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Housing Demand <br />The city's Comprehensive Housing Study conducted in 2018, <br />looked at housing characteristic and construction trends <br />in Elk River from 2000 to 2017 and projected demand <br />for multi -family, single-family, and senior housing units <br />through the year 2025. <br />This report estimates a need for an additional 172 market <br />rate rental units, 93 affordable rental units, and 34 subsi- <br />dized rental units in Elk River to meet demand. Estimates <br />also found that an additional 315 single-family units and <br />80 multi -family units are needed to meet for -sale unit <br />demand in Elk River. As of October 2021,40 market rate <br />rental units, 68 affordable and subsidized rental units, and <br />342 single-family homes have been constructed to help <br />meet this demand. <br />In addition, the report identified a demand for 97 addi- <br />tional market rate senior units and 73 affordable senior <br />units by 2022. <br />General Occupancy Housing Demand <br />Type of Use -4 r— 2017-2025 <br />Rental Units - Market Rate 172 <br />Built <br />40 <br />Rental Units - Affordable <br />93 <br />Rental Units - Subsidized <br />34 <br />68 <br />For -Sale Units - Single-family <br />315 <br />1 342 <br />For -Sale Units - Multi -family <br />80 <br />0 <br />Total General Occupancy Demand <br />694 <br />Source: Maxfield Research S Consulting, LLC <br />Age Restricted Housing Demand <br />Active Adult - Rental <br />14 <br />22 <br />Active Adult - Ownership <br />0 <br />35 <br />Congregate <br />93 <br />67 <br />Assisted Living <br />15 <br />0 <br />Memory Care <br />23 <br />8 <br />Total Market Rate Senior Housing Demand <br />145 <br />97 <br />Active Adult - Subsidized 32 32 <br />Active Adult - Affordable 37 41 <br />Total Affordable Senior Housing Demand 69 73 <br />Source: Maxfield Research S Consulting, LLC <br />Elk River Comprehensive Plan • Community Context <br />DIMITI ada0]C1C1: LVAI�VWVK9I111kIwo <br />13 <br />