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HOUSING DEMAND ANALYSIS <br /> TABLE HD-2 <br /> RENTAL HOUSING DEMAND <br /> ELK RIVER <br /> 2015 to 2020 <br /> Number of Households <br /> Under 25 Age 25 to 34 Age 35 to 44 Age 45 to 64 Age 65&Over <br /> Demand From Household Growth <br /> Projected Growth in Household Base by 2025 21 171 246 266 342 <br /> (times)Proportion Estimated to Be Renting Their Housing' x 59.4% 27.8% 15.4% 12.8% 26.1% <br /> (equals)Projected Demand for Rental Housing Units = 12 48 38 34 89 <br /> Demand From Existing Households <br /> Number of renter households in 2015 145 330 370 604 254 <br /> (times)Estimated%of renter turnover between 2015&20252 x 99.0% 98.0% 98.0% 95.0% 70.5% <br /> (equals)Total Existing Renter Households Projected to Turnover = 144 323 363 574 179 <br /> (times)Estimated%Desiring New Rental Housing' x 15% 10% 8% 5% 4% <br /> (equals) Demand From Existing Households = 22 32 29 29 7 <br /> Total Demand From Household Growth and Existing Households 34 80 67 63 96 <br /> (equals)Total Demand for Rental Housing 375 <br /> (times)Demand from outside Elk River Market Area 15% <br /> (equals)Total demand potential for rental housing,2015 to 2025 442 <br /> Subsidized Affordable <br /> (times)Percent of rental demand by product type' 10% 30% 60% <br /> (equals) Total demand for new general occupancy rental housing units " 133 265 <br /> (minus)Units under construction or pending* 0 0 0 <br /> (equals)Excess demand for new general occupancy rental housing 44 133 265 <br /> 'Based on 2010 Census data. <br /> 2 Based on Turnover from 2010 American Community Survey for households moving after 2010. <br /> 3 Based on the combination of current rental product and household incomes of area renters. <br /> 4 Based on US Census:Desire to Move and Residential Mobility 2000-2010 from 2010 American Community Survey. <br /> *Pending/proposed competitive units at 95%occupancy. <br /> Source: Maxfield Research&Consulting,LLC <br /> MAXFIELD RESEARCH&CONSULTING,LLC 85 <br />