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St. Paul. The low vacancy rates and rising rental rates in the Twin Cities area indicates a <br />growing demand for apartment units. <br />Table 4-4 <br />TWIN CITIES AREA APARTMENT MARKET; 2ND QUARTER2011 <br />Vacancy Average Units Under Proposed <br />Submarket Rate Rent Construction Units <br />Northwest Suburban 2.7 % $ 907 - 1,060 <br />Downtown Minneapolis 1.2 1,213 297 2,505 <br />Downtown St. Paul 0.8 1,133 70 327 <br />Minneapolis 2.3 844 886 2,904 <br />North Central Suburban 2.8 837 - 55 <br />Northeast Suburban 2.3 802 - <br />South Central Suburban 2.3 890 561 1,257 <br />Southeast Suburban 2.7 975 - <br />Southwest Suburban 2.4 1,015 - 150 <br />St. Paul 2.4 832 - 335 <br />Total Twin Cities Area 2.4 % $ 921 1,814 8,593 <br />Source: Cassidy Turley. <br />RAMSEY POPULATION AND HOUSEHOLDS <br />Ramsey's population increased over the past decade by 5,158 people or an average of 516 per <br />year, which is a 2.5 percent annual growth rate, as shown in Table 4-5. The number of housing <br />units increased from 5,946 in 2000 to 8,302 in 2010, an average increase of 236 households per <br />year or 3.4 percent annual growth rate. Vacant housing units increased from 40 in 2000 to 269 in <br />2010 for a vacancy rate of 3.2 percent. <br />Table 4-5 <br />CITY OF RAMSEY <br />POPULATION, HOUSEHOLDS, AND TENURE; 2000 AND 2010 <br />Change <br />Average Growth <br />Description 2000 2010 Number Annual Rate <br />Population 18,510 23,668 5,158 516 2.5 % <br />Households <br />Renters 150 684 534 53 16.4 % <br />Owners 5,756 7,349 1,593 159 2.5 <br />Total 5,906 8,033 2,127 213 3.1 % <br />Average Household Size 3.13 2.95 <br />Housing Units 5,946 8,302 2,356 236 3.4 % <br />Vacant Units 40 269 229 23 21.0 <br />Vacancy Rate 0.7 % 3.2 % <br />Source: U.S. Census, Economic & Planning Systems, Inc., and McComb Group, Ltd. <br />4-5 <br />