Laserfiche WebLink
ANOKA COUNTY HOUSING STUDY GENERAL OCCUPANCY RENTAL HOUSING <br />Table B-1: Overall Rental Market Trends <br />• According to 2010 4th Quarter Market Trends Report that is compiled by GVA Marquette <br />Advisors, the Twin Cities Metro Area overall had a 3.8% vacancy rate, which is an <br />improvement from 7.3% twelve months prior. Average rents increased 0.2% from the <br />previous year. <br />• The vacancy rate among individual submarkets was as low as 2.3% in Blaine and as high as <br />5.5% in Anoka/Champlin. Vacancy rates for other submarkets defined in the report were <br />5.0% in Coon Rapids and 3.0% in Spring Lake Park/Moundsview (area defined by GVA <br />Marquette Advisors). <br />• The overall average rent price for a unit in the Twin Cities Metro Area was $908. The <br />average rents in Anoka County submarkets were more affordable than the Metro Area. The <br />following is list of the affordability margin in these submarkets: <br />o Spring Lake Park/Moundsview - $732 (19.4% more affordable than Metro Area) <br />o Fridley/Columbia Heights - $804 (11.5% more affordable) <br />o Blaine - $818 (9.9% more affordable) <br />o Anoka/Champlin - $863 (5.0% more affordable) <br />o Coon Rapids - $868 (4.4% more affordable) <br />Table B-2: Distribution of Rental Housing in Anoka County <br />• The survey of rental projects conducted by Maxfield Research Inc. includes all rental <br />buildings that have 24 or more units in larger communities and those that have 12 or more <br />units in smaller rental communities. In total, 8,301 units of rental housing were identified in <br />the County and included in the survey. <br />• Among the total general occupancy rental housing supply, 7,251 units (87.4%) are market <br />rate housing. Market rate housing includes all rental projects that do not have income <br />restrictions, regardless of actual housing affordability. However, older market rate rental <br />projects often compete with affordable rental developments on a price point basis; this <br />overlap will be discussed later in the analysis. <br />• The following submarkets have the greatest supply of market rate rental housing units in the <br />County: <br />o Coon Rapids — 2,982 units, 41.1% of County <br />o Southern Leg — 2,211 units, 30.5% of County <br />o Anoka — 1,098 units, 15.1% of County <br />o Blaine, Circle Pines, & Lexington — 886 units, 12.2% of County <br />MAXFIELD RESEARCH INC. 43 <br />