RubinBrown Apartment Stats 2023

COMPARISON OF OPERATIONS

Government Assisted

Market Rate

Total Number of Projects

1102

11

Average Project Age in Years Average Number of Units

9.84

12.55

107

164

Averages Per Unit: Monthly Rent

$1,155

$1,206

Square Feet

901

1,087

Rooms

4.45

4.19

Economic Occupancy

92.4%

96.8%

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

37.0%

43.7%

A

B

C

A

B

C

Revenues Gross Potential Rent Less: Vacancy Loss

$13,860

$15.38 (1.16) (0.32) (0.18)

100.0%

$14,469

$13.31 (0.43) (0.20) (0.98)

100.0%

(1,048)

-7.6% -2.1% -1.2% 89.2%

(465) (214)

-3.2% -1.5% -7.3% 88.0%

Collection Loss

(292) (161)

(1,060)

Concession Loss

Rent Collected Other Income Total Income

12,359

13.72

12,730

11.71

803

0.89

5.8%

1,340

1.23

9.3%

$13,162

$14.61

95.0%

$14,070

$12.94

97.2%

Expenses Salaries and Personnel

$1,382

$1.53

10.0% 8.6% 0.8% 4.3% 8.5% 0.5% 0.5% 0.9% 0.7% 0.3% 0.4% 0.3% 4.3% 6.5% 2.3% 11.0% 59.8%

$1,384

$1.27

9.6% 3.2% 1.7% 4.0% 7.3% 1.3% 0.9% 1.4% 0.7% 0.5% 0.6% 0.6% 4.0% 7.3% 0.8%

Administrative

1,191

1.32 0.12 0.66 1.30 0.07 0.08 0.14 0.11 0.05 0.07 0.04 1.70 0.66 0.99 0.35

468 245 573 186 133 195 100

0.43 0.23 0.53 0.97 0.17 0.12 0.18 0.09 0.07 0.08 0.08 1.47 0.53 0.97 0.11

Marketing

112 596

Management Fees

Utilities

1,173

1,052

Carpeting

66 72

Painting

Landscaping

125

HVAC

98 41 62 40

Appliances

71 84 86

Plumbing Electrical

Other Repairs and Services

1,530

1,599

11.0%

Insurance

598 895 314

577

Real Estate Taxes

1,050

120

Other Taxes

Total Expenses

$8,295

$9.21

$7,923

$7.29

54.8%

Net Operating Income Before Debt Service and Depreciation

$4,867

$5.40

35.1%

$6,147

$5.65

42.4%

Capital Expenditures

$797

$0.89

5.8%

$173

$0.16

1.2%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

Comparison of Operations

3