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<br />Owner/Renter Factor <br /> <br />The homeownership rates among the four cities of the metro area are typical of <br />urbanized regions. As the central city, Fargo North and South had the lowest rates <br />in 2000 (42.7% which is lower than national average, and 54% respectively). <br />Homeownership rates for Moorhead (61.0%) and West Fargo (66.1 %) were similar <br />to national averages. Dilworth at 71 % had the highest and was most similar to <br />suburban bedroom communities. <br /> <br />Projected growth is expected to change the proportion of owner-occupied units <br />slightly upward. This is because all of the submarkets, except Fargo North, are <br />projected to add more owner-occupied units than renter-occupied units. Fargo <br />North, which is the sub market projected to experience the most growth, is <br />projected to have more additional renter-occupied units than additional owner- <br />occupied units. However, the proportion of owner-occupied units is projected to go <br />from 44.8% in 2000 to 45.9% by 2010. This reflects a submarket undergoing <br />change in its existing housing stock and households. <br /> <br />Survey of the Current Supply of Rental Housing <br /> <br />The Danter Company surveyed a total of 20,823 conventional apartment11 units in <br />235 developments in order to obtain a picture of the market. This included: <br /> <br />· 18,798 units in 206 market-rate developments <br />· 704 in 14 Low Income Housing Tax Credit-financed <br />developments <br />· 1,321 in 15 federally-subsidized developments <br /> <br />In the market-rate apartments, the vacancy rate in January 2006 was 6.4%, which <br />means it is slightly oversupplied. A healthy rental market has a 4-6% vacancy rate, <br />allowing for some household mobility. Vacancies of less than 4% indicate a <br />market in which demand is limited by supply, resulting in lower migration into the <br />metro area and limited ability of a household to move. <br /> <br />II ConvenOonal and/or modern apartments include multifamily properties (typically of 1 0 units or more, depending <br />on the base of rental housing within each submarket), excluding single family rented houses, mobile homes and <br />scattered rental units. <br /> <br />10 <br /> <br />Linda S. Donnelly. ;\.I.c.I'. <br /> <br />/\ ugllsl 2006 <br />