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<br />
<br />RENTAL MARKET ANALYSIS
<br /> TABLE 23
<br /> MONTHLY RENT COMPARISON
<br /> SURVEYED RENTAL DEVELOPMENTS
<br /> November 2007
<br /> Continued
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<br /> uuli!!!J'''ccl llrl!l!$; Range Avg. Range
<br /> I . .
<br />One-Bedroom Units
<br />808 Berry Place 2003 St. Paul 110 $1,050 $1.450 $1,250 739 1.096 918 $137
<br />Lakewood Place Apts. 2004 Wht. Bear 15 $925 - $955 $940 681 - 735 708 $133
<br />Cedric's Landing 2002 Oakdale 92 $872 - $1.066 $969 645 - 860 752 $129
<br />Wellington Ridge 1990 Coon Rapids 50 $725 - $745 $735 615 - 702 659 $L12
<br />Wedgewood Park 1992 Coon Rapids 34 $835 - $835 $835 774 - 774 774 $L08
<br />Baneberry Est. 1990 Anoka 60 $575 - $695 $635 594 - 676 635 $LOO
<br />T otal/Median 361 $953 770 $1.24
<br />One-Bedroom + Den
<br />Cedric's Landing 2002 Oakdale 47 $965 - $1,165 $1.065 821 - 1,005 913 $1.17
<br />Lakewood Place Apts. 2004 Wht. Bear 12 $1,075 - $1,075 $1.075 953 - 953 953 $LI3
<br />Baneberry Est. 1990 Anoka 12 $725 - $725 $725 800 - 800 800 $0^91
<br /> -
<br />TotallMedian 71 $1,009 901 $1.12
<br />Two-Bedroom Units
<br />808 Berry Place 2003 Ramsey 116 $1,375 - $2,530 $1,953 1.076 - 1.894 1.485 $131
<br />Lakewood Place Apts. 1998 Wht. Bear 21 $1,155 - $1,260 $1.208 1.008 - 1.123 1.066 $LI3
<br />Wedgewood Park 1992 Anoka 43 $985 - $1,175 $1.080 932 - 980 956 $LI3
<br />Birch Glen 2002 Ramsey 42 $1.145 - $1.145 $1.145 1,026 - 1,026 1.026 $1.12
<br />Cedrics Landing 2002 Oakdale 83 $1,180 - $],315 $ L248 1.090 - ].217 1.154 $L08
<br />Wellington Ridge 1990 Coon Rapids 76 $845 - $875 $860 891 - 915 903 $085
<br />Baneberry Est. 1990 Coon Rapids 36 $825 - $825 $825 900 - 900 900 $0^92
<br />Total/Median 417 $1,307 1,141 $1.15
<br />Two-Bedroom + Den
<br />Lakewood Place Apts. 2004 Wht. Bear 9 $1,380 - $].390 $1,385 1.231 - 1,298 1.265 $LlO
<br />Cedrics Landing 2002 Oak dale 18 $1.395 - $1.465 $1,430 1.414 - ],414 ~ $LOI
<br />Total/Median 27 $1,415 1,364 $1.04
<br />Three-Bedroom Units
<br />808 Berry Place 2003 31. Paul 25 $1,750 - $2,100 $1,925 1.470 - 1,794 1,632 $1.18
<br />Wedgewood Park 1992 Coon Rapids 8 $1,285 - $1,350 $1.318 1,155 - 1,155 1.155 $1.14
<br />Wellington Ridge 1990 Coon Rapids 16 $1,245 - $1,245 $1.245 1.100 - 1.100 1.100 $1.13
<br />Birch Glen 2002 Maplewood 12 $1,380 - $],380 $1,380 1.261 - 1.261 1.261 $1.09
<br />Baneberry Est. 1990 Coon Rapids 18 $925 - $925 $925 900 - 900 900 $L03
<br />Lakewood Place Apts. 2004 Wht. Bear 3 $1.475 - $1.475 $1.475 1,473 - 1,473 1.473 $LOO
<br />TotallMedian 82 $1,417 1,261 $1.12
<br />Source: GV A Mar uette Advisors; Maxfield Research Inc.
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<br />To be financially feasible, most new apartments in the Metro Area need an average rent
<br />of about $1.50 per square foot, but this can be slightly less in outlying communities be-
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<br />MAXFIELD RESEARCH 1NC.
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