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  • Charleston Area Alliance Releases Findings from Market-Rate Housing Needs Report

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    September 08, 2020
    Jordan Ferrell , Charleston Area Alliance
    304-340-4253 | Office
    304-692-5982 | Mobile
    For immediate release: Tuesday, September 8, 2020
    Charleston Area Alliance Releases Findings from Market-Rate Housing Needs Report
    Bowen National Research conducted the study, made possible by support from the Greater Kanawha Valley Foundation and United Bank. 
    Charleston, W.Va. - The Charleston Area Alliance hired Bowen National Research to conduct a market-rate housing needs assessment for downtown Charleston. The report provides updated data on a housing study completed in 2015 to showcase the potential for workforce and market-rate rentals and for-sale housing in downtown Charleston. 
    The new study shows a housing gap demand of 424 rental and for-sale housing units in downtown Charleston over the next five years and several desirable housing development locations.  
    Access the Downtown Charleston Market-Rate Housing Needs Snapshot here
    The downtown study area included Morris Street to Maryland Avenue and the Kanawha River to the interstate on the North end of the city. Bowen evaluated demographics, analyzed economic conditions, inventoried existing housing stock rents and costs, and market-rate housing availability to estimate housing gaps in the next five years. The research group also considered livability factors and surveyed Charleston residents. 
    “The housing study supports the need for market-rate property development in downtown Charleston,” said Steven Rubin, president & CEO, Charleston Area Alliance. “Successful housing projects like we’re seeing with the Atlas Building are critical for Charleston if we want to attract and retain new downtown residents.” 
    The 2020 downtown Charleston community and economic development housing study was made possible in part by a 2019 Greater Kanawha Valley Foundation Grant. United Bank also supported the Alliance's housing study initiative.
    "We are grateful for the support of local partners like the Greater Kanawha Valley Foundation and United Bank," said Susie Salisbury, vice president of community development, Charleston Area Alliance. "Their support allows us to provide developers and other community stakeholders an update on our 2015 housing study, and showcase the demand and potential for housing development in downtown Charleston."