5.4. SR 07-12-2004 - Laserfiche WebLink

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HRA / Housing August 25, 2003 Page 4 Year Built # of Units Percentage of Total Units 1960-1969 115 10.8% 1970-1979 120 11.3% 1980-1989 484 45.8% 1990-1994 269 25.4% 1995-2000 68 6.4% The majority of the apartments in Elk River have been constructed within the last 25 years. In fact, more than 30% have been constructed within the last 15 years. A detailed inventory of apartment buildings is included on the attached apartment inventory table. The city has a rental housing program that requires each apartment bnildmg be inspected and hcensed every year. According the Housing Inspector, the current vacancy rate for the market rate units is running about 6% to 8%. Earlier this year, when the interest rates were dropping, the vacancy rate was about 10%. Lot ~lvailabili(y, Multi-Fami~ There is only one lot that is currently vacant and zoned to allow multi-family. The parcel is located on the north side of the Burlington Northern Railroad tracks on the east side of Proctor. Affordability According to the updated housing plan prepared by the Central Minnesota Housing Parmership, the median sales price of a single family home in 2000 was $160,000. If an annual 8% sale price increase is assumed, the median sale price of a single family home in 2003 is $205,473. Single family homes include both attached (townhouses) and detached homes. According to the 2000 Census, the median rent in 2000 was $592. If an annual 5% rental increase is assumed, the median rent in 2003 is $690. The median rent includes all renter occupied units, not just apartments. Regional Context When taken in the regional context, Elk River's housing inventory reflects the fact that Elk River functions as a min-regional center. The following table compares Elk River's housing inventory with that of 7 adjacent communities: S:\PLANNING\Scott\HRA 8-25 housing, doc