESIDENTIAL MARKET RESEARCH <br />The data included in this Report are from CoStar. According to the CoStar website 1: <br />“CoStar is the industry leader in commercial real estate <br />information, analytics and news. We provide our clients <br />with the data and tools they need to make smart <br />decisions and stay ahead of the competition. Our <br />extensive research operation delivers the most <br />comprehensive data available, giving our clients a clear <br />understanding of the transactions, trends, assets and <br />players in the market. With over 188,000 industry <br />professionals relying on us, CoStar is truly where <br />commercial real estate goes when it needs to know. <br />We don't just say we have the best commercial real estate <br />data. We back it up. In the past 3 years, we've invested <br />over $2.5B in research and technology, giving our clients <br />an unparalleled source of commercial real estate data <br />and analytics.” <br />From the CoStar site, DTA obtained information about <br />the market for both County and multifamily products <br />within a 2-mile radius of the Project site. In this Report, <br />we will refer to the area within 2 miles of the site as the <br />“2-Mile Zone.” <br />The County data includes more than 11,000 multifamily <br />properties, whereas the 2-Mile Zone data set includes <br />250 multifamily properties. According to CoStar, much of <br />this information has been updated through April 2023. <br />It is important to note that the World Health Organization <br />officially recognized that COVID-19 began in January <br />2020. However, based upon multifamily rental activity in <br />the area, the most significant event was an increase in <br />rental rates in the area, although the unemployment rate <br />in the City reached 8.3% in 2021. In the last 3 years, the unemployment rate has dropped to 3.4%, <br />signifying a healthy economy in the City. <br /> <br />1 Source: https://www.costar.com/about. <br />Figure 3: Specific Plan Map <br />Exhibit 10 <br />  <br />  <br />City Council 22 – 528 9/17/2024