RubinBrown Apartment Stats 2025

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