The National Council of Housing Market Analysts (NCHMA) released updated model content standards for market studies.
By the Numbers: 24 states require either model content standards or NCHMA membership for their market analysts. Nine states require both model content standards and NCHMA membership.
Updates include:
- Expansion of methodologies to include special populations housing
- Expanded Project Description information
- Secondary Market Area Rationale
- If the subject could attract residents from a larger geographic area than the primary market area (PMA), identify and provide rationale for the boundaries of an extended, or secondary, market area. The analyst should also indicate if an extended, or secondary, market area is not definable and provide reasons for why the subject could attract renters from outside the defined PMA.
- Employment and Economy
- Addition of “employment base” for the last ten years for the most appropriate geographic areas.
- Demographic Characteristics
- Addition of “tenure and household size” to income distribution for total households and renter households.
- Other Requirements
- Addition of third-party calculations as an option to provide source of utility allowance estimate.
- Incorporates White Papers finalized since the last publication
