RubinBrown Apartment Stats 2023

LOW INCOME TAX CREDIT PROJECTS

2022

2021

2020

Total Number of Projects Average Number of Units

1032

865

808

108

107

110

Averages Per Unit: Monthly Rent

$1,166

$1,084

$984

Square Feet

912

917

920

Rooms

4.46

4.44

4.48

Economic Occupancy

92.5%

93.1%

92.9%

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

37.7%

41.3%

42.3%

A

B

C

A

B

C

A

B

C

Revenues Gross Potential Rent Less: Vacancy Loss

$13,993

$15.34 (1.16) (0.31) (0.18)

100.0%

$13,007

$14.19 (0.98) (0.27) (0.32)

100.0%

$11,804

$12.84 (0.92) (0.17) (0.07)

100.0%

(1,054)

-7.5% -2.0% -1.2% 89.2%

(898) (248) (290)

-6.9% -1.9% -2.2% 89.0%

(843) (160)

-7.1% -1.4% -0.5% 91.0%

Collection Loss

(283) (167)

(64)

Concession Loss

Rent Collected

12,489

13.69

11,571

12.62

10,737

11.68

807

0.88

5.8%

1,123

1.23

8.6%

456

0.50

3.9%

Other Income

$13,296

$14.58

95.0%

$12,694

$13.85

97.6%

$11,193

$12.18

94.9%

Total Income

Expenses Salaries and Personnel

$1,369

$1.50

9.8% 8.5% 0.8% 4.2% 8.3%

$1,235

$1.35

9.5% 6.8% 0.7% 4.6% 7.6%

$1,173

$1.28

9.9% 6.7% 0.7% 4.6% 7.9%

Administrative

1,187

1.30 0.13 0.65 1.28

887

0.97 0.11 0.66 1.08

796

0.87 0.09 0.59 1.02

Marketing

114 593

97

82

Management Fees

603 986

538 935

Utilities

1,163

All Repair, Maintenance and Contract Services

2,032

2.23

14.5%

1,890

2.06

14.5%

1,411

1.53

12.0%

Insurance

595 908 314

0.65 1.00 0.34

4.3% 6.5% 2.2%

533 858 362

0.58 0.94 0.40

4.1% 6.6% 2.8%

419 776 325

0.46 0.84 0.35

3.6% 6.6% 2.8%

Real Estate Taxes

Other Taxes

Total Expenses

$8,275

$9.07

59.1%

$7,451

$8.15

57.2%

$6,455

$7.03

54.8%

Net Operating Income Before Debt Service and Depreciation

$5,021

$5.51

35.9%

$5,243

$5.70

40.4%

$4,738

$5.15

40.1%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

RubinBrown Apartment Stats 2023

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