- Date
- December 4, 2025
- Time
- 8:00 AM - 4:30 PM (EST)
- Sponsor
- Great Lakes Chapter
- Location
- Schoolcraft College
18600 Haggerty Road
VisTaTech Drive
Livonia, MI 48152-269
- Instructor
- David Rice
Course Description
This seven hour seminar reviews the state of major Michigan apartment markets including historical vacancy levels, historical and forecast construction and recent sales.
Valuation issues including deferred maintenance atypical vacancy issues and functional obsolescence are explored. Valuation issues in the income approach including operating expense ratios, reserves for replacement and the development of capitalization rates are discussed.
Niche properties including student housing and fractured properties (condominiums) are illustrated.
A case study on an apartment property is discussed to demonstrate proper techniques.
Who Should Enroll
- General Appraisers
State Approvals
| State | QE/CE | Course & Exam | Course Only | Exam Only | Delivery Format | Start Date | Expire Date | State Code |
|---|---|---|---|---|---|---|---|---|
| MI | CE | 7 | Classroom | 01/01/2025 | 12/31/2026 | 20-1271108 (Great Lakes Chapter) |
Event Information
MICHIGAN APARTMENT MARKETS AND VALUATION ISSUES
This seven-hour seminar provides continuing education for Michigan appraisers and assessors. A background in the application of the income approach and familiarity with the operation of a financial calculator (HP12C or equivalent) is recommended.
Types of apartments including building types, rent levels, qualitative characteristics (A, B and C) are reviewed. Conditions in the national apartment market including supply, median rents, vacancy levels and constructions levels are illustrated.
The state of major Michigan apartment markets including historical vacancy levels, historical and forecast construction and recent sales is reviewed.
Valuation issues including deferred maintenance, atypical vacancy issues and functional obsolescence are explored. Valuation issues in the income approach including operating expense ratios, reserves for replacement and the development of capitalization rates are discussed.
A case study on a non-stabilized apartment property is discussed to demonstrate proper techniques
MICHIGAN APARTMENT MARKETS AND VALUATION ISSUES
Seminar Outline
8:00 – 8:15 Introduction to Seminar-15 minutes
8:15 – 9:00 Overview of Apartment Types Including
Height, Rents and Quality Levels -45 minutes
9:00 – 10:00 National Apartment Market - 60 minutes
10:00 –10:15 Break – 15 minutes
10:15 – 12:00 Michigan Apartment Markets -105 minutes
12:00 – 1:00 Lunch – 60 minutes
1:00 – 3:15 Apartment Valuation Issues – 135 minutes
3:15 – 3:30 Break – 15 minutes
3:30 – 4:00 Case Study – 30 minutes
3:15 – 3:30 Break – 15 minutes
3:30 – 4:00 Case Study – 30 minutes