RubinBrown Apartment Stats 2013

Low Income Tax Credit Projects

2012

2011

2010

Total Number of Projects

367

363

354

Average Number of Units

109

106

117

Averages Per Unit:

Monthly Rent

$697

$722

$676

Square Feet

947

952

947

Rooms

4.38

4.37

4.38

Economic Occupancy

88.8%

89.2%

86.9%

Net Operating Income Before Debt Service & Depreciation as a Percentage of Total Income

35.4%

36.9%

37.8%

A

B

C

A

B

C

A

B

C

Revenues

Gross Potential Rent

$8,370

$8.84

100.0%

$8,665

$9.11

100.0%

$8,110

$8.56

100.0%

Less: Vacancy Loss

(748)

(0.79)

-8.9%

(718)

(0.75)

-8.3%

(828)

(0.87)

-10.2%

Collection Loss

(129)

(0.14)

-1.5%

(130)

(0.14)

-1.5%

(130)

(0.14)

-1.6%

(67)

(0.07)

-0.8%

(83)

(0.09)

-1.0%

(106)

(0.11)

-1.3%

Concession Loss

Rent Collected

7,426

7.84

88.8%

7,734

8.13

89.2%

7,046

7.44

86.9%

373

0.39

4.4%

465

0.49

5.4%

413

0.44

5.1%

Other Income

$7,799

$8.23

93.2%

$8,199

$8.62

94.6%

$7,459

$7.88

92.0%

Total Income

Expenses

Salaries and Personnel

$1,031

$1.09

12.3%

$890

$0.94

10.3%

$803

$0.85

9.9%

Administrative

450

0.48

5.4%

453

0.48

5.2%

423

0.45

5.2%

Marketing

51

0.05

0.6%

102

0.11

1.2%

96

0.10

1.2%

Management Fees

434

0.46

5.2%

444

0.47

5.1%

408

0.43

5.0%

Utilities

792

0.84

9.5%

829

0.87

9.6%

720

0.76

8.9%

All Repair, Maintenance and Contract Services

1,435

1.52

17.1%

1,476

1.55

17.0%

1,334

1.40

16.4%

Insurance

282

0.30

3.4%

348

0.37

4.0%

298

0.31

3.7%

Real Estate Taxes

459

0.48

5.5%

518

0.54

6.0%

463

0.49

5.7%

103

0.11

1.2%

110

0.12

1.3%

95

0.10

1.2%

Other Taxes

Total Expenses

$5,037

$5.33

60.2%

$5,170

$5.45

59.7%

$4,640

$4.89

57.2%

Net Operating Income Before Debt Service and Depreciation

$2,762

$2.90

33.0%

$3,029

$3.17

34.9%

$2,819

$2.99

34.8%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

14 | RubinBrown Apartment Stats 2012