RubinBrown Apartment Stats 2014

Low Income Tax Credit Projects

2013

2011

2010

Total Number of Projects

362

367

363

Average Number of Units

107

109

106

Averages Per Unit:

Monthly Rent

$798

$697

$722

Square Feet

955

947

952

Rooms

4.36

4.38

4.37

Economic Occupancy

90.6%

88.8%

89.2%

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

36.5%

35.4%

36.9%

A

B

C

A

B

C

A

B

C

Revenues

Gross Potential Rent

$8,429

$8.83

100.0%

$8,370

$8.84

100.0%

$8,665

$9.11

100.0%

Less: Vacancy Loss

(617)

(0.65)

-7.3%

(748)

(0.79)

-8.9%

(718)

(0.75)

-8.3%

Collection Loss

(111)

(0.12)

-1.3%

(129)

(0.14)

-1.5%

(130)

(0.14)

-1.5%

(69)

(0.07)

-0.8%

(67)

(0.07)

-0.8%

(83)

(0.09)

-1.0%

Concession Loss

Rent Collected

7,632

7.99

90.6%

7,426

7.84

88.8%

7,734

8.13

89.2%

404

0.42

4.8%

373

0.39

4.4%

465

0.49

5.4%

Other Income

$8,036

$8.41

95.4%

$7,799

$8.23

93.2%

$8,199

$8.62

94.6%

Total Income

Expenses

Salaries and Personnel

$1,076

$1.13

12.8%

$1,031

$1.09

12.3%

$890

$0.94

10.3%

Administrative

457

0.48

5.4%

450

0.48

5.4%

453

0.48

5.2%

Marketing

51

0.05

0.6%

51

0.05

0.6%

102

0.11

1.2%

Management Fees

447

0.47

5.3%

434

0.46

5.2%

444

0.47

5.1%

Utilities

852

0.89

10.1%

792

0.84

9.5%

829

0.87

9.6%

All Repair, Maintenance and Contract Services

1,353

1.42

16.1%

1,435

1.52

17.1%

1,476

1.55

17.0%

Insurance

327

0.34

3.9%

282

0.30

3.4%

348

0.37

4.0%

Real Estate Taxes

463

0.49

5.5%

459

0.48

5.5%

518

0.54

6.0%

74

0.08

0.9%

103

0.11

1.2%

110

0.12

1.3%

Other Taxes

Total Expenses

$5,100

$5.35

60.6%

$5,037

$5.33

60.2%

$5,170

$5.45

59.7%

Net Operating Income Before Debt Service and Depreciation

$2,936

$3.06

34.8%

$2,762

$2.90

33.0%

$3,029

$3.17

34.9%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

14 | RubinBrown Apartment Stats 2014