4.6 HRSR 06-01-2015 - Laserfiche WebLink

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Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 10 G.General Occupancy Rental Market Analysis 1.Survey larger (8-units or more) general occupancy rental housing projects, including subsidized (deep subsidy/extremely low income), affordable (shallow subsidy/very low income),workforce housing (80% to 120% of AMI) and market rate develop- ments in the Elk River study area. Map locations of the multifamily housing stock. 2.Analyze data collected from the rental survey on year built/remodeled, monthly rents, vacancies, rents per foot, unit types/sizes and features, common area ameni- ties, and resident profiles. 3.Inventory pending rental developments in the Elk River area and assess their poten- tial impact on the market. 4.Interview owners/managers of rental housing in the area to asses the need for additional rental housing in Elk River. Identify appropriate rental rates and the target markets for new rental construction in the community. H.Senior Housing Market Analysis 1.Inventory existing senior housing developments in the draw area, including subsi- dized (deep subsidy), affordable (shallow subsidy), and market r the study area. Projects will include rental and for-sale active adult, congregate, as- sisted living, and memory care senior housing developments. In n- formation on skilled nursing facilities. Map locations of the senior housing stock. 2.Analyze data collected from the survey on year opened, number of units, vacancies, pricing, unit types and features, common-area amenities, services provided (if appli- cable), and resident profile. 3.Inventory pending senior developments in the draw area and assestheir potential impact on the market. 4.Interview managers/sponsors of senior housing in the draw area t trends and the potential need for additional senior housing or skilled nursing care in Elk River. I.Conclusions and Recommendations 1.Quantify demand for housing (subsidized, affordable, and market rate) in Elk River through 2025 based on projected employment and household growth trends, exist- ing pent-up demand, turnover/mobility, and estimated replacement needs. 2.Identify potential target markets for new for-sale, rental, and senior housing. 3.Identify potential unmet market niches and discuss the primary d current market situation. 4.Based on lot supply and absorption trends, discuss the current s more lots should be platted in order to meet projected demand. 5.Suggest an appropriate housing mix by product type (rental, owne price point and discuss the target markets for each. 6.Suggest appropriate development concepts in the short-term (developments need- ed by 2020) and long-term (2020 to 2025), including number of units, unit mix, unit sizes, sale prices or monthly rents, and in-unit features and common area amenities. MAXFIELD RESEARCH INC.