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RENTAL MARKET ANALYSIS <br />Rental Market Interview Summary <br />Interviews with area rental property managers, real estate agents, developers, and other <br />persons familiar with the rental market in Elk River were conduc <br />of the rental housing market in the community. The following ar <br />interviews: <br />The majority of property managers stated that rental demandhas remained strong and <br />vacancy rates remain low. Most of the issues continue to revolve around finding the right <br />qualified tenants. Although they are usually fully occupied, most market rate prope <br />not maintain a waiting list, and if they do the list is relativeManagers state that <br />most vacancies will be filled relatively quickly over a few months. Most of the affordable <br />and subsidized properties maintain lengthy waiting lists due to strong demand for low- <br />income rental units. The subsidized properties in particular ha <br />Lanesboro Heights stating a five-year wait. <br /> <br />If an apartment is not available in Elk River, the potential ten <br />surrounding communities such as Rogers, Monticello, Albertville, <br /> <br />The majority of managers prefer not to divulge renter profiles and typically stated they had <br />a wide mix of tenants. Most of the managers indicated that the <br />locally. <br /> <br />Most managers indicated that very few, if any renters utilized the commuter rail for work <br />purposesas most renters work in the local area. <br /> <br />Many of Elk Rivers rental housing buildings are composed of lar-sized (30 to 60 units) <br />structures targeted at the low- to moderate-income market. The majority of these buildings <br />were built at least 20 year ago and do not feature a variety of <br /> <br />50 <br />MAXFIELD RESEARCH & CONSULTING, LLC. <br /> <br />