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SENIOR HOUSING ANALYSIS Summary of Elk River Competitive Multifamily Properties Among 983 general occupancy units, 64% were market rates units, 30% were affordable units and only 6% were subsidized units. There has been no new multifamily developments con- structed since the previous study in 2015. Market Rate Rentals in Eik River • In total there were 14 market rate apartments with 16 units or more in Elk River. Our sur- vey indicated that the overall vacancy rate among all property types was nearly 6.2%, with 39 vacant units among 633 total units. This however includes the Elk Park Estates apart- ments that account for 27 of the vacant units. Excluding this property, the vacancy rate falls to 2.1%. This is well below the recommended 5.0% equilibrium to account for sufficient turnover in the market. Thus, pent-up demand exists for more market rate rental units. • Elk Park Estates is an anomaly in the market as in the prior 2015 study had 25 vacancies. This property is the Ione poorly performing larger rental development in the city. Subsidized and Affordable Rentals in Eik River • The overall vacancy rate among all property types was 0.0% among 350 total units. No available units in the market indicates that there is additional need for affordable and/or subsidized units in Elk River. MAXFIELD RESEARCH AND CONSULTING 30 FIGURE 1 2017 MHFA/HUD Income Limits Sherburne County Income Limits by Household Size 1 phh 2 phh 3 phh 11 4 phh 5phh 6phh 7phh 8phh 30% of median $18,990 $21,720 $24,420 $27,120 $29,310 $31,470 $33,630 $35,820 50% of median $31,650 $36,200 $40,700 $45,200 $48,850 $52,450 $56,050 $59,700 60% of median $37,980 $43,440 $48,840 $54,240 $58,620 $62,940 $67,260 $71,640 Maximum Gross Rents by Bedroom Size 0 BR 1BR 2BR 3BR 30% of median $474 $508 $610 $705 50% of median $791 $848 $1,017 $1,175 60% of median $949 $1,017 $1,221 $1,410 Sources: MHFA; Maxfield Research & Consulting, LLC Summary of Elk River Competitive Multifamily Properties Among 983 general occupancy units, 64% were market rates units, 30% were affordable units and only 6% were subsidized units. There has been no new multifamily developments con- structed since the previous study in 2015. Market Rate Rentals in Eik River • In total there were 14 market rate apartments with 16 units or more in Elk River. Our sur- vey indicated that the overall vacancy rate among all property types was nearly 6.2%, with 39 vacant units among 633 total units. This however includes the Elk Park Estates apart- ments that account for 27 of the vacant units. Excluding this property, the vacancy rate falls to 2.1%. This is well below the recommended 5.0% equilibrium to account for sufficient turnover in the market. Thus, pent-up demand exists for more market rate rental units. • Elk Park Estates is an anomaly in the market as in the prior 2015 study had 25 vacancies. This property is the Ione poorly performing larger rental development in the city. Subsidized and Affordable Rentals in Eik River • The overall vacancy rate among all property types was 0.0% among 350 total units. No available units in the market indicates that there is additional need for affordable and/or subsidized units in Elk River. MAXFIELD RESEARCH AND CONSULTING 30