RubinBrown Apartment Stats 2011

Government Assisted - By Project Size

Averages By Units Per Project

0-50 Units

51-100 Units

101-150 Units

151-200 Units

Over 200 Units

Total Number of Projects

78

94

100

45

46

Average Project Age In Years

9.0

8.9

9.5

11.7

10.2

Average Number of Units

28

76

124

177

246

Averages Per Unit: Monthly Rent

$553

$660

$690

$723

$653

Square Feet

1,053

874

925

956

910

Rooms

4.97

3.97

4.22

4.39

4.26

Economic Occupancy

83.9%

89.1%

88.2%

88.1%

83.8%

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

24.3%

35.9%

36.5%

36.6%

43.3%

A

B

A

B

A

B

A

B

A

B

REVENUES

Gross Potential Rent

$6,633 $6.30

$7,922 $9.06

$8,281 $8.96

$8,678 $9.07

$7,831 $8.61

Less: Vacancy Loss

(817)

(0.78)

(674)

(0.77)

(802)

(0.87)

(777)

(0.81)

(973)

(1.07)

Collection Loss

(137)

(0.13)

(123)

(0.14)

(122)

(0.13)

(126)

(0.13)

(138)

(0.15)

Concession Loss

(118)

(0.11)

(67)

(0.07)

(57)

(0.06)

(127)

(0.13)

(161)

(0.18)

Rent Collected

5,561 5.28

7,058 8.08

7,300 7.90

7,648 8.00

6,559 7.21

Other Income

398 0.37

338 0.39

452 0.49

357 0.37

448 0.50

Total Income

$5,959 $5.65

$7,396 $8.47

$7,752 $8.39

$8,005 $8.37

$7,007 $7.71

EXPENSES

Salaries and Personnel

$819 $0.78

$894 $1.02

$803 $0.87

$844 $0.88

$711 $0.78

Administrative

565 0.54

505 0.58

484 0.52

421 0.44

284 0.31

Marketing

40 0.04

93 0.11

90 0.10

120 0.13

99 0.11

Management Fees

389 0.37

423 0.48

427 0.46

429 0.45

363 0.40

Utilities

535 0.51

712 0.81

784 0.85

804 0.84

626 0.69

Contract Services

782 0.74

689 0.79

747 0.81

927 0.97

532 0.58

Repair and Maintenance

517 0.49

568 0.65

711 0.77

673 0.70

518 0.57

Insurance

427 0.40

348 0.40

301 0.33

289 0.30

249 0.27

Real Estate Taxes

355 0.34

394 0.45

462 0.50

462 0.48

520 0.57

Other Taxes

80 0.08

113 0.13

110 0.12

107 0.11

64 0.07

Total Expenses

$4,509 $4.29

$4,739 $5.42

$4,919 $5.33

$5,076 $5.30

$3,969 $4.35

Net Operating Income Before Debt Service and Depreciation

$1,450 $1.36

$2,657 $3.05

$2,833 $3.06

$2,929 $3.07

$3,038 $3.36

Capital Expenditures

$130 $0.12

$178 $0.20

$141 $0.15

$108 $.011

$134 $0.15

A = Dollars per unit, per year

B = Dollars per square foot, per year

13 | Raise Your Expectations