4.0. SR 12-03-2001 - Laserfiche WebLink

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General occupancy units consist mainly of market rate and tax credit projects. One subsidized unit participated in the survey where tenants would pay 30% of their incomes towards rent. Rents listed for this project illustrate market rents. A total of 76 one-bedroom units were surveyed which comprise 17% of the general occupancy units. Rents for these units ranged from $335 to $650 per month. Over 65% of the general occupancy units surveyed were two-bedroom units. Rents for these units range from $480 to $828 per month. Three-bedroom units surveyed in the community ranged from $420 to $857 per month. A total of 138 one-bedroom and 14 two-bedroom elderly units were surveyed. Two of the three elderly projects surveyed were subsidized with tenants paying 30% of their income for rent. The other project surveyed charges $609 for a one-bedroom unit and $756 for a two-bedroom unit. Vacancies are extremely low among all types of rental housing in the City of Elk River. For general occupancy units the overall vacancy rate is 0.7% with only 3 vacancies at the time of the survey. Vacancies were nonexistent among elderly units with no units available among the 152 units surveyed. The overall vacancy rate for the units surveyed was 0.5%, which is extremely low compared to a healthy market of 5%. A healthy market allows for housing availability and consumer choice on various housing types and pricing levels. The 2000 Census had a slightly higher vacancy rate for the community with a 1.7% rental vacancy rate, which is still very low. Single Family Homes and Vacant Lots According to the 2000 Census, approximately 78.3% of the community's housing stock is owner-occupied. The vacancy rate for homeowners is even lower than the rental vacancy rate at 1.4% according to the 2000 Census. Vacancy rates drop even more dramatically for the remainder of the study area with the City of Otsego having a vacancy rate of 0.5%. The Minnesota Department of Revenue produces data on the median sales price of existing homes for each County in the State. The following are home sales trends in the County since 1984/1985: 1984/1985 $57,300 1989/1990 $67,500 1995/1996 $95,000 1998/1999 $118,900 1999/2000 $129,900 This includes data for existing homes only and does not include the sale of newly constructed homes. Since 1989/1990 the median sales price has increased $62,400, or 92%. In 1999/2000, Sherburne County had the ninth highest median sales price in the State of Minnesota. Median sales prices in the City of Elk River tend to be higher than the overall County sales prices. The following information was obtained from the City of Elk River on the number of home sales in the City between 1997 and 2000. Since 1997, the median sales price in the City of Elk River has increased by 32%, which is an increase of over $30,000.