RubinBrown Apartment Stats 2014

Comparison of Operations

Government Assisted

Market Rate

Total Number of Projects

371

45

Average Project Age In Years

10.8

10.0

Average Number of Units

108

263

Averages Per Unit: Monthly Rent

$702

$780

Square Feet

952

909

Rooms

4.34

4.00

Economic Occupancy

90.8%

85.8%

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

36.3%

45.9%

A

B

C

A

B

C

Revenues

Gross Potential Rent

$8,421

$8.85

100.0%

$9,358

$10.30

100.0%

Less: Vacancy Loss

(597)

(0.63)

-7.1%

(908)

(1.00)

-9.7%

Collection Loss

(111)

(0.12)

-1.3%

(121)

(0.13)

-1.3%

(67)

(0.07)

-0.8%

(303)

(0.33)

-3.2%

Concession Loss

Rent Collected

7,646

$8.03

90.8%

8,026

8.84

85.8%

400

0.42

4.8%

1,088

1.20

11.6%

Other Income

$8,046

$8.45

95.6%

$9,114

$10.04

97.4%

Total Income

Expenses

Salaries and Personnel

$1,079

$1.13

12.8%

$939

$1.03

10.0%

Administrative

469

0.49

5.6%

438

0.48

4.7%

Marketing

52

0.05

0.6%

153

0.17

1.6%

Management Fees

449

0.47

5.3%

419

0.46

4.5%

Utilities

867

0.91

10.3%

664

0.73

7.1%

Carpeting

125

0.13

1.5%

130

0.14

1.4%

Painting

54

0.06

0.6%

172

0.19

1.8%

Landscaping

165

0.17

2.0%

174

0.19

1.9%

HVAC

52

0.05

0.6%

38

0.04

0.4%

Appliances

46

0.05

0.5%

42

0.05

0.4%

Plumbing

53

0.06

0.6%

52

0.06

0.6%

Electrical

25

0.03

0.3%

23

0.03

0.2%

Other Repairs and Services

813

0.85

9.7%

419

0.46

4.5%

Insurance

327

0.34

3.9%

311

0.34

3.3%

Real Estate Taxes

467

0.49

5.5%

841

0.93

9.0%

82

0.09

1.0%

120

0.13

1.3%

Other Taxes

Total Expenses

$5,125

$5.37

60.8%

$4,935

$5.43

52.7%

Net Operating Income Before Debt Service and Depreciation

$2,921

$3.08

34.8%

$4,179

$4.61

44.7%

Capital Expenditures

$185

$0.19

2.2%

$1,025

$1.13

11.0%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

RubinBrown Apartment Stats 2014 | 3