CDS Completes Housing Study in Claremore

Study Shows Demand for Housing Development in Claremore
Claremore Daily Progress

Link to the article. PDF of the article.

The recently completed Claremore Housing Demand Study found significant room for growth in single-family homes, rental properties and multifamily housing developments. Claremore Industrial and Economic Development Authority (CIEDA) hired CDS Market Research, a firm based in Houston, to conduct a housing study in Claremore to quantify the demand for housing.

Results of the study were presented during a luncheon in Claremore on Tuesday.
“We all experience the demand in our housing, we know that inventory feels low, we know the rental market seems tight — but how do we quantify that, and what can the city do to influence infrastructure to meet whatever that demand might be?” said Jeri Koehler, executive director of CIEDA. “CIEDA has taken the lead to bring this presentation, and we are excited about the results. We know that you will be very excited about it to.”

The study found “future demand and pricing looks positive from the builder’s perspective.”
Rogers County was the study area, which included Claremore and other surrounding communities that Claremore competes with. Currently in Claremore, the housing supply includes only 30 lots and five new homes available. A home for sale, on average, remains on the market for 40 days, which is significantly shorter than the state or national average.
In the multifamily rental market in Claremore — including duplexes, apartments and other units — the study found that 24 different managed properties contain about 1,900 units.

Despite the fact that many multifamily complexes in the county are old and offer few amenities, occupancy rates remain at 97 percent, and 82 percent of renters reported “some level of difficulty when engaged in their last search for housing.” The study reported that 58 percent of Claremore residents earned less than $50,000, which often requires individuals to rent rather than purchase a home.

“It can be challenging to find a vacant multifamily unit in Claremore, Okla.,” said Kirby Snideman, CDS Market Research senior market analyst.  “It's been interesting to survey the complexes in Claremore and see ... how much demand there is ...”

See the link for the full article.

The news was also carried by the local TV news station. Click on the following picture for a video of the news clip. 

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