RubinBrown Apartment Stats 2014

Market Rate

2013

2012

2011

Total Number of Projects

45

34

35

Average Number of Units

263

248

246

Averages Per Unit:

Monthly Rent

$780

$766

$674

Square Feet

909

926

938

Rooms

4.00

4.14

4.20

Economic Occupancy

85.8%

85.0%

88.6%

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

45.9%

49.0%

49.4%

A

B

C

A

B

C

A

B

C

Revenues

Gross Potential Rent

$9,358

$10.30

100.0%

$9,193

$9.93

100.0%

$8,093

$8.63

100.0%

Less: Vacancy Loss

(908)

(1.00)

-9.7%

(824)

(0.89)

-9.0%

(438)

(0.47)

-5.4%

Collection Loss

(121)

(0.13)

-1.3%

(116)

(0.13)

-1.3%

(62)

(0.07)

-0.8%

(303)

(0.33)

-3.2%

(435)

(0.47)

-4.7%

(420)

(0.45)

-5.2%

Concession Loss

Rent Collected

8,026

8.84

85.8%

7,818

8.44

85.0%

7,173

7.64

88.6%

1,088

1.20

11.6%

821

0.89

8.9%

630

0.67

7.8%

Other Income

$9,114

$10.04

97.4%

$8,639

$9.33

93.9%

$7,803

$8.31

96.4%

Total Income

Expenses

Salaries and Personnel

$939

$1.03

10.0%

$976

$1.05

10.6%

$762

$0.81

9.4%

Administrative

438

0.48

4.7%

305

0.33

3.3%

339

0.36

4.2%

Marketing

153

0.17

1.6%

127

0.14

1.4%

104

0.11

1.3%

Management Fees

419

0.46

4.5%

350

0.38

3.8%

319

0.34

4.0%

Utilities

664

0.73

7.1%

596

0.64

6.5%

584

0.62

7.2%

All Repairs and Maintenance and Contract Services

1,050

1.16

11.2%

1,054

1.14

11.6%

883

0.94

10.9%

Insurance

311

0.34

3.3%

264

0.28

2.9%

233

0.25

2.9%

Real Estate Taxes

841

0.93

9.0%

690

0.75

7.5%

647

0.69

8.0%

120

0.13

1.3%

48

0.05

0.5%

76

0.08

0.9%

Other Taxes

Total Expenses

$4,935

$5.43

52.7%

$4,410

$4.76

48.1%

$3,947

$4.20

48.8%

Net Operating Income Before Debt Service and Depreciation

$4,179

$4.61

44.7%

$4,229

$4.57

45.8%

$3,856

$4.11

47.6%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

12 | RubinBrown Apartment Stats 2014