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Housing Demand 410 The City of Elk River has experienced considerable population and household growth over the past ten years and is expected to continue to experience strong growth in the future. The area is ideally located in close commuting distance to both the Twin Cities Metropolitan Area and St. Cloud. In addition, the City offers numerous employment opportunities with a strong commercial and industrial base. Vacancy rates are extremely low in the community for both single and multi-family units. According to the 2000 Census the community had a 1.4% homeowner vacancy rate and a 1.7%rental vacancy rate. Housing demand for the City is calculated by utilizing a variety of factors. The first indicator is the expected household growth the community will be experiencing. A second factor is the pent- _ up demand which calculates the units that are needed to meet past growth and to allow for healthy vacancy rates. Finally, replacement needs are also factored into the housing demand. This represents a need for new units to replace older dilapidated units that are not suitable for habitation and are more economical to demolish than repair. This can also represent units that are functionally obsolete and not desirable by the market according to some feature. Table 10 City of Elk River Housing Demand 2001-2005 Forecasted Housing Growth 982 units • Pent-up Demand 118 units Estimated Replacement Needs 5 units Total Housing Demand 1,105 units 30 to 50 units of single family housing rehabilitation 20 to 30 units of rental housing rehabilitation 48 to 72 units of affordable general occupancy townhomes 24 to 36 two-bedroom units priced at $600 to $750 24 to 36 three-bedroom units priced at $700 to $850 64 to 96 units of market rate general occupancy apartments 12 to 14 one-bedroom units priced at $600 to $750 14 to 22 two-bedroom units priced at $700 to $850 14 to 24 three-bedroom units priced at $800 to $950 50 to 70 units of market rate general occupancy townhomes 4111