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About the study

The Martinsville / Henry County Study and Needs Analysis Report was prepared by Novogradac Consulting LLP, a firm that specializes in valuation and consulting services based on a depth of expertise. Novogradac was hired to conduct a study on the rental housing market for the City of Martinsville and Henry County, Virginia. 

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PURPOSE AND SCOPE

The purpose

The purpose of the 2020  Housing Market Study and Needs Analysis for the City of Martinsville and Henry County, Virginia, is that it will be utilized as part of a strategy to determine the extent of housing needs with a focus on rental housing. 

The Scope

The scope of the comprehensive report includes the following based upon conversations with the City of Martinsville and the indicated scope in the engagement.

  • Inspecting the location and exterior of multifamily properties and visually inspecting the housing stock.
  • Investigating the general economic health and conditions of the multifamily rental market.
  • Interviewing appropriate public agencies and stakeholders.
  • Analyzing economic conditions in the market area.
  • Analyzing demographic trends in the market area.
  • Surveying all multifamily properties in the market area.
  • Determining housing supply characteristics and needs.
  • Analyzing the for-sale market.
  • Analyzing the rents of competing multifamily properties.
  • Analyzing demand for new construction of multifamily rental housing and determining pricing.
  • Estimating the achievable rents for the market area.
  • Recommending future housing strategies. 
CITY OF MARTINSVILLE / HENRY COUNTY HOUSING STUDY and needs analysis report

pREPARED BY NOVOGRADAC, JUNE 23, 2020

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2020 Martinsville/Henry County Virginia Housing Study and Needs Analysis