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HOUSING DEMAND ANALYSIS TABLE HD-1 RENTAL HOUSING DEMAND CITY OF RAMSEY 2019 to 2030 --- Number of Households --- Under 65 Over 65 Demand from Projected Household Growth Projected HH growth in Ramsey 2019 to 2030' 1,279 709 (times) Estimated % to be renting their housingz x 14% 6% (equals) Projected demand from new HH growth = 179 43 Demand from Existing Renter Households Number of renter HHs in Ramsey (2019)3 1,095 106 (times) Estimated percent of renter turnover4 x 89% 84% (equals) Total existing households projected to turnover = 970 89 (times) Estimated percent desiring new rental housing x 20% (equals) Demand from existing households5 198 (equals) Total demand from HH growth and existing HHs 2019 to 20306 = 385 (times) Demand from outside Ramsey 30% (equals) Total demand potential for rental housing, 2019 to 2030 550 (times) Percent of rental demand by product type x Deep Subsidy 5% Shallow Subsidy 15% Market Rate 80% (equals) Total demand potential for general -occupancy rental housing units = (minus) Units under construction or pending8 - 28 0 83 0 440 0 (equals) Excess demand for new general occupancy rental housing = 28 83 440 1 Estimated household growth based on projections as adjusted by Maxfield Research & Consulting, LLC 2 Pct. of renter households under the age of 65 (ACS - 2017, ESRI, Maxfield Research and Consulting LLC). 3Estimate based on 2017 ACS renter households and new renter household growth 2010 to 2017 (under age 65) ' Based on on turnover from 2017 American Community Survey for households moving over 15-year period. 5&6 Calculations include on 20% of Senior Households (65+) ' Based on the combination of current rental product and household incomes of area renters (non -senior households) 'Pending/proposed/under construction at 95% occupancy. Source: Maxfield Research & Consulting, LLC MAXFIELD RESEARCH AND CONSULTING 127