INFORMATION HRSR 03-24-2003 - Laserfiche WebLink

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City of Elk River Housing Plan Updated January 2003 Multi Family Housing According to the 1990 Census the City had a total of 951 renter-occupied units which comprised 25.5% of the total housing stock. This number increased by 277 units to 1,228 renter occupied housing units according to the 2000 Census. The overall proportion of renter-occupied housing units has declined in the community over the past ten years. In 1990 renter-occupied units comprised 25.5% of the housing stock which declined to 21.7% in 2000. Multiple attempts were made to contact all rental projects with 12 or more units in the City. Information is presented in Table 14 for those projects which participated in the survey. A total of 447 general occupancy and 152 elderly units participated in the survey which accounts for approximately 49% of the renter-occupied housing stock. 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. • 26