RubinBrown Apartment Stats 2024

LOW INCOME TAX CREDIT PROJECTS

2023

2022

2021

Total Number of Projects Average Number of Units

971 106

1032

865

108

107

Averages Per Unit: Monthly Rent

$1,298

$1,166

$1,084

Square Feet

885

912

917

Rooms

4.37

4.46

4.44

Economic Occupancy

92.0%

92.5%

93.1%

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

36.7%

37.7%

41.3%

A

B

C

A

B

C

A

B

C

Revenues Gross Potential Rent Less: Vacancy Loss

$15,957

$18.02 (1.43) (0.45) (0.25)

100.0%

$13,993

$15.34 (1.16) (0.31) (0.18)

100.0%

$13,007

$14.19 (0.98) (0.27) (0.32)

100.0%

(1,270)

-8.0% -2.5% -1.4% 88.2%

(1,054)

-7.5% -2.0% -1.2% 89.2%

(898) (248) (290)

-6.9% -1.9% -2.2% 89.0%

Collection Loss

(400) (219)

(283) (167)

Concession Loss

Rent Collected

14,068

15.89

12,489

13.69

11,571

12.62

576

0.65

3.6%

807

0.88

5.8%

1,123

1.23

8.6%

Other Income

$14,644

$16.54

91.8%

$13,296

$14.58

95.0%

$12,694

$13.85

97.6%

Total Income

Expenses Salaries and Personnel

$1,625

$1.83

10.2%

$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%

Administrative

1,130

1.28 0.13 0.75 1.44

7.1% 0.7% 4.1% 8.0%

1,187

1.30 0.13 0.65 1.28

887

0.97 0.11 0.66 1.08

Marketing

114 661

114 593

97

Management Fees

603 986

Utilities

1,272

1,163

All Repair, Maintenance and Contract Services

2,177

2.46

13.6%

2,032

2.23

14.5%

1,890

2.06

14.5%

Insurance

803 777 708

0.91 0.88 0.80

5.0% 4.9% 4.4%

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%

Real Estate Taxes

Other Taxes

Total Expenses

$9,268

$10.47

58.1%

$8,275

$9.07

59.1%

$7,451

$8.15

57.2%

Net Operating Income Before Debt Service and Depreciation

$5,376

$6.07

33.7%

$5,021

$5.51

35.9%

$5,243

$5.70

40.4%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

RubinBrown Apartment Stats 2024

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