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.' '" /) rC., ""J'.p ;~? ..~l;~ projects, the average monthly rent is $744 or $.68 per square foot ~I ~ '" Rents for a new adult/few services senior building should be simiIar t~Q,~Qp)- general occupancy projects while a new congregate building can have signifi~tl'"' higher rents, similar to other congregate projects in and near the study area. J'UI\I Table 17 shows the vacancy rate for one and two bedroom units ,in the second quar- ter in each of the study area communities according to the Apartment Search survey. A rate of 5.0 percent is normal for a healthy rental market to allow for turnover and consumer choice. A rate below that is usually indicative of pent-up demand while a rate well above that is indicative of an over supply of units. TABLE 17 S1UDY AREA VACANCY RATES Second Quarter 1992 One Two Bedroom Bedroom Units Units Overall + Roseville 5.8 3.3 4.7 Falcon Heights/Lauderdale. 0.8 2.2 1.7 St. Anthony 29 3.8 3.5 New Brighton 29 3.8 3.5 Mounds View 6.7 6.4 6.5 Shoreview/Arden Hills. 3.6 3.8 3.6 Vadnais l1eights 1.9 7.1 4.7 Uttle Canada 4.1 3.7 3.4 Study Area Total 4.5 3.9 4.2 + Includes other unit types besides one- and two-bedroom units. .. Apartment Search combines data for Falcon Heights and Lauderdale and for Shoreview and Arden Hills. Sources: Apartment Search Maxfield Research Group, Ine. The table shows that the. overall vacancy rate is 4.2 percent in the study area with the range from 1.7 percent in Falcon Heights/Lauderdale to 6.5 percent in Mounds View. The overall vacancy rate was 4.7 percent in Roseville, indicating a healthy rental mar- ket Vacancy rates at two-bedroom units were slightly lower than for one-bedroom units, 3.9 versus 4.5 percent. These vacancy rates are slightly higher than the vacancy rates exhibited by the newer general occupancy projects (see Table 12) indicating greater demand for new rental product than for older buildings. Newer buildings have features and amenities which are not offered at many older buildings. 3q