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development but will recede to 6.5% by the middle of 2026. Note: this development is not for the city of <br />Ramsey but elsewhere in Anoka County. See table below. <br />350 <br />300 <br />250 <br />c <br />200 <br />150 <br />Z <br />06 <br />0 100 <br />a <br />0 <br />Q 50 <br />0 <br />40% <br />35% <br />30% <br />25% <br />20% <br />15% <br />10% <br />5% <br />(5U) I 13 1 14 15 1 16 1 17 1 18 1 19 1 20 1 21 1 22 1 1 23 1 24 1 25 ' 26 27 <br />■ Absorption ■ Net Deliveries V Vacancy Minneapolis Vacancy <br />Typically, demand for rentals is driven by employment growth, in -migration and household growth. The <br />market is considered balanced when there is around 5% average vacancy rate. COR vacancy rates are <br />consistent with this benchmark. The proposed 150 unit market rate development will play an important <br />role in fulfilling the projected future housing needs in Ramsey. If approved, the development would not <br />be completed until 2026. Without continued development of multifamily housing projects the housing <br />shortage will be significant. <br />NORHART DEVELOPMENT PHILOSOPHY <br />Norhart builds exceptional apartments that create a better way for people to live. We are hyper -focused <br />on creating a best -in -class customer experience for our residents. Our 10-year roadmap is to be the <br />largest smart apartment developer in the greater Minneapolis/St. Paul area with a focus on lifestyle <br />living, building community and giving back. <br />Norhart has been family owned and based in Forest Lake since 1995. Named one of the "Top Work <br />Places" in 2022, our employees are problem solvers, achievers, optimists, and leaders. We do not just <br />construct apartment buildings - we create communities where people can build their families and live <br />out their lives. We aspire to give people a safe, clean, and comfortable place to live. <br />When we build an apartment building, we aim to change the entire neighborhood for the better. <br />Bringing new people into the community increases business for local shops, markets and restaurants. As <br />a result, often new businesses are established to serve the growing community as well. We are proud to <br />be part of this growth. <br />NORHART COMMUNITIES <br />Each Norhart building is designed with the community in mind and the resident experience foremost <br />including luxury amenities, attractive aesthetics and well -designed units. Below are two recent Norhart <br />projects depicting this style. <br />