RubinBrown Apartment Stats 2025

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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