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Housing Demand <br /> <br />The City of Elk River has experienced considerable population and household growth over the <br />past ten years and is expected to continue to experience strong growth in the future. The area is <br />ideally located in close commuting distance to both the Twin Cities Metropolitan Area and St. <br />Cloud. In addition, the City offers numerous employment opportunities with a strong <br />commercial and industrial base. Vacancy rates are extremely low in the community for both <br />single and multi-family units. According to the 2000 Census the community had a 1.4% <br />homeowner vacancy rate and a 1.7% rental vacancy rate. <br /> <br />Housing demand for the City is calculated by utilizing a variety of factors. The first indicator is <br />the expected household growth the community will be experiencing. A second factor is the pent- <br />up demand which calculates the units that are needed to meet past growth and to allow for <br />healthy vacancy rates. Finally, replacement needs are also factored into the housing demand. <br />This represents a need for new units to replace older dilapidated units that are not suitable for <br />habitation and are more economical to demolish than repair. This can also represent units that <br />are functionally obsolete and not desirable by the market according to some feature. <br /> <br /> Table 10 <br />City of Elk River <br />Housing Demand <br />2001-2005 <br /> <br />Forecasted Housing Growth <br /> <br />982 units <br /> <br />Pent-up Demand <br /> <br />118 units <br /> <br />Estimated Replacement Needs <br /> <br />5 units <br /> <br />Total Housing Demand <br /> <br />1,105 units <br /> <br />30 to 50 units of single family housing rehabilitation <br /> <br />20 to 30 units of rental housing rehabilitation <br /> <br />48 to 72 units of affordable general occupancy townhomes <br /> 24 to 36 two-bedroom units priced at $600 to $750 <br /> 24 to 36 three-bedroom units priced at $700 to $850 <br /> <br />64 to 96 units of market rate general occupancy apartments <br /> 12 to 14 one-bedroom units priced at $600 to $750 <br /> 14 to 22 two-bedroom units priced at $700 to $850 <br /> 14 to 24 three-bedroom units priced at $800 to $950 <br /> <br />50 to 70 units of market rate general occupancy townhomes <br /> <br /> <br />