Reasonable Rent Determination Comparability Study Summary
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Transcript of Reasonable Rent Determination Comparability Study Summary
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Reasonable Rent Determination Comparability Study Summary
Janell Hoppe – National ManagerJanell Hoppe – National Manager EZ-Reasonable Rent DeterminationEZ-Reasonable Rent Determination
a Division ofa Division of
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TopicsCompliant Data CollectionData Collection StrategyCollect Comparables Unit DataAssign Rental Market Value
(RMV)Collected Data VerificationQuality AssuranceComparability Study StatisticsQuestions and Answers
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Compliant Data Collection
24 CFR Section 982.507, Rent to Owner: Reasonable Rent, Section 985.3, (b) of the SEMAP rule, Notice PIH 2003-12, Notice PIH 2009-51, Notice PIH 2010-18
Use only unassisted unitsConsider all HUD characteristics –
location, unit size, unit type, quality, age, amenities, housing services, maintenance, utilities provided by the owner
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Data Collection Strategy
CMHA provided Voucher Holder data by zip codeThose zip codes currently
under leaseMobility areas that might
offer enhanced opportunities for Participant self-sufficiency
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Data Collection Strategy Nelrod developed data collection
strategy within voucher holder zip codes
Ratio matching – Example10% of voucher holders located in zip 45205; 10% of comps in 45205
10% of units are single family units; 10% of comparables will be single
family units(Comp ratios subj. to availability)
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Collect Comparables Unit Data
Start Comparables CollectionVarious data sources used to
identify comps Property Manager/Real Estate
Marketing Websites Local Newspaper/Craigslist Ads For Rent Signs Local Landlords at CMHA
Community Meeting
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Collect Comparables Unit Data
Data Collected Unit address Landlord information Unit quality (based on HQS)
Excellent-exceeds HQS Good-meets HQS w/upgrades Fair-barely meets HQS or
minimum repairs needed Poor-many repairs needed
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Collect Comparables Unit Data
Data Collected Age Unit Type Amenities ( A/C, carpeting, appliances,
fireplace, community pool, etc) Facilities (community pool, off-street
parking, storage, etc) Housing Services (package receiving,
etc) Maintenance (onsite, offsite, poor)
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Collect Comparables Unit Data
Data CollectedUtilities included in rentRent amount (actual vs
proposed when available)Size (includes sq. feet when
available)Number of bedroomsNumber of bathrooms
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Assign Rental Market Value (RMV) to Collected Comparables
View1-3 block radius surrounding comp. unit High RMV – Above average
neighborhood includes:New constructionLuxury communitiesCommunity amenities such as
golf coursesState of the art systemsModern appliances
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Assign Rental Market Value (RMV) to Collected Comparables
Medium RMV – Average neighborhood includesIntermediate community (slightly
less favorable than luxury communities)
Newer larger homesCommunity amenities such as
community pool/fitness centerQuality finishes, adequate systems
and appliances
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Assign Rental Market Value (RMV) to Collected Comparables
Low RMV –Minimal, depleted or impoverished communitiesMinimal
Older, smaller homes in good condition (starter-homes)
Community amenities such as parksDepleted or Impoverished
Much older communitiesLarge amount of crimeHomes may be in bad physical condition,
abandoned or vandalized
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Collected Data Verification
Off-site VerificationsLandlord phone
call/emailProperty tax recordsSatellite imagery
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Collected Data Verification
Onsite VerificationsCounty-wide
neighborhoods tour of zip code areas
Performed approximately 350 onsite unit assessments
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Quality Assurance
Identify/Delete Anomaly Comparability UnitsVery high rentVery low rentUnit values unequal to
requested rent
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Comparability Study Statistics
1005 comparable units as of May 2010 included both vacant and occupied units
Beginning June 2010 add additional 35 comps per month for 11 months
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Comparability Study Statistics
Comps by Bedroom SizeEfficiencies – 4%1 Bedroom – 33%2 Bedroom – 28%3 Bedroom – 25%4 Bedroom – 8%5 Bedroom – 2%6 Bedroom – 01%
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Comparability Study Statistics
Comps by Structure TypesGarden walkup/multi family-
64%Townhouse - 6%Rowhouse – 2%Duplex – 0.1%Highrise – 4%Single family units – 24%
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Comparability Study Statistics
Zip code containing highest % of high RMV
45208
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Comparability Study Statistics
Zip codes containing 60% or greater medium RMV
45241, 45248, 45255
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Comparability Study Statistics
Zips codes representing deconcentration and/or
expanding housing opportunities RMVs
45208, 45241, 45248, 45255
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Comparability Study Summary
Zip codes containing relatively even match of medium and
low RMVs (ranged from 40% to 60%)
45213, 45219, 45239, 45230 and 45242
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Comparability Study Statistics
Zip codes containing the highest % of low RMVs
45204, 45205, 45207, 45211, 45214, 45216, 45223, 45224,
45225
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Comparability Study Statistics
Zip codes that had a significant % of high, medium and low
RMVs (may offer widest selection of potential HCVP
units)45202, 45215, 45220, 45227,
45236, and 45246
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Questions and Answers