RubinBrown Apartment Stats 2016

LOW INCOME TAX CREDIT PROJECTS

2015

2014

2013

Total Number of Projects

386

508

362

Average Number of Units

99

108

107

Averages Per Unit: Monthly Rent

$709

$735

$798

Square Feet

952

952

955

Rooms

4.42

4.51

4.36

Economic Occupancy

90.6%

88.9%

90.6%

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

30.6%

35.3%

36.5%

A

B

C

A

B

C

A

B

C

Revenues

Gross Potential Rent

$8,513

$8.94

100.0%

$8,824

$9.27

100.0%

$8,429

$8.83

100.0%

Less: Vacancy Loss

(580)

(0.61)

-6.8%

(757)

(0.79)

-8.6%

(617)

(0.65)

-7.3%

Collection Loss

(160)

(0.17)

-1.9%

(123)

(0.13)

-1.4%

(111)

(0.12)

-1.3%

(63)

(0.07)

-0.7%

(94)

(0.10)

-1.1%

(69)

(0.07)

-0.8%

Concession Loss

Rent Collected

7,710

8.09

90.6%

7,850

8.25

88.9%

7,632

7.99

90.6%

275

0.29

3.2%

450

0.47

5.1%

404

0.42

4.8%

Other Income

$7,985

$8.38

93.8%

$8,300

$8.72

94.0%

$8,036

$8.41

95.4%

Total Income

Expenses

Salaries and Personnel

$1,172

$1.23

13.8%

$1,071

$1.12

12.1%

$1,076

$1.13

12.8%

Administrative

452

0.47

5.3%

489

0.51

5.5%

457

0.48

5.4%

Marketing

57

0.06

0.7%

57

0.06

0.6%

51

0.05

0.6%

Management Fees

448

0.47

5.3%

467

0.49

5.3%

447

0.47

5.3%

Utilities

862

0.91

10.1%

818

0.86

9.3%

852

0.89

10.1%

All Repair, Maintenance and Contract Services

1,631

1.71

19.2%

1,531

1.61

17.3%

1,353

1.42

16.1%

Insurance

352

0.37

4.1%

349

0.37

4.0%

327

0.34

3.9%

Real Estate Taxes

451

0.47

5.3%

509

0.53

5.8%

463

0.49

5.5%

96

0.13

1.4%

82

0.09

0.9%

74

0.08

0.9%

Other Taxes

Total Expenses

$5,546

$5.82

65.2%

$5,373

$5.64

60.8%

$5,100

$5.35

60.6%

Net Operating Income Before Debt Service and Depreciation

$2,439

$2.56

28.6%

$2,927

$3.08

33.2%

$2,936

$3.06

34.8%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

14 | RubinBrown Apartment Stats 2016