RubinBrown Apartment Stats 2014

Government Assisted by Project Size

0-50 Units

51-100 Units

101-150 Units

151-200 Units

Over 200 Units

Total Number of Projects

88

108

95

45

35

Average Project Age In Years

10.3

9.4

11.1

13.5

12.7

Average Number of Units

31

76

121

169

271

Averages Per Unit: Monthly Rent

$635

$682

$723

$761

$694

Square Feet

1,060

896

907

957

948

Rooms

4.80

4.09

4.16

4.29

4.36

Economic Occupancy

91.9%

91.9%

91.0%

90.3%

89.8%

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

30.5%

35.5%

37.5%

32.7%

40.4%

A

B

A

B

A

B

A

B

A

B

Revenues

Gross Potential Rent

$7,621

$7.19

$8,185

$9.14

$8,670

$9.56

$9,131

$9.54

$8,333

$8.79

Less: Vacancy Loss

(404) (0.38)

(490) (0.55)

(630) (0.69)

(680) (0.71)

(666) (0.70)

Collection Loss

(145) (0.14)

(95) (0.11)

(94) (0.10)

(126) (0.13)

(130) (0.14)

Concession Loss

(70) (0.07)

(77) (0.09)

(60) (0.07)

(79) (0.08)

(58) (0.06)

Rent Collected

7,002

6.60

7,523

8.39

7,886

8.70

8,246

8.62

7,479

7.89

Other Income

470

0.44

324

0.36

405

0.45

379

0.40

474

0.50

Total Income

$7,472

$7.04

$7,847

$8.75

$8,291

$9.15

$8,625

$9.02

$7,953

$8.39

Expenses

Salaries and Personnel

$1,029

$0.97

$1,144

$1.28

$1,125

$1.24

$1,181

$1.23

$943

$1.00

Administrative

677

0.64

545

0.61

478

0.53

455

0.48

356

0.38

Marketing

28

0.03

50

0.06

44

0.05

66

0.07

61

0.06

Management Fees

435

0.41

440

0.49

474

0.52

479

0.50

426

0.45

Utilities

738

0.70

753

0.84

929

1.02

1,076

1.12

794

0.84

Carpeting

91

0.09

125

0.14

149

0.16

144

0.15

96

0.10

Painting

71

0.07

59

0.07

39

0.04

75

0.08

50

0.05

Landscaping

167

0.16

174

0.19

183

0.20

178

0.19

132

0.14

HVAC

54

0.05

60

0.07

49

0.05

67

0.07

36

0.04

Appliances

37

0.04

43

0.05

44

0.05

67

0.07

37

0.04

Plumbing

26

0.02

41

0.05

55

0.06

88

0.09

40

0.04

Electrical

14

0.01

24

0.03

25

0.03

36

0.04

20

0.02

Other Repairs and Services

864

0.82

746

0.83

807

0.89

971

1.01

773

0.82

Insurance

386

0.36

318

0.36

311

0.34

299

0.31

375

0.40

Real Estate Taxes

433

0.41

438

0.49

406

0.45

516

0.54

556

0.59

Other Taxes

143

0.14

105

0.12

68

0.07

104

0.11

48

0.05

Total Expenses

$5,193

$4.92

$5,065

$5.68

$5,186

$5.70

$5,802

$6.06

$4,743

$5.02

Net Operating Income Before Debt Service and Depreciation

$2,279

$2.12

$2,782

$3.07

$3,105

$3.45

$2,823

$2.96

$3,210

$3.37

Capital Expenditures

$175

$0.17

$190

$0.21

$131

$0.14

$250

$0.26

$143

$0.15

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

10 | RubinBrown Apartment Stats 2014