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QUESTION
What are the expected average rents for different types of apartments based on the neighborhood's income?
0:32:49
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74 sec
Jack Heaney, Managing Principal at Fulcrum Properties, outlines the expected average rents for various apartment types, based on neighborhood income.
- 25% of units are designated for low-income and formerly homeless seniors, with rents for studio apartments between $485-$697, and one-bedroom apartments between $616-$881.
- Non low-income seniors in non-project-based voucher units will pay between $485-$697 for a studio and $616-$881 for one bedroom.
- For singles and families earning between 60-70% of the Average Median Income (AMI), the rent ranges from $1,100 for a studio to just under $2,000 for a two-bedroom apartment.
- Rent increases slightly for those at 70% AMI, with a studio at $1,300, one-bedroom at $1,600, and two-bedroom just under $2,000.
Oswald Feliz
0:32:49
And based on the income of the surrounding neighborhood, what are we expecting the average rent to be for these different apartments?
0:32:57
One second.
Jack Heaney
0:33:04
Again, about 25% will be reserved for low income seniors and formerly homeless seniors.
0:33:09
So 8 of the units are retro 7 of the units We'll reserve for forming home receivers seniors, but we'll be seeking 8 project based vouchers to assist with supporting that population.
0:33:21
The other non project based voucher senior residents will be paying between $485 $697 per month for a studio apartment and $616,881 for one bedroom.
0:33:35
The remainder of the units which you deserve for singles and families, would be between 60 70 percent of AMI.
0:33:43
So their studio would be 1100, and one bedroom would be 1400.
0:33:48
Two bedroom would be 1681.
0:33:49
These are all for 60 percent AMI.
0:33:52
And at 70 percent AMI, it's a little bit higher, so studio would be 1300 One bedroom is 1600 and 2 bedroom is just under 2000 per month.
Oswald Feliz
0:34:01
Alright.
0:34:02
Thank you for that information.