Snapshot of Apartment Marketplace Trends?

[Christopher Morgan]

Hi BP,

I mainly focus on underwriting deals of smaller apt. complexes (12-24 units). Recently I was offered a partnership in a construction opportunity to build a net new 40 unit apt complex & first floor retail with a construction partner. My first step is to do a market snapshot of the area's current apt inventory, pricing, absorption, trends, etc. to get a better understanding of whether or not this construction project will make sense for the area and thus be profitable.

My problem has been finding good resources for apartment data (let alone retail) for the area. I can find historical housing data but nothing for apartments other than average and median rent per square foot. Does anyone have any good and relatively current resources that I can use to make a more educated decision in regards to pursuing this project? Thank you, any advice will be sincerely appreciated!