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RENTAL MARKET ANALYSIS <br />TABLE RMA-2 <br />COMMON AREA FEATURES/AMENITIES <br />EXISTING GENERAL OCCUPANCY RENTAL PROJECTS <br />CITY OF ELK RIVER <br />October 2015 <br />Utilities and Parking <br />In Unit/Common Area Amenities <br />Projects <br />Market Rate Rental <br />Granite Shores Cent.YYYIUYYYNNYIIUG Included <br />Evans Meadows WYYYCNYYYYYIIIAG Included <br />Lions Park CAYSSCNNNYNNIIUG Indluded <br />Oak Crest WSNNCNNNNNNIIIDG Included <br />Ridgewood Manor WYSYCNNNNNNIIIDG Included <br />Tara Hills Estates WYYNHUNNNNNNIIDG Included <br />Elk Park Estates WYYNCNNNNNYIIIDG Included <br />Elk Ridge Estates WNNNCNNNNNNIIDG Included <br />Balmoral Apartments WYSYCNNNYNNIIDG$25 <br />Elk Crossings WYNNCNYNNNNI IIDG$50 <br />School Street WYNNCNYNNNNI IIDG$50 <br />River Garden WYSSCNNNYNNIIIDG$50 <br />Pineview WSYSCNNNNNNIIIDG$50 <br />Lake Orono Estates W/SNSNCNNNNNYIIIDG$35 <br />Affordable/Subsidized Rental <br />Coachman Ridge CAYYYIUYYYYNYIIIUG Included <br />The Depot of Elk River CAYYYIUYYYYNYIIIUG Included <br />Jackson Place CAYSYIUYYNNNNIIIUG Included <br />Dove Tree WYYYCNYNNNNIIIA/DG$45/$55 <br />Lanesboro Heights WNYSHUNNNYNNIIDG$30 <br />Dove Terrace WYSYCNYNNYNIIIDG$45 <br />Auburn Place WYNNCNNNYNNIIIDG$40 <br />Elk Ridge Manor CANNNCNNNYNNIIIDG Included <br />Note: Y=Available, N=Not Available; I=Included <br />CA=Central Air; W=Wall unit air; S=Some units; DG=Detached Garag <br />C=Common <br />Source: Maxfield Research & Consulting, LLC <br />Along with income limits for residents, the projects have maximu <br />a percentage of median income usually 60% of median income. Rents at the affordable <br />projects range from $695to $800 for one-bedroom units, from $70 to $900 for two- <br />bedroom units, and from $899to $1,025 for three-bedroom units. These rents are similar <br />to many of the market rate projects, and there is likely some ma <br />46 <br />MAXFIELD RESEARCH & CONSULTING, LLC. <br /> <br />