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RENTAL MARKET ANALYSIS <br /> Rental Market Interview Summary <br /> Interviews with area rental property managers, real estate agents, developers, and other <br /> persons familiar with the rental market in Elk River were conducted to solicit their impressions <br /> of the rental housing market in the community. The following are some key points from these <br /> interviews: <br /> • The majority of property managers stated that in the past few years they have been fully <br /> occupied and have never had any issues renting their units. Although they are usually fully <br /> occupied, most market rate properties do not maintain a waiting list, and if they do the list <br /> is relatively small. Most of the affordable and subsidized properties maintain lengthy <br /> waiting lists due to the economy and demand for low-income rental units. The subsidized <br /> properties in particular have very long lists with Lanesboro Heights stating a five-year wait. <br /> • If an apartment is not available in Elk River, the potential tenant will search in the <br /> surrounding communities such as Rogers, Monticello, Albertville, Otsego, and Big Lake. <br /> • The renter profile did not have one outstanding majority, managers at each property stated <br /> they had a wide mix of tenants. Most of the managers indicated that the majority of <br /> tenants work locally. <br /> • Most managers indicated that very few, if any renters utilized the commuter rail for work <br /> purposes. <br /> • Many of Elk River's rental housing buildings are composed of larger-sized (30 to 60 units) <br /> structures targeted at the low-to moderate-income market. The majority of these buildings <br /> were built at least 20 year ago and do not feature a variety of contemporary amenities. <br /> MAXFIELD RESEARCH INC. 51 <br />