RubinBrown Apartment Stats 2013

Comparison of Operations

Government Assisted

Market Rate

Total Number of Projects

386

34

Average Project Age In Years

10.6

10.4

Average Number of Units

107

248

Averages Per Unit: Monthly Rent

$699

$766

Square Feet

932

926

Rooms

4.31

4.14

Economic Occupancy

88.6%

85.0%

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

35.4%

49.0%

A

B

C

A

B

C

Revenues

Gross Potential Rent

$8,383

$8.99

100.0%

$9,193

$9.93

100.0%

Less: Vacancy Loss

(758)

(0.81)

-9.0%

(824)

(0.89)

-9.0%

Collection Loss

(127)

(0.14)

-1.5%

(116)

(0.13)

-1.3%

(79)

(0.08)

-0.9%

(435)

(0.47)

-4.7%

Concession Loss

Rent Collected

7,419

$7.96

88.6%

7,818

8.44

85.0%

375

0.40

4.5%

821

0.89

8.9%

Other Income

$7,794

$8.36

93.1%

$8,639

$9.33

93.9%

Total Income

Expenses

Salaries and Personnel

$1,031

$1.11

12.3%

$976

$1.05

10.6%

Administrative

453

0.49

5.4%

305

0.33

3.3%

Marketing

52

0.06

6.0%

127

0.14

1.4%

Management Fees

434

0.47

5.2%

350

0.38

3.8%

Utilities

784

0.84

9.4%

596

0.64

6.5%

Carpeting

129

0.14

1.5%

146

0.16

1.6%

Painting

53

0.06

0.6%

118

0.13

1.3%

Landscaping

160

0.17

1.9%

125

0.14

1.4%

HVAC

56

0.06

0.7%

32

0.03

0.4%

Appliances

48

0.05

0.6%

63

0.07

0.7%

Plumbing

44

0.05

0.5%

41

0.04

0.4%

Electrical

26

0.03

0.3%

15

0.02

0.2%

Other Repairs and Services

912

0.98

10.9%

514

0.55

5.6%

Insurance

284

0.30

3.4%

264

0.28

2.9%

Real Estate Taxes

464

0.50

5.5%

690

0.75

7.5%

103

0.11

1.2%

48

0.05

0.5%

Other Taxes

Total Expenses

$5,033

$5.42

60.0%

$4,410

$4.76

48.1%

Net Operating Income Before Debt Service and Depreciation

$2,761

$2.94

33.1%

$4,229

$4.57

45.8%

Capital Expenditures

$189

$0.20

2.3%

$770

$0.83

8.4%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

RubinBrown Apartment Stats 2012 | 3