RubinBrown Apartment Stats 2014

Government Assisted by Region

North

East/Northeast

Midwest

South/Southeast

Total Number of Projects

18

61

187

61

Average Project Age In Years

10.5

12.5

10.3

10.3

Average Number of Units

105

121

92

114

Averages Per Unit: Monthly Rent

$698

$824

$660

$681

Square Feet

1,011

946

932

1,038

Rooms

4.36

4.51

4.28

4.89

Economic Occupancy

92.4%

90.7%

89.6%

90.8%

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

32.5%

43.3%

38.2%

29.5%

A

B

C

A

B

C

A

B

C

A

B

C

Revenues

Gross Potential Rent

$8,370

$8.28 100.0%

$9,885 $10.45 100.0%

$7,917

$8.49 100.0%

$8,177

$7.88 100.0%

Less: Vacancy Loss

(520) (0.51)

-6.2%

(713) (0.75)

-7.2%

(638) (0.68)

-8.1%

(556) (0.54)

-6.8%

Collection Loss

(83) (0.08)

-1.0%

(125) (0.13)

-1.3%

(99) (0.11)

-1.3%

(127) (0.12)

-1.6%

(35) (0.03)

-0.4%

(80) (0.08)

-0.8%

(76) (0.08)

-1.0%

(64) (0.06)

-0.8%

Concession Loss

Rent Collected

7,732

7.66

92.4%

8,967

9.49

90.7%

7,104

7.62

89.6%

7,430

7.16

90.8%

577

0.57

6.9%

480

0.51

4.9%

424

0.46

5.4%

310

0.30

3.8%

Other Income

$8,309

$8.23 99.3%

$9,447 $10.00 95.6%

$7,528

$8.08 95.0%

$7,740

$7.46 94.6%

Total Income

Expenses

Salaries and Personnel

$1,080

$1.07

12.9%

$1,050

$1.11

10.6%

$1,035

$1.11

13.1%

$1,170

$1.13

14.3%

Administrative

507

0.50

6.1%

392

0.41

4.0%

441

0.47

5.6%

533

0.51

6.5%

Marketing

48

0.05

0.6%

48

0.05

0.5%

54

0.06

0.7%

49

0.05

0.6%

Management Fees

447

0.44

5.3%

505

0.53

5.1%

404

0.43

5.1%

463

0.45

5.7%

Utilities

975

0.96

11.7%

894

0.95

9.0%

779

0.84

9.8%

837

0.81

10.2%

Carpeting

157

0.16

1.9%

123

0.13

1.2%

108

0.12

1.4%

133

0.13

1.6%

Painting

33

0.03

0.4%

49

0.05

0.5%

38

0.04

0.5%

121

0.12

1.5%

Landscaping

135

0.13

1.6%

179

0.19

1.8%

135

0.14

1.7%

225

0.22

2.8%

HVAC

41

0.04

0.5%

56

0.06

0.6%

44

0.05

0.6%

68

0.07

0.8%

Appliances

25

0.03

0.3%

38

0.04

0.4%

35

0.04

0.4%

65

0.06

0.8%

Plumbing

64

0.06

0.8%

46

0.05

0.5%

32

0.03

0.4%

52

0.05

0.6%

Electrical

18

0.02

0.2%

24

0.03

0.2%

19

0.02

0.2%

27

0.03

0.3%

Other Repairs and Services

900

0.89

10.8%

844

0.89

8.5%

759

0.81

9.6%

819

0.79

10.0%

Insurance

281

0.28

3.4%

288

0.30

2.9%

311

0.33

3.9%

431

0.42

5.3%

Real Estate Taxes

652

0.64

7.8%

775

0.82

7.8%

406

0.44

5.1%

328

0.32

4.0%

245

0.24

2.9%

50

0.05

0.5%

51

0.05

0.6%

134

0.13

1.6%

Other Taxes

Total Expenses

$5,608

$5.54 67.2%

$5,361

$5.66 54.1%

$4,651

$4.98

58.7%

$5,455

$5.29

66.6%

Net Operating Income Before Debt Service & Depreciation

$2,701

$2.69 32.1%

$4,086

$4.34 41.5%

$2,877

$3.10

36.3%

$2,285

$2.17

28.0%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

8 | RubinBrown Apartment Stats 2014