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RENTAL MARKET ANALYSIS <br /> TABLE RMA-1 <br /> GENERAL OCCUPANCY RENTAL HOUSING <br /> CITY OF ELK RIVER <br /> October 2015 <br /> (Continued) <br /> Year Total <br /> Project Name/Address Built Units Vacant Unit Mix Unit Size Monthly Rent Price Per Sq.Ft. Comments <br /> Affordable/Subsidized(continued) <br /> Lanesboro Heights Townhomes 1992 30 0 21 -2BR 850 $823 $0.97 Two-story rowhomes.30%of income. 5 year <br /> 11798 Highland Road 0 8-3BR 950 $935 $0.98 waiting list. Unit mix is mostly families and empty <br /> (Section 8) Market Rents* nesters whos kids have moved out of <br /> development. <br /> Dove Terrace Apartments 1990 51 0 3-1BR 683 $750 $1.10 Three story building. LIHTC affordable at 60%of <br /> 1127 School Street 0 23-2BR 871 -1,113 $799 $0.72-$0.92 AMI. Wide mix of resident types. <br /> (Affordable) 1 24-3BR 995 -1,066 $899 $0.84-$0.90 <br /> Auburn Place 1989 24 0 17- 2BR 750 $535-$743 $0.71 -$0.99 Three story building. Section 515 Rural <br /> 631 Auburn Place 0 7- 3BR 850 $570-$778 $0.67 -$0.92 Development. <br /> (Rural Development 515) Base -Market <br /> Elk Ridge Manor 1986 40 0 n.a.-1BR 595 $740 $1.24 Two story apartments and townhomes. LIHTC <br /> 847 Freeport Ave 0 n.a. -2BR 795 $790-$840 $0.99 $1.06 affordable at 60%of AMI. Community is primarily <br /> (Affordable) 0 n.a.-3BR 1,025 $895 $0.87 families with children. <br /> Affordable/subsidized Total 298 4 1.3% Vacancy Rate <br /> Rental Housing Total 931 49 5.3% Vacancy Rate 1 <br /> * Market rents that building would charge if not subsidized. <br /> Source: Maxfield Research&Consulting,LLC <br /> MAXFIELD RESEARCH&CONSULTING,LLC. 45 <br />