TOWN OF CRAMERTON SUPPORTING MARKET GUIDANCE FOR LAND PLANNING EFFORTS Exhibit 17 Rental Residential Development Opportunities Area Strengths - Strong greenspace, water orientations and access to downtown and trial systems - Potential walkability to restaurants and other cultural amenities -Convenient access to the airport area and I-85 employment cores - Good elementary and middle schools
Challenges - Limited historic demand in Gaston County for new rental apartment product; - Moderate rents in the county and area don't support higher-density product types
Target Market Audiences - Younger singles and couples working in eastern Gaston County and the I-85 corridor seeking small town charm yet with solid convenience - Some young families relocating to the area and attracted to solid schools--many saving or building new home in the area. - Mature market exists, but likely to be much smaller than younger renter audiences.
Opportunities - Pursue development of more urban-feeling rental product on park/trail areas and closer to US 74 to create stronger connections from Downtown to major thoroughfares. - Amenitize locations through greater design and walkability. Consider rental townhouses as well.
Products - Market won't support more urban product types (i.e. nothing that requires structured parking), but will support:
- Garden product with and without elevators at around 20 - 30 du/acre. - Rental townhouses and or cottages at 8 - 15 du/acre.
Source: NCG Rental Opps 4/22/2021