RubinBrown Apartment Stats 2021

LOW INCOME TAX CREDIT PROJECTS

2020

2019

2018

Total Number of Projects Average Number of Units

808

666

595

110

107

109

Averages Per Unit: Monthly Rent

$984

$858

$833

Square Feet

919.61

908

913

Rooms

4.48

4.49

4.47

Economic Occupancy

92.9%

92.2%

92.7%

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

42.3%

38.6%

35.0%

A

B

C

A

B

C

A

B

C

Revenues Gross Potential Rent Less: Vacancy Loss

$11,804

$12.84 (0.92) (0.17) (0.07)

100.0%

$10,483

$11.55 (0.90) (0.14) (0.07)

100.0%

$9,996

$10.95 (0.80) (0.15) (0.08)

100.0%

(843) (160)

-7.1% -1.4% -0.5% 91.0%

(819) (125)

-7.8% -1.2% -0.6% 90.4%

(732) (134)

-7.3% -1.3% -0.7% 90.6%

Collection Loss

(64)

(62)

(74)

Concession Loss

Rent Collected

10,737

11.68

9,477

10.44

9,056

9.92 0.72

456

0.50

3.9%

593

0.65

5.7%

655

6.6%

Other Income

$11,193

$12.18

94.9%

$10,070

$11.09

96.1%

$9,711

$10.64

97.2%

Total Income

Expenses Salaries and Personnel

$1,173

$1.28

9.9% 6.7% 0.7% 4.6% 7.9%

$1,148

$1.26

11.0%

$1,104

$1.21

11.0%

Administrative

796

0.87 0.09 0.59 1.02

622

0.69 0.08 0.54 1.02

5.9% 0.7% 4.7% 8.8%

700

0.77 0.10 0.55 1.01

7.0% 0.9% 5.0% 9.2%

Marketing

82

72

89

Management Fees

538 935

493 921

499 924

Utilities

All Repair, Maintenance and Contract Services

1,411

1.53

12.0%

1,563

1.72

14.9%

1,591

1.74

15.9%

Insurance

419 776 325

0.46 0.84 0.35

3.6% 6.6% 2.8%

411 630 322

0.45 0.69 0.35

3.9% 6.0% 3.1%

364 756 286

0.40 0.83 0.31

3.6% 7.6% 2.9%

Real Estate Taxes

Other Taxes

Total Expenses

$6,455

$7.03

54.8%

$6,182

$6.80

59.0%

$6,313

$6.91

63.2%

Net Operating Income Before Debt Service and Depreciation

$4,738

$5.15

40.1%

$3,888

$4.29

37.1%

$3,398

$3.73

34.0%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

RubinBrown Apartment Stats 2021

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