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<br /> <br /> <br /> <br /> <br />Figure 6 - 4 Tax Assessors Estimated Market Values <br />2007 Assessed Housing Values <br />1975 <br />3536 <br />631 <br />308 <br />206 <br />0 1000 2000 3000 4000 <br />Under $200,000 <br />$200,001 to $300,000 <br />$300,001 to $400,000 <br />$400,001 to $500,000 <br />Over $500,000 <br />Makret ValueNumber of Units <br /> Source: 2008 Tax Assessors Data, Ramsey County and GIS data. <br /> <br /> <br />Rental Market <br />The rental housing market in New Brighton consists primarily of older apartment buildings that lack the <br />amenities offered by newer apartment buildings. These older apartments typically have little green space, <br />lack playground equipment and have no garages. New Brighton fits right in with regional market trends <br />characterized by low vacancies, slowly rising rents, and little new construction. Table 6-3 reflects recent <br />trends in the rental market in New Brighton. <br /> <br />Table 6 - 3 Rental and Vacancy Rates in New Brighton <br />Average Rents <br />One-Bedroom Two-Bedroom Three-Bedroom <br />Overall <br />Vacancy Rate <br />New Brighton <br />1998 $525 $666 $760 1.0% <br />2008 $675 $795 $900 6.0% <br />Source: New Brighton Housing Study (1998 data), phone survey of April 2008 (2008 data) <br /> <br />The City currently has nearly 200 participants in the Section 8 Program, approximately half of which are <br />located in just two apartment complexes: Aspen Glen and Polynesian Village. The ability for landlords to <br />voluntarily choose to participate in section 8 can be a barrier to ensure future section 8 housing <br />opportunities will be available to the New Brighton Community. <br /> <br />6-7