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Ramsey Senior Housing Market Study <br /> <br />January1998 <br /> <br />Our research of similar senior projects indicates that many senior households are prepared to pay 40 <br />percent of their monthly income for rental housing with the amenities that are proposed for this project. <br />The monthly rent for the Ramsey senior housing project is estimated to be $480 to $620 for a one bedroom, <br />$610 to $660 for a one bedroom/den and $670 to $800 for a two bedroom umt. <br /> <br />Utilizing these estimates, households with annual incomes orS 15,000 and above are income qualified, thus, <br />the demand for Ramsey senior rental units utilizing this method is as follows: <br /> <br />Primary Market Study Area senior households <br />with annual incomes over $15,000 <br /> <br />1,359 <br /> <br />Multiplied by 2% (estimate of percentage of households <br />expected to move into Ramsey senior rental units) <br /> <br />27 <br /> <br />Secondary Market Study Area Senior households with <br />annual incomes over $15,000 <br /> <br />2,108 <br /> <br />Multiplied by 1% (estimate of percentage of households <br />expected to move into Ramsey senior rental units) <br /> <br />21 <br /> <br />Market Study Areas Senior Households with annual <br />incomes under $15,000 <br /> <br />1,118 <br /> <br />Multiplied by 1% (estimate of percentage of households <br />expected to move into Ramsey senior housing project <br />and who can generate additional income) <br /> <br />11 <br /> <br />Plus seniors moving in from outside the Market <br />Study Area <br /> <br />6 <br /> <br />Total Demand B + D + F + G = 65 rental units <br /> <br />Market Need Based on Interviews, Surveys, Research, Current Senior Housine Market <br /> <br />The research conducted by Community Partners Research, Inc. has determined a need for 46 to 50 senior <br />rental units in Ramsey. <br /> <br />The indicators for a strong senior rental market are as follows: <br /> <br /> A need for senior rental housing exists throughout the metro area. <br /> <br /> The senior housing projects in and adjacent to the Primary and Secondary Market Study <br /> Areas have very Iow vacancy rates or are fully occupied with a waiting list. <br /> <br /> Ramsey is a fast growing community and it is anticipated that seniors moving into senior <br /> housing will have buyers for their homes. <br /> <br />Community Partners Research, Inc. 37 <br /> <br /> <br />