Agenda - Council - 06/28/2016 - Laserfiche WebLink

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ANOKA COUNTY HOUSING STUDY KEY FINDINGS Maxfield Research Inc. was engaged by the Anoka County Housing and Redevelopment Authority (Anoka County HRA) to update the previous Comprehensive Housing Needs Assessment completed in 2002 for Anoka County. Detailed calculations of housing demand from 2010 to 2020 can be found in the Conclusions section of the report. Recommendations are provided on the amount and types of housing that can be supported in each submarket. Key Findings 1. Anoka County is experiencing strong population and household growth as the local job base grows and as the urban fringe of the Twin Cities Metro Area expands further into the County. Growth through 2020 is projected for 43,195 people (+12.5%) and 18,670 households (+14.9%). 2. The number of jobs in Anoka County is projected to grow by over 17,000 jobs this decade (+13.6%). Strong local employment opportunities increase the County's attractiveness as a residential location in the Metro Area, since people generally prefer to live close to their work. 3. General occupancy rental housing is performing below market equilibrium (5% vacancy) in Anoka County overall, although some softness is observed among shallow subsidy projects. Nearly every individual submarket has vacancy rates at or near market equilibrium. The following are unit totals and vacancy rates for general occupancy rental housing in Anoka County overall: • Market rate general occupancy rental — 7,251 units, 4.7% vacancy • Shallow subsidy general occupancy rental — 632 units, 4.5% vacancy • Deep subsidy general occupancy rental — 418 units, 0.0% vacancy 4. Senior housing was analyzed in great detail in the recent Senior Housing Demand Analysis for Submarkets in Anoka County, Minnesota that was completed by Maxfield Research Inc in September 2010. The earlier analysis is condensed in this study and key trends are highlighted. Overall, senior housing is performing very well across the various service levels and submarkets with some softness in the market rate active adult product type. 5. The following are unit totals and vacancy rates for senior housing in Anoka County: • Affordable/subsidized active adult rental — 1,172 units, 0.8% vacancy • Market rate active adult rental — 1,049 units, 5.6% vacancy • Market rate active adult ownership — 240 units, 3.0% vacancy • Congregate — 490 units, 2.2% vacancy • Assisted living — 555 units, 0.9% vacancy • Memory care — 164 units, 0.0% vacancy MAXFIELD RESEARCH INC. 1