RubinBrown Apartment Stats 2015

Low Income Tax Credit Projects

2014

2013

2012

Total Number of Projects

508

362

367

Average Number of Units

108

107

109

Averages Per Unit: Monthly Rent

$735

$798

$697

Square Feet

952

955

947

Rooms

4.51

4.36

4.38

Economic Occupancy

88.9%

90.6%

88.8%

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

35.3%

36.5%

35.4%

A

B

C

A

B

C

A

B

C

Revenues

Gross Potential Rent

$8,824

$9.27

100.0%

$8,429

$8.83

100.0%

$8,370

$8.84

100.0%

Less: Vacancy Loss

(757)

(0.79)

-8.6%

(617)

(0.65)

-7.3%

(748)

(0.79)

-8.9%

Collection Loss

(123)

(0.13)

-1.4%

(111)

(0.12)

-1.3%

(129)

(0.14)

-1.5%

(94)

(0.10)

-1.1%

(69)

(0.07)

-0.8%

(67)

(0.07)

-0.8%

Concession Loss

Rent Collected

7,850

8.25

88.9%

7,632

7.99

90.6%

7,426

7.84

88.8%

450

0.47

5.1%

404

0.42

4.8%

373

0.39

4.4%

Other Income

$8,300

$8.72

94.0%

$8,036

$8.41

95.4%

$7,799

$8.23

93.2%

Total Income

Expenses

Salaries and Personnel

$1,071

$1.12

12.1%

$1,076

$1.13

12.8%

$1,031

$1.09

12.3%

Administrative

489

0.51

5.5%

457

0.48

5.4%

450

0.48

5.4%

Marketing

57

0.06

0.6%

51

0.05

0.6%

51

0.05

0.6%

Management Fees

467

0.49

5.3%

447

0.47

5.3%

434

0.46

5.2%

Utilities

818

0.86

9.3%

852

0.89

10.1%

792

0.84

9.5%

All Repair, Maintenance and Contract Services

1,531

1.61

17.3%

1,353

1.42

16.1%

1,435

1.52

17.1%

Insurance

349

0.37

4.0%

327

0.34

3.9%

282

0.30

3.4%

Real Estate Taxes

509

0.53

5.8%

463

0.49

5.5%

459

0.48

5.5%

82

0.09

0.9%

74

0.08

0.9%

103

0.11

1.2%

Other Taxes

Total Expenses

$5,373

$5.64

60.8%

$5,100

$5.35

60.6%

$5,037

$5.33

60.2%

Net Operating Income Before Debt Service and Depreciation

$2,927

$3.08

33.2%

$2,936

$3.06

34.8%

$2,762

$2.90

33.0%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

14 | RubinBrown Apartment Stats 2015