When you’re considering developing a residential community, two types of research can work together to help set it up for success: feasibility and consumer. Here’s a quick guide to what you’ll learn from each.
2 Research Steps to a Successful Residential Development
Step 1: Feasibility Study
Is the development needed?
- Demographic/economic overview: market conditions now and in the future
- Demand: opportunity for the housing type (active adult, independent living, assisted living, etc.)
- Relative strength and impact of existing supply*
*ProMatura’s feasibility studies also include units in construction and formal planning.
Step 2: Consumer Research
Will people move there?
- Who your customer is
- How much they’re willing to pay
- The product/unit mix, amenities, and services that will maximize sales
- An estimate of annual sales
Find your answers: