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107 <br /> <br /> <br />Owner vs. Renter Occupied Housing Units <br />The majority of Ramsey units, around 87%, are owner-occupied housing units. In these owner- <br />occupied housing units, the average household size is approximately 3.01. Renter-occupied housing <br />units are approximately 11% of the total housing units in Ramsey. These renter-occupied housing <br />units have an average household size of approximately 2.58. On average, gross rent in 2016 was <br />$1,313 per month. <br />Vacancy rates are extremely low in Ramsey, which shows a demand for housing and a quick <br />movement of people in and out of units. Although there is no agreed upon number, a vacancy rate of <br />5% is typically considered “a healthy vacancy rate” within the planning community. The rental <br />vacancy rate is less than half a percent, which shows there is a need for this type of housing, <br />because essentially all rental units are rented. The City of Ramsey should look into the opportunity <br />to provide additional housing units, because there clearly is a demand for housing within the <br />community. <br />The number of owner-occupied units (according to the US Census estimates) increased from 3,493 <br />in 1990 to 7,593 in 2016, while the number of renter-occupied units increased from 127 to 951. <br />The rate of increase in rental housing units was over 6% in the last 26 years, significantly higher <br />than the rate of owner-occupied units at just over 1%. <br />Table 47: Housing Units by Renter, Owner, or Vacant <br />Unit Type Number of Units <br />Renter-Occupied Housing Units 951 <br />Owner-Occupied Housing Units 7,593 <br />Vacant Housing Units 232 <br />Total Housing Units 8,776 <br />Source: ACS 2016 Estimates <br />Table 48: Owner vs Rental Units <br />Unit Type Vacancy Rate <br />Owned Housing Units 1.5% <br />Rental Housing Units 0.3% <br />Source: ACS 2016 Estimates <br />Table 49: Housing Tenure <br />Housing Tenure 1990 2000 2010 2016 Percent Increase 1990 - <br />2016 <br />Renter-Occupied <br />Housing Units <br />3,493 5,756 7,349 7,593 1.2% <br />Owner-Occupied <br />Housing Units <br />127 150 684 951 6.5% <br />Vacant Housing Units 54 40 269 232 3.3% <br />Total Housing Units 3,674 5,946 8,302 8,776 1.4% <br />Source: ACS 2016 Estimates, US Census 1990, 2000, 2010 <br /> <br />