Agenda - Council - 09/13/2016 - Laserfiche WebLink

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RENTAL HOUSING MARKET CONDITIONS Introduction The demographic analysis examined factors relating to the demand for various housing types in the Ramsey Market Area. This section reviews the current supply and market conditions for competitive rental housing in the defined Market Area. Competitive Subsidized Rental Communities Maxfield Research surveyed a sampling of subsidized rental communities (seven) in the Market Area. Information on the location, number of units, vacancies, units mix and sizes, monthly rents (when available), and income restrictions are displayed in Table 19. The following are key points from Table 19: • There are a total of 345 units that were sampled with only four vacancies providing a va- cancy rate of about 1%. In addition, each community has a waiting list of people ready to move into the vacant units. In most cases, it is at least a one-year wait for a unit to become available. • The majority of the subsidized rental communities are Section 8 Project Based where resi- dents pay 30% of their adjusted gross income for rent. Only two of the communities were a tax -credit community where income -qualified residents pay a base rent. One of these tax - credit communities — Villas by Caroline — is an accessible building catering to people with disabilities. • There was one community that was not included in the table. Six Acres is a 14 unit town - home community located in Coon Rapids that will no longer continue to be a Section 8 Pro- ject Based facility, but will become a market rate rental property. This property, however, will continue to provide rents that are affordable to moderate -income workforce households. • Five of the subsidized communities are located in Coon Rapids, one is in Blaine and one is in Anoka. All of the Section 8 buildings were built between 1972 and 1981 — hence they are in the older portions of the Market Area. There are no subsidized rental buildings in Ramsey. • Overall, we find that there are very few apartment buildings that are income -restricted to households with low- to moderate -incomes. Apartments restricted to very low- and low- income households are more plentiful, despite the fact that demand greatly exceed the current supply. Based on the current occupancy levels, there is unmet demand for units restricted to both very low and low to moderate income households. MAXFIELD RESEARCH INC. 38