Agenda - Council - 08/27/2019 - Laserfiche WebLink

Home

EXECUTIVE SUMMARY • Monthly rents among market rate properties ranged from $650 for a studio unit to $2,047 for a three -bedroom unit. The average rent in Ramsey was $1,416 while the average rent per square foot was $1.50. • Affordable/subsidized projects make-up 101 units and posted only two vacant units. Senior Housing Market Analysis • There are two senior housing developments located in the Ramsey with a total of 122 units. There were 7 vacancies identified within the housing developments posting an overall va- cancy rate of 5.7%. Generally, healthy senior housing vacancy rates range from 5% to 7% depending on service level. For -Sale Housing Market Analysis • The number of resales in Ramsey has averaged about 423 sales annually between 2000 and 2018. The fewest number of resales occurred after the recession in 2000 with 270 resales; while 2018 established a new record high in Ramsey with 590 resales. • Single-family housing stock has accounted for over 80% of the resale volume in Ramsey since 2000. Multifamily for -sale housing products are more affordable (median resale price: $189,900 in 2018) and are priced about 43% lower than the single-family housing stock. • The median list price in Ramsey was about $344,000 for single-family homes and $220,000 for multifamily homes; combined the median sales price across all housing types is about $315,000. • The average price for new single-family housing in Ramsey is approximately $325,000 to $350,000; one of the more affordable priced new construction markets in the Twin Cities Metro Area. • Based on the vacant lot supply and new construction activity; newly platted lots are needed soon in Ramsey to meet the growing need for new for -sale housing products. Housing Demand Analysis • Based on our calculations, demand exists in the City of Ramsey for the following general oc- cupancy product types between 2019 and 2030: o Market rate rental 440 units o Affordable rental 83 units o Subsidized rental 28 units o For -Sale Single-family 1,104 units MAXFIELD RESEARCH AND CONSULTING 3