Residential Market Analysis and Demand Study, Chesapeake, VA

Chesapeake Redevelopment and Housing Authority (CRHA)

The CRHA engaged BAE to complete a comprehensive study of the market areas in Downtown Chesapeake that contain CRHA’s public and affordable housing properties.  BAE conducted a market analysis that projects the future housing demand in order to estimate the portion of the projected housing demand that the CRHA could potentially capture in multiple redevelopment scenarios.

Like many housing authorities across the country, the Chesapeake Redevelopment and Housing Authority (CRHA) faces the challenge of operating and maintaining a stock of aging and deteriorating public housing and other affordable housing units in the face of declining funding from the U.S. Department of Housing and Urban Development. This burden impacts both the CRHA as it works to ensure its own financial sustainability, and the residents of the CRHA’s communities as they continue living in outdated units in need of significant renovation.

BAE's market study analyzed past and current market conditions and demographic trends, projected the future housing demand, including market rate housing, in the relevant market areas, and estimated the portion of the projected housing demand that the CRHA could potentially capture in multiple redevelopment scenarios. The market analysis is being used as an integral part of the CRHA’s Comprehensive Strategic Master Plan, which provides a market strategy that will reposition the Authority’s properties in such a way as to attract a broader mix of households and income levels. The Master Plan includes a vision for the upgrades needed to improve the quality, desirability, and marketability of the Authority’s housing communities and will enable the CRHA to move proactively toward a new future for its housing units.