09 - Laserfiche WebLink

Table 4 Required Income by Unit Type- Market-Rate Rental Apartments Pleasanton Housing Impact Fee, EPS#151111 Required Income by Unit Type Annual Rent Minimum Average Utility Subtotal Rent and Utility Annual Household Apartment Size Avg. Sq. Ft. [1] Rent [1] Allowance[2] and Utilities Expenditures Income Required(3] Formula A B C=A+B D=C*12 E=D/30% Studio 525 $1,800 $114 $1,914 $22,968 $76,560 1-Bedroom 819 $2,500 $129 $2,629 $31,548 $105,160 2-Bedroom 1,073 $2,700 $146 $2,846 $34,152 $113,840 W 3-Bedroom 1,290 $3,400 $188 $3,588 $43,056 $143,520 [1]Based on average rents and sizes for new rental project in each unit size category as determined by a survey of the City's most recently developed multifamily projects-Park Hacienda, The Promenade, and The Kensington; rounded. Reflects a 5% premium for new space. Studio units are assumed to generate average rents of$3.50 per square foot since no studios are included in the evaluated survey data. [2]Based on 2015 Housing Authority of the County of Alameda Utility Allowance Table assuming a low-rise garden apartment and natural gas for heating and cooking. [3]Assumes that a maximum of 30%of annual household income is dedicated to utility and rent expenditures. Sources: City of Pleasanton; Real Facts;Housing Authority of the County of Alameda; Economic& Planning Systems, Inc. Economic&Planning Systems, Inc. 2/26/2018 P:I151000s1151111PleasantonFeeMModel1151111mod1 forrent030116.xls