RubinBrown Apartment Stats 2011

Executive Summary

Contents 1 Executive Summary 4 Comparison of Operations 5 Government-Assisted 9 Government-Assisted - By Region 13 Government-Assisted - By Project Size 15 Market Rate 17 Low Income Tax Credit Projects 19 RubinBrown Real Estate Services Group

RubinBrown is pleased to present the 2011 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 has been much expanded from prior years and includes operational data for 2010 and represents 383 apartment projects in 27 states. While these averages are representative of a smaller pool of projects, the trends are usually consistent with those experienced at the national level. Industry Update At the close of 2009, the industry had indicated signs of a turnaround from the previous years of turbulence due to a weakened economy. Indeed, 2010 did not disappoint. Despite relatively minimal increases in job creation and the ever-present high unemployment rate, the apartment industry showed a healthy recovery in 2010. While employment conditions have not improved greatly from 2009, a shift in the view of the typical “rent vs. buy” scenario has begun to take hold across the country.

1 | Raise Your Expectations

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