2. CCSR-HRSR 09-04-2012 SPEC JOINT

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RENTAL MARKET ANALYSIS TABLE RMA-2 COMMON AREA FEATURES/AMENITIES EXISTING GENERAL OCCUPANCY RENTAL PROJECTS CITY OF ELK RIVER June/July 2012 .111111111111121212111.111.11. 11.11.11213333:22111M. L I I E 3 t V '0 .0 a, C > y 3 m = r s = � o - ; m ha u o Y c m E u m 2 v s y Y c ' = v E c A o m Ti 3 Projects Q O o_ 3 u LL a a° w z w 3 F- U a a Market Rate Rental Granite Shores Cent. Q PI Y I I lU I I Y I I Y I I Y I I N I I N I I Y I I 11 11 1 1 1 1 1 I UG Included Evans Meadows W El I Y I I Y I I C 11 N II Y I I V II Y 11 V I I V I I I I=f I 11 I 11 I AG Included Lions Park CA pi S I I S I I C mu N J J N II Y I I N I I N I ==./1 I I I I UG Indluded Ridgewood Manor W I Y I I S I I YII C I©I N I I N I I N I I NII N I I I I D O I I I I I DG Included Tara Hills Estates W 1Y I Y I I N I m ©I N I I N T H 11 N I I Y I I 1=0 01 I DG Included Elk Park Estates ---Not Available--- ---Not Available--- Elk Ridge Estates ---Not Available--- ---Not Available--- Balmoral Apartments W I Y 11 S j I Y IN ©I N I I N I Y 11 N 1 N I I I D o I I I I I DG Included Elk Crossings/School Street W I Y in Elm N I Y I N INI NI N 1 I I( I O I I I n DG Inculded River Garden W I V 1 S 1111 C 11 N II N II N U I N II N I I II II 1 II 11= DG $50 Pineview W I S M S I I C I I N I©I N ©I N I I N I I I( 11 I I IIIIIII= DG $50 Lake Orono Estates W/S I N I( S I I N II C I I N 1E11 N I N II N I I Y I I 11 11 I I I I , DG $35 Affordable/Subsidized Rental The Depot of Elk River CA I Y I I Y I I Y I m 0 Y I y I Y I I N I Y I I I—I IIIIIIE IQ n UG Included Jackson Place CA IQ © IQ I IU IIQ Y I N I NII N I N I 11-11 I 1=1 I UG Included Dove Tree W ©I y Iaz I C I I N I y I N 1013 N I I n O O n A/DG $45/$55 Lanesboro Heights W I N I ID ©I HU I I N I N N I Y II NI N I I I I II I II I DG $30 Dove Terrace W I Y 11 S I IQ IQ © VI N ©I Y I N I I I 10 0 CI DG $45 Auburn Place W I Y I© ©I C I I N I N i N I V I I N I N I I L 0 pi 1 DG $40 Elk Ridge Manor CA I N I© © Q I N I NI N I V I I N I N I In O O n DG Included Note: Y=Available,N=Not Available;1=Included CA=Central Air;W=Wall unit air;S=Some units;DG=Detached Garage;UG=Underground;AG=Attached Garage;0=0ffstreet;IU=In-unit;HU=Hook-ups; C=Common Source:Maxfield Research Inc. • The affordable apartments contain one-, two-, and three-bedroom units. Over half of the units are two-bedrooms followed by three-bedrooms. Tenants include a variety of families, couples, roommates, and single-parents. • Along with income limits for residents, the projects have maximum rents that are based on a percentage of median income — usually 60% of median income. Rents at the affordable projects range from $640 to $843 for one-bedroom units, from $730 to $815 for two- bedroom units, and from $835 to $998 for three-bedroom units. These rents are similar to many of the market rate projects, and there is likely some market overlap. MAXFIELD RESEARCH INC. 47