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<br /> <br /> <br />Hillside Heights Apartments, Elk River, Minnesota <br /> <br />Market Analyst Professionals, LLC 2 April 24, 2020 <br />Monthly Labor Force and Employment Statistics (Year/Year) ............................................................................................ 44  <br />SECTION 8: SUPPLY ANALYSIS AND CHARACTERISTICS ........................................................ 46  <br />BUILDING PERMITS ................................................................................................................................................ 46  <br />SOURCE: HUD ........................................................................................................................................................ 46  <br />LOCAL RENTAL MARKET ANALYSIS .................................................................................................................... 47  <br />Rental Housing Survey-Competitive Set ............................................................................................................................... 49  <br />Rental Housing Survey-Total Survey.................................................................................................................................... 54  <br />COMPARABLE PROJECT INFORMATION ............................................................................................................... 58  <br />Map: Comparable Projects .................................................................................................................................................. 58  <br />Comparable Project Summary Sheets .................................................................................................................................. 61  <br />SECTION 9: LOCAL PERSPECTIVE ................................................................................................... 67  <br />SECTION 10: DEMAND ANALYSIS ..................................................................................................... 68  <br />DEMAND FOR RENTAL UNITS ............................................................................................................................... 68  <br />Rent Derivation .................................................................................................................................................................... 71  <br />Rent Derivation .................................................................................................................................................................... 72  <br />Future Rental Market and Associated Risks ........................................................................................................................ 74  <br />RECOMMENDATIONS AND CONCLUSIONS ............................................................................................................ 74  <br />SECTION 11: SPECIAL NEEDS ANALYSIS ....................................................................................... 75  <br />SECTION 12: OTHER REQUIREMENTS ............................................................................................ 77  <br />ADDENDUM A ........................................................................................................................................... 80  <br />ADDENDUM B ........................................................................................................................................... 81  <br />ADDENDUM: MARKET STUDY ANALYSIS AND CONSIDERATION: ........................................ 82  <br />DEMAND ANALYSIS ................................................................................................................................................ 83  <br />