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

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ANOKA COUNTY HOUSING STUDY SENIOR HOUSING • Affordable senior housing projects in Anoka County were built between 1993 (Cottages of Spring Lake Park) and 2000 (Banfill Crossing — Fridley). The average year built is 1996. • There are a total of eight vacant units for an overall vacancy rate of 3.4% in Anoka County. This vacancy rate is below market equilibrium for affordable senior housing (5%), which indicates health in the market and potential pent-up demand for additional affordable senior housing. • Affordable senior housing communities generally include limited common spaces such as a community room and garage parking. Units feature full kitchens and occasionally have walk-in closets and a patio or balcony. Table C-4 and Table C-5 (continued): Market Rate Active Adult Senior Housing • Including both ownership and rental product types, Anoka County has a total of 1,289 units located at three ownership communities and 17 rental communities. • The Southern Leg submarket contains the highest percentage of market rate active adult housing in the County (30%), followed by Blaine, Circle Pines, & Lexington (22%) and Coon Rapids (13%). • The years in which market rate active adult housing was built ranges from 1969 (Apache Village — Columbia Heights) to 2010 (Historic Rum River Condominiums 2"d Phase — Anoka). The average year built is 1999. • The current vacancy rate for ownership product is 3.0% and for rental product is 5.6%. These vacancy rates are at market equilibrium for market rate active adult housing (5%), indicating overall market health but potentially limited current excess demand. The slowdown in the housing market and the economic recession has had the greatest impact on market rate active adult housing, which has resulted in some recent softness in the market. Until conditions improve, vacancies among market rate active adult housing communities may remain above typical levels. • Historic Rum River Condominiums opened the first 22-unit phase in 2010 and the second 18- unit phase in September 2010. The marketing period for the second phase launched in March; since, the project has sold six of the 18 units in the second phase. This project is not included in the vacancy calculation since it is still in the initial lease -up stage. • On a weighed average basis, one -bedroom active adult rental units have a monthly rent of $873 for 824 square feet, or $1.06 per square foot. Two -bedroom units average $1,186 for a 1,166 square foot unit, or $1.02 per square foot. Pricing varies between communities based on several factors, including location, age of community, level of finishing, type/size of unit, building amenities, and unit features. • Market rate active adult housing communities typically offer a greater array of common area amenities than subsidized and affordable housing, including more common area spaces (i.e., MAXFIELD RESEARCH INC. 65