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. The City has 98 multi-family housing complexes which are homes to over <br />8,800 residents. <br />. Over 78%� the heads � household within owner occupied multi-family <br />housing (condominiumand townhome) are over 45 years of age. 57%�f <br />the heads �f household of the owner occupied multi-family housing are <br />over 55 years �f age. As the average age �f building occupants increases, <br />the new residents tend to be over 55 years � age. <br />• In rental multi-family housing, 76%�f the head �f households are 54 years <br />�f age or less and only 23%�f the renters are over 55. This younger <br />population is an excellent target market for first time home buyer <br />programs in the City. <br />• Appro�mately 5%� the multi-family.population is children, while 28% <br />(2,539) are seniors over the age �f 55. <br />� The number �f multi-family complexes where children represent more <br />than 10%cf the population is limited to 15 cf 98 total complexes. The <br />number �f multi-family complexes where seniors represent more than <br />10%of the population is 42 of 98 total complexes, explaining the different <br />service needs �f some � these complexes. <br />. In terms cf the number cf residents, the top ten range from 447 to 262 and <br />average 310 residents per complex - each comparable to a small <br />neighborhood. However, the majority �f the complexes have smaller <br />populations; less than 100 residents per complex. <br />• Approximately 56%�f the multi-family residents have lived in their <br />homes for more than five years. When renters move, 66%move to <br />another rental property and 30%move to a single family home. Between <br />22-25%� aII moves by multi-family residents are within the City. <br />• Although the vacancy rate for rental property has decreased from 10%in <br />1990 to appro�mately 2%in 2000 and increased in 2002 by 6%, the turn- <br />over rate remains as high as 30%per year par�cu�a:rly as young adults <br />move in and out. <br />• Owners cf multi-family housing (condos, townhomes, cooperatives) <br />represent25%cf the total units. When condo owners move, nearly 55% <br />go to a rental housing unit. <br />. Working adults represent 72%� the multi-family population. <br />• The City's multi-family housing: <br />. consists � 26%� the population (8,810); <br />. covers 5%(453 acres) of the land area; <br />� has a market value �f $509 million (15%cf total); and <br />Ros�vilie ComprehensivePlan - 2003 Update Page 5 of 5 <br />