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01-22-08 1B Market Study
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01-22-08 1B Market Study
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Last modified
1/18/2008 11:19:37 AM
Creation date
1/18/2008 11:17:07 AM
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Market Study by Maxfield Research
General - Type
Agenda Item
Date
1/22/2008
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<br />RENTAL MARKET ANALYSIS <br /> <br />Rental Market Interview Summary <br /> <br />Interviews with area rental property managers, real estate agents, developers and other persons <br />familiar with the rental market in the Arden Hills Market Area were conducted to solicit their <br />impressions of the rental housing market in the community. The following are some key points <br />from these interviews. <br /> <br />~ Many of the property managers have expressed that the rental housing market has been <br />strengthening over the past year, and that they were seeing low vacancy rates at the end of <br />2007. Many have stopped offering incentives to new renters, but may offer some type of <br />benefit when signing a 12 month lease. <br /> <br />~ Managers and owners of rental housing in the community indicated that there should be a <br />high demand for newer market rate rental units in Arden Hills. Arden Hills has one market <br />rate building, which was constructed in 1987, and is likely in need of updating. <br /> <br />~ The Village Plaza, Circle Pines, was built in 2006 with a split of rental and for-sale condos. <br />It has since turned the 48 unit development to rental because of the condo market downlum <br />and does not expect to reintroduce for-sale units at this location. The manager reports a wait- <br />ing list for units. <br /> <br />~ In the competitive apartment developments, managers reported that vacancies, if occurring, <br />were in two or more bedroom units. <br /> <br />~ Developer Hans Hagen Homes has plans to begin construction on 170 units of townhouse <br />rental in the spring of 2008 at The Lake in Blaine. This Fridley developer also has rental <br />townhome projects in Maple Grove and Woodbury. <br /> <br />~ In Lino Lakes, 60 units of rental workforce housing is nearly complete in the Legacy at <br />Woods Edge project. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />60 <br />
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