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A MEMBER OF THE SEARS FINANGAL NE7VJM - <br />- 4 <br />COLDWELL BANKER 3: <br />COMMERCIAL REAL ESTATE SERVICES <br />LICENSED REAL ESTATE BROKER - s <br />INTERNATIONAL CENTRE <br />90O SECOND AVENUE SOUTH, SUITE 800 <br />MINNEAPOLIS. MINNESOTA 55402.3317 <br />May 18, 1988 <br />Mr. Craig Waldron <br />Director of Economic Development <br />ROSEVILLE <br />1114 Woodhill Drive <br />Roseville, MN 55113 <br />RE: RENTAL DEMAND <br />Dear Craig: <br />The City of Roseville's present and future demand for orfactors <br />Y <br />rate and high end rental housing is based on a n <br />that have evolved over the past nineteen years. <br />972, <br />the recession of <br />oughThe building surge from 1969interestlrates through 1980 brought <br />1974-75, and subsequent high <br />new construction to a halt (except for Section 8 housing). <br />Since 1983, most first -ring suburbs have seen aformerficant <br />base) as <br />ot only <br />amount of new construction (up to 30% of their <br />the market proved deeper than anyone had predicted <br />whose <br />was there an easily forecast pent-up demand from <br />through the 1970s, but the <br />income had increased significantly g <br />addition of the "empty nester" to the rental market in <br />was coming <br />communities where the first cycle of nowethat ethe 1present <br />to an end proved substantial. Also, <br />building cycle is nearly five years old it has become quite <br />clear that the condominium market has been transformed into the <br />high -end rental market of the 180s. <br />tye <br />It is necessary and appropriate that cities aelow followingegroups: <br />of housing chosen by a large percentage of th <br />o "empty nesters" <br />o transferred professionals <br />o two income families with no children <br />0 split families <br />