RubinBrown Apartment Stats 2025

2025 Apartment Stats A PUBLICATION BY RUBINBROWN LLP

SECTION TITLE

RubinBrown is pleased to present the 2025 Apartment Statistical Analysis, an annual survey compiled by the Real Estate Services Group. Each year, data is collected from our clients, as well as other contacts and referrals within the industry, to comprise averages in a variety of markets within the United States. The accompanying statistical information includes operational data for 2024 and represents nearly 1,000 apartment projects in roughly 40 states. While these averages are representative of a smaller pool of projects, the trends are usually consistent with those experienced at the national level. If you have questions about the content of this publication, please contact us (see page 17 for contact information).

Contents 1

Executive Summary

CPAs AND ADVISORS SPECIALIZING IN AFFORDABLE HOUSING, TAX CREDITS, & COMMUNITY DEVELOPMENT

3 4 8

Comparison of Operations

Government Assisted

Government Assisted by Region

www.RubinBrown.com

10 12 14 16

Government Assisted by Project Size

Low Income Tax Credit Projects

Market Rate

Disclaimer: Apartment Stats, a publication of RubinBrown LLP, is designed to provide general information regarding the subject matter covered. Although prepared by professionals, its content should not be construed as the rendering of advice regarding specific situations. If accounting, legal, or other expert assistance is needed, consult with your professional business advisor. Please call RubinBrown with any questions.

RubinBrown Real Estate Services Group

EXECUTIVE SUMMARY

Multifamily Market: Resilience Amidst Headwinds The multifamily sector continues to demonstrate resilience, managing near-term pressures from elevated supply and higher interest rates. According to RealPage, the market sustained modest year-over-year rent growth of 0.3% and a stable occupancy rate of 94.4% as of the third quarter of 2024. This performance reflects exceptionally strong demand. Renter household formation was robust in 2024, with an increase of 848,000 households, and accelerated further in early 2025, climbing by 1.1 million to reach 46.1 million renter households. This surge has sharply absorbed the influx of new units, with nearly 490,000 apartments leased in the year ending in Q3 2024—well above the pre pandemic norm of roughly 300,000 units and surpassed only during the peak pandemic boom. Even so, the sector faces a pronounced supply peak. Record-low interest rates and strong fundamentals in 2021–2022 spurred development, leading to the highest level of completions since the mid-1980s. Developers delivered 608,000 units in 2024 alone, more than double the long-term annual average of 298,000. However, the pipeline is set to contract sharply. Financing constraints pushed multifamily starts in the first three quarters of 2024 to their lowest level in a decade—a 25.0% drop from the prior year. As a result, supply is expected to decline materially after 2025. Looking ahead, assuming a soft economic landing, the baseline outlook for 2025 is subdued but positive: projected rent growth of 2.2% and a modest vacancy increase to 6.2%. Market performance will diverge by metro. Areas with limited new supply since the pandemic are positioned to outperform, while markets that saw a construction surge are likely to face weaker results. Broader Housing Challenges: Affordability Crisis Deepens Resilience in multifamily must be viewed within the broader context of a worsening housing affordability crisis. Elevated home prices and mortgage rates have pushed homebuying to its lowest level since the mid-1990s, redirecting many households into the rental market.

As a result, renter cost burdens have reached record levels. In 2023, 22.6 million renter households—half of all renters—spent more than 30.0% of income on housing and utilities, including 12.1 million who were severely burdened, devoting over half of income to housing. Homeowners have also felt the strain, with 20.3 million households now cost-burdened, driven by rising insurance premiums and property taxes, which increased an average of 12.0% between 2021 and 2023. The composition of the housing stock has further exacerbated affordability challenges. While overall rental supply has grown, the number of low-rent units has reduced. From 2013 to 2023, inflation-adjusted units renting below $1,000.00 per month fell by more than 30%, dropping from 24.8 million to 17.2 million. In contrast, higher-end construction has expanded significantly, nearly tripling the stock of units renting for $2,000.00 or more, from 3.6 million to 9.1 million. The result is a widening gap in affordable options for lower income households. Outlook & Policy Implications Housing market outcomes are increasingly tied to federal policy and economic conditions. Demand for housing assistance continues to outpace supply, with only one in four income-eligible renters receiving subsidies. Roughly 5.1 million households rely on federal programs, yet proposed funding reductions could limit support further. In the near term, slowing construction paired with sustained demand is expected to tighten rental markets, placing upward pressure on rents and intensifying affordability concerns. Over the longer term, multifamily remains well-positioned. Favorable demographics, a resilient labor market, and a persistent national housing shortage suggest the sector will continue to attract capital and remain a core asset class.

1

SECTION TITLE

2025 APARTMENT STATS | 2

COMPARISON OF OPERATIONS

GOVERNMENT ASSISTED

MARKET RATE

Total Number of Projects

940

6

Average Project Age in Years Average Number of Units

11.88

9.00

106

164

Averages Per Unit: Monthly Rent

$1,437

$1,385

Square Feet

888

1,087

Rooms

4.36

4.19

Economic Occupancy

90.7%

94.2%

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

37.2%

38.9%

A

B

C

A

B

C

REVENUES Gross Potential Rent Less: Vacancy Loss

$17,654

$19.87 (1.85) (0.48) (0.22)

100.0%

$16,614

$15.28 (0.89) (0.30) (0.52)

100.0%

(1,639)

-9.3% -2.4% -1.1% 87.2%

(971) (327) (561)

-5.8% -2.0% -3.4% 88.8%

Collection Loss

(425) (197)

Concession Loss

Rent Collected Other Income Total Income

15,393

17.33

14,755

13.57

666

0.75

3.8%

623

0.57

3.8%

$16,058

$18.07

91.0%

$15,378

$14.14

92.6%

EXPENSES Salaries and Personnel

$1,695

$1.91

9.6% 7.4% 0.7% 4.2% 7.6% 0.4% 0.5% 0.9% 0.6% 0.3% 0.4% 0.2% 9.8% 6.1% 5.9% 2.5%

$1,866

$1.72

11.2%

Administrative

1,301

1.46 0.14 0.84 1.52 0.07 0.11 0.18 0.12 0.05 0.08 0.04 1.94 1.22 1.17 0.50

435 275 561 468 342 190 147

0.40 0.25 0.52 1.24 0.43 0.31 0.17 0.14 0.03 0.09 0.02 1.48 0.80 0.89 0.15

2.6% 1.7% 3.4% 8.1% 2.8% 2.1% 1.1% 0.9% 0.2% 0.6% 0.1% 9.7% 5.2% 5.8% 1.0%

Marketing

123 744

Management Fees

Utilities

1,347

1,351

Carpeting

66 96

Painting

Landscaping

159 108

HVAC

Appliances

46 73 39

28 98 24

Plumbing Electrical

Other Repairs and Services

1,722 1,083 1,038

1,609

Insurance

870 962 164

Real Estate Taxes

448

Other Taxes

Total Expenses

$10,088

$11.35

57.1%

$9,390

$8.64

56.5%

Net Operating Income Before Debt Service and Depreciation

$5,971

$6.72

33.8%

$5,988

$5.51

36.0%

Capital Expenditures

$1,489

$1.68

8.4%

$2,381

$2.19

14.3%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

3

GOVERNMENT ASSISTED

2024

2023

2022

Total Number of Projects Average Number of Units

940

1024

1102

106

105

107

Averages Per Unit: Monthly Rent

$1,437

$1,294

$1,155

Square Feet

888

875

901

Rooms

4.36

4.36

4.45

Economic Occupancy

90.7%

92.0%

92.4%

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

37.2%

37.5%

37.0%

A

B

C

A

B

C

A

B

C

REVENUES Gross Potential Rent Less: Vacancy Loss

$17,654

$19.87 (1.85) (0.48) (0.22)

100.0%

$15,886

$18.16 (1.45) (0.46) (0.26)

100.0%

$13,860

$15.38 (1.16) (0.32) (0.18)

100.0%

(1,639)

-9.3% -2.4% -1.1% 87.2%

(1,272)

-8.0% -2.6% -1.4% 88.0%

(1,048)

-7.6% -2.1% -1.2% 89.2%

Collection Loss

(425) (197)

(406) (224)

(292) (161)

Concession Loss

Rent Collected

15,393

17.33

13,983

15.99

12,359

13.72

Other Income

666

0.75

3.8%

786

0.90

5.0%

803

0.89

5.8%

Total Income

$16,058

$18.07

91.0%

$14,770

$16.89

93.0%

$13,162

$14.61

95.0%

EXPENSES Salaries and Personnel

$1,695

$1.91

9.6% 7.4% 0.7% 4.2% 7.6%

$1,605

$1.84

10.1%

$1,382

$1.53

10.0%

Administrative

1,301

1.46 0.14 0.84 1.52

1,128

1.29 0.13 0.76 1.46

7.1% 0.7% 4.2% 8.0%

1,191

1.32 0.12 0.66 1.30

8.6% 0.8% 4.3% 8.5%

Marketing

123 744

112 661

112 596

Management Fees

Utilities

1,347

1,277

1,173

All Repair, Maintenance and Contract Services

2,309

2.60

13.0%

2,181

2.49

13.9%

2,034

2.26

14.7%

Insurance

1,083 1,038

1.22 1.17 0.50

6.1% 5.9% 2.5%

805 772 689

0.92 0.88 0.79

5.1% 4.9% 4.3%

598 895 314

0.66 0.99 0.35

4.3% 6.5% 2.3%

Real Estate Taxes

Other Taxes

448

Total Expenses

$10,088

$11.35

57.1%

$9,229

$10.55

58.3%

$8,295

$9.21

59.8%

Net Operating Income Before Debt Service and Depreciation

$5,971

$ 6.72

33.8%

$5,541

$6.34

34.7%

$4,867

$5.40

35.1%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

2025 APARTMENT STATS | 4

AVERAGE MONTHLY RENT PER UNIT

QUICK STATS GOVERNMENT ASSISTED GOVERNMENT ASSISTED

2021

2020

939

902

106

109

$1,437

$1,294

$1,155

$1,077

$978

$1,077

$978

905

907

4.43

4.48

93.0%

92.8%

2024

2023

2022

2021

2020

40.9%

41.8%

A

B

C

A

B

C

ECONOMIC OCCUPANCY

$12,925

$14.28 (1.00) (0.28) (0.30)

100.0%

$11,740

$12.94 (0.93) (0.18) (0.07)

100.0%

(909) (250) (272)

-7.0% -1.9% -2.1% 89.0%

(844) (164)

-7.2% -1.4% -0.5% 90.9%

(62)

90.7%

92.0%

92.4%

93.0%

92.8%

11,494

12.70

10,670

11.76

1,101

1.22

8.5%

450

0.50

3.8%

$12,595

$13.92

97.5%

$11,120

$12.26

94.7%

2024

2023

2022

2021

2020

$1,243

$1.37

9.6% 6.8% 0.7% 4.7% 7.7%

$1,178

$1.30

10.0%

873

0.96 0.10 0.67 1.10

789

0.87 0.09 0.59 1.03

6.7% 0.7% 4.6% 8.0%

92

77

602 994

539 937

1,899

2.10

14.7%

1,441

1.59

12.3%

GROSS POTENTIAL RENT VS. NET OPERATING INCOME PER SQ. FT.

540 834 364

0.60 0.92 0.40

4.2% 6.5% 2.8%

426 753 328

0.47 0.83 0.36

3.6% 6.4% 2.8%

$7,441

$8.22

57.7%

$6,468

$7.13

55.1%

YEAR GROSS POTENTIAL RENT OPERATING INCOME 2024 $19.87 $6.72 2023 $18.16 $6.34 2022 $15.38 $5.40 2021 $14.24 $5.70 2020 $12.94 $5.13

$5,154

$5.70

39.8%

$4,652

$5.13

39.6%

5

GOVERNMENT ASSISTED EXPENSE TRENDS PER UNIT EXPENSE TRENDS PER UNIT

SALARIES & PERSONNEL

TRENDS

YEAR

EXPENSE TREND

$1,695 $1,605 $1,382 $1,243 $1,178

2024 2023 2022 2021 2020

2024

2020

ADMINISTRATIVE & MARKETING

TRENDS

YEAR

EXPENSE TREND

$1,424 $1,240 $1,303

2024 2023 2022 2021 2020

$965 $866

2024

2020

CONTRACT SERVICES & REPAIR AND MAINTENANCE

TRENDS

YEAR

EXPENSE TREND

$2,309 $2,181 $2,034 $1,899 $1,441

2024 2023 2022 2021 2020

2024

2020

TAXES & INSURANCE

TRENDS

YEAR

EXPENSE TREND

$2,569 $2,266 $1,807 $1,738 $1,507

2024 2023 2022 2021 2020

2024

2020

2025 APARTMENT STATS | 6

GOVERNMENT ASSISTED BY REGION BY REGION

NORTH

EAST/NORTHEAST

MIDWEST

SOUTH/SOUTHEAST

Total Number of Projects

26

98

556

134

Average Project Age In Years Average Number of Units

11.96

13.14

12.01

9.93

114

115

102

118

Averages Per Unit: Monthly Rent

$1,468

$1,566

$1,381

$1,356

Square Feet

925

959

819

1,017

Rooms

3.68

4.50

4.36

4.99

Economic Occupancy

89.1%

92.2%

92.4%

88.0%

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

42.5%

39.1%

37.5%

35.5%

A B

C

A B

C

A B

C

A B

C

REVENUES Gross Potential Rent Less: Vacancy Loss

$17,612 $19.04 100.0% $18,797 $19.59 100.0% $17,193 $20.99 100.0% $16,272 $16.00 100.0%

(1,917) (2.07)-10.9%

(1,460) (1.52) (428) (0.45) (545) (0.57)

-7.8% -2.3% -2.9% 87.1%

(1,302) (1.59) (354) (0.43) (127) (0.15)

-7.6% -2.1% -0.7% 89.6%

(1,950) (1.92)-12.0%

Collection Loss

(356) (0.39) (131) (0.14)

-2.0% -0.7% 86.4%

(575) (0.57) (139) (0.14)

-3.5% -0.9% 83.6%

Concession Loss

Rent Collected

15,208

16.44

16,364

17.06

15,411

18.81

13,609

13.38

956

1.03

5.4%

589

0.61

3.1%

601

0.73

3.5%

750

0.74

4.6%

Other Income

$16,164 $17.47

91.8% $16,953 $17.67

90.2% $16,012 $19.55

93.1% $14,358

$14.11

88.2%

Total Income

EXPENSES Salaries and Personnel

$1,330

$1.44

7.6% 6.4% 0.4% 3.7% 8.8% 0.3% 0.4% 1.1% 0.4% 0.2% 0.4% 0.1% 9.3% 5.2% 6.6% 1.9%

$1,677

$1.75

8.9% 8.4% 0.4% 3.7% 8.4% 0.4% 0.4% 0.7% 0.6% 0.2% 0.4% 0.3% 9.9% 4.8% 5.4% 2.0%

$1,665

$2.03

9.7% 7.2% 0.8% 4.4% 7.3% 0.4% 0.6% 0.8% 0.6% 0.2% 0.4% 0.2% 9.9% 5.6% 7.3% 2.7%

$1,793

$1.76

11.0% 6.7% 0.7% 4.3% 7.6% 0.5% 0.7% 1.3% 0.7% 0.4% 0.4% 0.2% 7.8% 2.5% 1.9% 10.2% 56.9%

Administrative

1,122

1.21 0.07 0.70 1.68 0.05 0.08 0.21 0.07 0.03 0.08 0.03 1.77 0.99 1.26 0.36

1,577

1.64 0.08 0.72 1.64 0.08 0.08 0.13 0.12 0.04 0.09 0.06 1.93 0.94 1.06 0.39

1,245

1.52 0.17 0.93 1.53 0.08 0.13 0.17 0.13 0.05 0.08 0.04 2.08 1.18 1.54 0.56

1,091

1.07 0.11 0.69 1.22 0.07 0.11 0.20 0.11 0.06 0.07 0.03 1.62 1.25 0.40 0.31

Marketing

68

76

138 758

116 703

Management Fees

646

691

Utilities

1,559

1,573

1,254

1,237

Carpeting

50 75

76 75

67

76

Painting

103 140 108

114 206 115

Landscaping

196

129 113

HVAC

69 28 75 26

Appliances

40 84 57

40 68 31

63 68 35

Plumbing Electrical

Other Repairs and Services

1,641

1,855

1,703

1,652 1,269

Insurance

912

904

968

Real Estate Taxes

1,169

1,015

1,258

406 316

329

376

456

Other Taxes

Total Expenses

52.8%

$10,317 $10.75

54.9%

$10,003 $12.21

58.2%

$9,296

$10.05

$9,261

$9.10

Net Operating Income Before Debt Service & Depreciation

$6,869

$7.41

39.0%

$6,635

$6.92

35.3%

$6,009

$7.34

35.0%

$5,097

$5.01

31.3%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

2025 APARTMENT STATS | 8

QUICK STATS GOVERNMENT ASSISTED BY REGION GOVERNMENT ASSISTED BY REGION

SOUTH/SOUTHWEST

WEST/NORTHWEST

26

43

12.54

13.74

123

116

$1,514

$1,891

900

574

4.36

3.25

MONTHLY RENT PER UNIT (WITH YEAR-OVER-YEAR COMPARISON)

84.0%

93.1%

↑ ↑ ↑ ↑ ↑ ↑

$1,468 $1,566 $1,381 $1,356 $1,514 $1,891

NORTH

17.3%

43.3%

EAST/NORTHEAST

MIDWEST

A B

C

A B

C

SOUTH/SOUTHEAST SOUTH/SOUTHWEST WEST/NORTHWEST

$18,173 $20.20 100.0% $22,693 $39.53 100.0% (2,904) (3.23)-16.0% (1,558) (2.71) -6.9% (854) (0.95) -4.7% (625) (1.09) -2.8% (349) (0.39) -1.9% (87) (0.15) -0.4% 14,067 15.63 77.4% 20,423 35.58 90.0% 606 0.67 3.3% 902 1.57 4.0%

NET OPERATING INCOME PER SQUARE FOOT (WITH YEAR-OVER-YEAR COMPARISON)

80.7% $21,324 $37.15

94.0%

$14,673 $16.31

↑ ↑ ↑ ↓ ↓ ↑

$7.41 $6.92 $7.34 $5.01 $2.83

NORTH

EAST/NORTHEAST

$2,076

$2.31

11.4%

$1,818

$3.17

8.0% 6.5% 0.4% 4.2% 8.5% 0.2% 0.3% 0.8% 0.4% 0.4% 0.6% 0.2% 7.4% 1.7% 2.7%

MIDWEST

1,647

1.83 0.12 0.75 1.66 0.21 0.10 0.22 0.19 0.02 0.09 0.09 1.82 1.70 1.49 0.88

9.1% 0.6% 3.7% 8.2% 1.0% 0.5% 1.1% 0.9% 0.1% 0.4% 0.5% 9.0% 8.4% 7.4% 4.3%

1,480

2.58 0.17 1.66 3.34 0.09 0.11 0.31 0.18 0.15 0.25 0.08 4.29 2.94 0.68 1.05

SOUTH/SOUTHEAST SOUTH/SOUTHWEST WEST/NORTHWEST

110 677

97

955

$16.10

1,498

1,918

189

51 63

88

194 170

179 101

22 81 85

84

ECONOMIC OCCUPANCY (WITH YEAR-OVER-YEAR COMPARISON)

146

44

↓ ↓ ↑ ↓ ↓ ↓

89.1% 92.2% 92.4% 88.0% 84.0% 93.1%

NORTH

1,638 1,527 1,337

2,464 1,687

10.9%

EAST/NORTHEAST

MIDWEST

392 603

SOUTH/SOUTHEAST SOUTH/SOUTHWEST WEST/NORTHWEST

790

$12,128 $13.48

66.7%

$12,081 $21.05

53.2%

$2,545

$2.83

14.0%

$9,243 $16.10

40.7%

9

GOVERNMENT ASSISTED BY PROJECT SIZE BY PROJECT SIZE

OVER 200 UNITS

0-50 UNITS

51-100 UNITS

101-150 UNITS

151-200 UNITS

Total Number of Projects

57

83

71

27

20

Average Project Age In Years Average Number of Units

14.55

17.05

17.87

18.31

18.25

36

80

121

174

275

Averages Per Unit: Monthly Rent

$1,282

$1,173

$1,064

$1,121

$1,062

Square Feet

1,015

895

866

861

975

Rooms

5.07

4.29

3.93

4.25

4.34

Economic Occupancy

90.3%

90.4%

88.9%

90.2%

91.0%

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

22.7%

28.2%

26.8%

20.9%

28.7%

A B

A B

A B

A B

A B

REVENUES Gross Potential Rent Less: Vacancy Loss

$15,381 $15.16 (1,499) (1.48) (408) (0.40) (185) (0.18)

$14,082 $15.73 (1,357) (1.52) (392) (0.44) (243) (0.27)

$12,765 $14.75 (1,423) (1.64) (365) (0.42) (363) (0.42)

$13,446 $15.62 (1,318) (1.53) (555) (0.64) (440) (0.51)

$12,749 $13.08 (1,148) (1.18) (328) (0.34) (213) (0.22)

Collection Loss

Concession Loss

Rent Collected

13,290

13.10

12,090

13.51

10,613

12.26

11,133

12.94

11,060

11.35

Other Income

851

0.84

694

0.78

567

0.66

465

0.54

433

0.44

Total Income

$14,141 $13.93

$12,784 $14.27

$11,181 $12.92

$11,598 $13.48

$11,493 $11.79

EXPENSES Salaries and Personnel

$1,849

$1.82

$1,617

$1.81

$1,395

$1.61

$1,631

$1.90

$1,477

$1.52

Administrative

1,177

1.16 0.05 0.73 1.23 0.09 0.12 0.34 0.10 0.05 0.09 0.07 2.02 1.75 0.76 0.39

1,125

1.26 0.06 0.72 1.44 0.11 0.08 0.19 0.15 0.06 0.11 0.07 1.72 1.31 0.73 0.45

867

1.00 0.04 0.64 1.59 0.14 0.09 0.18 0.09 0.07 0.11 0.05 1.54 1.15 0.70 0.45

1,180

1.37 0.06 0.67 1.63 0.16 0.13 0.22 0.13 0.10 0.09 0.02 1.75 1.29 0.76 0.39

655

0.67 0.04 0.59 1.18 0.08 0.05 0.14 0.13 0.03 0.04 0.05 1.69 1.06 0.78 0.37

Marketing

46

57

32

50

39

Management Fees

741

642

551

580

571

Utilities

1,246

1,288

1,379

1,406

1,146

Carpeting

89

102

124

134 115 187 110

79 50

Painting

119 344 106

74

81

Landscaping

171 130

158

133 124

HVAC

74 62 93 41

Appliances

54 91 72

50 95 67

82 77 19

28 43 45

Plumbing Electrical

Other Repairs and Services

2,045 1,775

1,543 1,169

1,331

1,504 1,106

1,647 1,034

Insurance

995 610 388

Real Estate Taxes

774 397

654 400

658 336

761 356

Other Taxes

Total Expenses

$10.77

$9,183 $10.25

$8,180

$9.45

$9,176 $10.66

$8,189

$8.40

$10,926

Net Operating Income Before Debt Service and Depreciation

$3,216

$3.17

$3,601

$4.02

$3,001

$3.47

$2,423

$2.82

$3,303

$3.39

Capital Expenditures

$878

$0.86

$940

$0.93

$739

$0.73

$850

$0.84

$777

$0.77

A = Dollars per unit, per year

B = Dollars per square foot, per year

2025 APARTMENT STATS | 10

LOW INCOME TAX CREDIT PROJECTS

2024

2023

2022

Total Number of Projects Average Number of Units

875

971 106

1032

106

108

Averages Per Unit: Monthly Rent

$1,457

$1,298

$1,166

Square Feet

898

885

912

Rooms

4.36

4.37

4.46

Economic Occupancy

90.8%

92.0%

92.5%

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

37.5%

36.7%

37.7%

A

B

C

A

B

C

A

B

C

REVENUES Gross Potential Rent Less: Vacancy Loss

$18,324

$20.41 (1.87) (0.48) (0.21)

100.0%

$15,957

$18.02 (1.43) (0.45) (0.25)

100.0%

$13,993

$15.34 (1.16) (0.31) (0.18)

100.0%

(1,683)

-9.2% -2.4% -1.1% 87.4%

(1,270)

-8.0% -2.5% -1.4% 88.2%

(1,054)

-7.5% -2.0% -1.2% 89.2%

Collection Loss

(432) (193)

(400) (219)

(283) (167)

Concession Loss

Rent Collected

16,017

17.84

14,068

15.89

12,489

13.69

695

0.77

3.8%

576

0.65

3.6%

807

0.88

5.8%

Other Income

$16,712

$18.62

91.2%

$14,644

$16.54

91.8%

$13,296

$14.58

95.0%

Total Income

EXPENSES Salaries and Personnel

$1,751

$1.95

9.6% 7.3% 0.7% 4.2% 7.5%

$1,625

$1.83

10.2%

$1,369

$1.50

9.8% 8.5% 0.8% 4.2% 8.3%

Administrative

1,346

1.50 0.14 0.86 1.54

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

Marketing

129 772

114 661

114 593

Management Fees

Utilities

1,380

1,272

1,163

All Repair, Maintenance and Contract Services

2,389

2.66

13.0%

2,177

2.46

13.6%

2,032

2.23

14.5%

Insurance

1,117 1,089

1.24 1.21 0.52

6.1% 5.9% 2.6%

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%

Real Estate Taxes

469

Other Taxes

Total Expenses

$10,441

$11.63

57.0%

$9,268

$10.47

58.1%

$8,275

$9.07

59.1%

Net Operating Income Before Debt Service and Depreciation

$6,271

$6.99

34.2%

$5,376

$6.07

33.7%

$5,021

$5.51

35.9%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

2025 APARTMENT STATS | 12

AVERAGE MONTHLY RENT PER UNIT

QUICK STATS LOW INCOME TAX CREDIT PROJECTS LOW INCOME TAX CREDIT PROJECTS

2021

2020

865

808

107

110

$1,457

$1,298

$1,166

$1,084

$984

$1,084

$984

917

920

4.44

4.48

93.1%

92.9%

2024

2023

2022

2021

2020

41.3%

42.3%

A

B

C

A

B

C

ECONOMIC OCCUPANCY

$13,007

$14.19 (0.98) (0.27) (0.32)

100.0%

$11,804

$12.84 (0.92) (0.17) (0.07)

100.0%

(898) (248) (290)

-6.9% -1.9% -2.2% 89.0%

(843) (160)

-7.1% -1.4% -0.5% 91.0%

90.8%

92.0%

92.5%

93.1%

92.9%

(64)

11,571

12.62

10,737

11.68

1,123

1.23

8.6%

456

0.50

3.9%

$12,694

$13.85

97.6%

$11,193

$12.18

94.9%

2024

2023

2022

2021

2020

$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%

887

0.97 0.11 0.66 1.08

796

0.87 0.09 0.59 1.02

97

82

603 986

538 935

1,890

2.06

14.5%

1,411

1.53

12.0%

GROSS POTENTIAL RENT VS. NET OPERATING INCOME PER SQ. FT.

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%

$7,451

$8.15

57.2%

$6,455

$7.03

54.8%

YEAR GROSS POTENTIAL RENT OPERATING INCOME 2024 $20.41 $6.99 2023 $18.02 $6.07 2022 $15.34 $5.51 2021 $14.19 $5.70 2020 $12.84 $5.15

$5,243

$5.70

40.4%

$4,738

$5.15

40.1%

13

MARKET RATE

2024

2023

2022

Total Number of Projects Average Number of Units

6

6

11

164

164

164

Averages Per Unit: Monthly Rent

$1,385

$1,298

$1,206

Square Feet

1,087

1,087

1,087

Rooms

4.19

4.19

4.19

Economic Occupancy

94.2%

95.0%

96.8%

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

38.9%

38.3%

43.7%

A

B

C

A

B

C

A

B

C

REVENUES Gross Potential Rent Less: Vacancy Loss

$16,614

$15.28 (0.89) (0.30) (0.52)

100.0%

$15,574

$14.33 (0.72) (0.31) (0.57)

100.0%

$14,469

$13.31 (0.43) (0.20) (0.98)

100.0%

(971) (327) (561)

-5.8% -2.0% -3.4% 88.8%

(783) (339) (620)

-5.0% -2.2% -4.0% 88.8%

(465) (214)

-3.2% -1.5% -7.3% 88.0%

Collection Loss

(1,060)

Concession Loss

Rent Collected

14,755

13.57

13,832

12.72

12,730

11.71

623

0.57

3.8%

1,422

1.31

9.1%

1,340

1.23

9.3%

Other Income

$15,378

$14.14

92.6%

$15,254

$14.03

97.9%

$14,070

$12.94

97.2%

Total Income

EXPENSES Salaries and Personnel

$1,866

$1.72

11.2%

$1,780

$1.64

11.4%

$1,384

$1.27

9.6% 3.2% 1.7% 4.0% 7.3%

Administrative

435 275 561

0.40 0.25 0.52 1.24

2.6% 1.7% 3.4% 8.1%

788 321 940

0.72 0.30 0.87 1.16

5.1% 2.1% 6.0% 8.1%

468 245 573

0.43 0.23 0.53 0.97

Marketing

Management Fees

Utilities

1,351

1,259

1,052

All Repairs and Maintenance and Contract Services

2,906

2.67

17.5%

2,405

2.21

15.4%

2,455

2.26

17.0%

Insurance

870 962 164

0.80 0.89 0.15

5.2% 5.8% 1.0%

441 722 757

0.41 0.66 0.70

2.8% 4.6% 4.9%

577

0.53 0.97 0.11

4.0% 7.3% 0.8%

Real Estate Taxes

1,050

120

Other Taxes

Total Expenses

$9,390

$8.64

56.5%

$9,414

$8.66

60.4%

$7,923

$7.29

54.8%

Net Operating Income Before Debt Service and Depreciation

$5,988

$5.51

36.0%

$5,840

$5.37

37.5%

$6,147

$5.65

42.4%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

2025 APARTMENT STATS | 14

AVERAGE MONTHLY RENT PER UNIT

QUICK STATS MARKET RATE MARKET RATE

2021

2020

12

10

164

164

$1,385

$1,298

$1,206

$1,191

$1,102

$1,191

$1,102

1,087

1,087

4.19

4.19

96.5%

98.6%

2024

2023

2022

2021

2020

46.8%

45.0%

A

B

C

A

B

C

ECONOMIC OCCUPANCY

$14,292

$13.15 (0.46) (0.12) (0.88)

100.0%

$13,227

$12.17 (0.17) (0.01) (0.03)

100.0%

(501) (130) (958)

-3.5% -0.9% -6.7% 88.9%

(188)

-1.4% -0.1% -0.3% 98.2%

(15) (34)

94.2%

95.0%

96.8%

96.5%

98.6%

12,703

11.69

12,990

11.96

1,307

1.20

9.1%

205

0.19

1.6%

$14,010

$12.89

98.0%

$13,195

$12.15

99.8%

2024

2023

2022

2021

2020

$1,346

$1.24

9.4% 3.1% 1.3% 4.0% 7.7%

$1,264

$1.16

9.6% 3.1% 2.1% 4.3% 8.1%

445 183 568

0.41 0.17 0.52 1.01

407 271 570

0.37 0.25 0.52 0.98

1,103

1,065

2,033

1.87

14.2%

1,866

1.72

14.1%

GROSS POTENTIAL RENT VS. NET OPERATING INCOME PER SQ. FT.

478

0.44 1.05 0.15

3.3% 8.0% 1.1%

434

0.40 1.12 0.14

3.3% 9.2% 1.2%

1,142

1,221

161

157

$7,459

$6.86

52.1%

$7,254

$6.65

55.0%

YEAR GROSS POTENTIAL RENT OPERATING INCOME 2024 $15.28 $5.51 2023 $14.33 $5.37 2022 $13.31 $5.65 2021 $13.15 $6.03 2020 $12.17 $5.50

$6,551

$6.03

45.9%

$5,941

$5.50

44.8%

15

RUBINBROWN REAL ESTATE SERVICES GROUP

CPAs AND ADVISORS SPECIALIZING IN AFFORDABLE HOUSING, TAX CREDITS, & COMMUNITY DEVELOPMENT

For more than 30 years, RubinBrown’s Real Estate Services Group has developed a strong reputation nationally as a leader in accounting and advisory services. Today, the group provides specialized services to real estate entities from coast to coast.

RUBINBROWN REAL ESTATE SERVICES OVERVIEW

Historic Tax Credit Services Our team has extensive experience with consulting on historic rehabilitation projects across the country. New Markets Tax Credit Services In addition to initial program guidance and consulting, our experts can help you with NMTC application assistance. Opportunity Zones This incentive program was created by the Tax Cuts & Jobs Act of 2017 and is designed to bring growth to communities across the country. Our team of opportunity zone experts can help guide you through the complexities of the program by helping with transaction structuring, compliance, tax and accounting. Renewable Energy There are many new financial incentives for companies in the renewable energy sector. We can help you sort through the opportunities and provide financial guidance to move your businesses forward.

RubinBrown’s Real Estate Services Group provides a full range of assurance, tax, business planning and consulting services to:

· Investment funds · Real estate partnerships · Developers

· Management companies · Governmental agencies · Syndicators and investors · Financial institutions · Construction-related companies

Through the years, our clients have grown to depend on our expertise in five key areas of the real estate sector including affordable housing, historic tax credit services, new markets tax credit services, opportunity zones and renewable energy. Affordable Housing This complex and highly regulated industry has been one that we have focused on since the early days of HUD and the advent of the federal low-income housing tax credit program.

2025 APARTMENT STATS | 16

Tim Anderson, CPA Partner | St. Louis 314.678.3545 tim.anderson@rubinbrown.com

Maureen Reichert, CPA Partner | St. Louis 314.290.3468 maureen.reichert@rubinbrown.com Andrew Schmitt, CPA Partner | St. Louis 314.290.3355 andrew.schmitt@rubinbrown.com Paul Nadin, CPA Partner | Chicago 312.705.1715 paul.nadin@rubinbrown.com Chris Langley, CPA Partner | Chicago 847.972.5964 chris.langley@rubinbrown.com

Jeff Cunningham, CPA Partner | Denver 303.952.1257 jeffrey.cunningham@rubinbrown.com Christy Banton, CPA Partner | Las Vegas 702.579.7008 christy.banton@rubinbrown.com

Bill Gawrych, CPA, CGMA Partner |St. Louis 314.290.3341 bill.gawrych@rubinbrown.com

SERVICES:

· Transaction structuring · Financial forecasts & projections

· Exit strategy consulting · Valuation matters · Financial statement audits · Tax compliance & structuring · Regulatory compliance · Asset management assistance · Sales & use tax consulting · Real estate & property tax assessments/challenges

· Fund audits & tax compliance · Cost segregation analysis · Design & evaluation of financial reporting & internal control systems · Outsourced accounting & bookkeeping services · Qualified Contract Price (QCP) calculations & agreed-upon procedures

· Financial & tax due diligence · Post transaction integration · LIHTC & HTC cost certifications · Governmental cost certifications (FHA & s tate agency) · Purchase price allocations · Low-Income Housing Tax Credits (LIHTC) & Affordable Housing · Renewable Energy Tax Credits (Solar and 45L) · New Markets Tax Credits (NMTC) · Historic Tax Credits (HTC) · Opportunity Zones (QOF & QOZB)

EXPERTISE AREAS:

· Partnership taxation issues · Complex tax structuring · Cost certification issues · HUD rental & loan programs/ subsidies (Section 8, 221d, 236)

· Environmental social governance (ESG) consulting

· Exit consulting including qualified contract price (QCP) calculations

· Like-kind exchanges · Fair value accounting · Purchase accounting · Lease accounting

17