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Maxfield <br />Research & Consulting <br />July 9, 2019 <br />Mr. Tim Gladhill <br />Community Development Director <br />City of Ramsey <br />7550 Sunwood Drive NW <br />Ramsey, MN 55303 <br />Dear Mr. Gladhill: <br />Attached is the Comprehensive Housing Market Study for the City of Ramsey, Minnesota conducted by <br />Maxfield Research and Consulting, LLC. The study projects housing demand through 2030 and provides <br />recommendations on the amount and type of housing that could be built in Ramsey to satisfy demand <br />from current and future residents over the next decade. <br />The study identifies a potential demand for approximately 2,375 new housing units through 2030. Be- <br />cause the population in Ramsey skews younger about 15% of the total demand will be for age -restricted <br />housing types. Strong demand exists for general -occupancy apartments with a need for over 550 units <br />through 2030. Based on the survey of occupancies, Ramsey vacancies are below equilibrium, posting an <br />overall vacancy rate of only 2.9% for general -occupancy housing and 5.7% for senior housing. Finally, <br />for -sale housing demand over the next decade shows a need for nearly 1,500 housing units. Based on <br />the current vacant lot supply and lot absorption, newly platted lots will be needed soon to meet the <br />growing demand for new construction. <br />Detailed information regarding recommended housing concepts can be found in the Recommendations <br />& Conclusions section at the end of the report. If you have any questions or need additional information, <br />please contact us. We have enjoyed conducting this study for you. <br />Sincerely, <br />MAXFIELD RESEARCH AND CONSULTING, LLC <br />Aft- 41444 A I I <br />Matt Mullins Max Perrault <br />Vice President Associate <br />Attachment <br />(main) 612-338-0012 (fax) 612-904-7979 <br />7575 Golden Valley Road, Suite 385, Golden Valley, MN 55427 <br />www.maxfieldresearch.com <br />