The House of Pine
Market Analysis Summary
In the Richmond Metro area, there are approximately 50,000 residents with modest incomes. They are expected to make up half of the metro population by 2020–making them the fastest-growing segment of the city’s housing market.
It is estimated that the Richmond Metro area will need 10,000 units of affordable housing in the next seven years. Currently, there are three renovation projects that represent 1,500 new housing units. Next year, two new construction projects will be completed offering another 1,000 units of affordable housing. Another 1,000 unit project, to be located in the Garden Meadows section downtown, is currently in the planning stages.
There are changes occuring around the State University, located downtown, that will also impact the revival of the Richmond Metro area. Two off-campus housing projects will be completed mid-year that will add an additional 2,000 family housing units to the university area.
4.1 Market Segmentation
The growth of affordable housing in the Richmond Metro area is critical to the success of The House of Pine.
We will aggressively market our target customers who live in the Metro area:
- Young working families;
- Young adults.
|Year 1||Year 2||Year 3||Year 4||Year 5|
|Young Working Families||12%||3,000||3,360||3,763||4,215||4,721||12.00%|