RubinBrown Apartment Stats 2011

has placed the pricing power back in the hands of apartment owners. However, the industry is not without its challenges as supply struggles to catch up with rising demand and owners still face difficulties in obtaining optimal financing. Furthermore, with possible tax reform on the horizon, a rather important piece and major cornerstone of the overall industry could be substantially impacted. RubinBrown invites you to utilize this study as a development and management tool to compare your financial operations to the operating results of your peers. This study also provides sound comparable data to utilize in formulating an acquisition model. Like all compilations of data, it will be most useful when carefully and properly interpreted. We sincerely thank everyone who took time to participate in RubinBrown’s survey.

Throughout its tenure, the program has paved the way for the development of more than 2.4 million homes. However, despite its history of success, the program and many other tax incentive measures like it are not without future challenges. As Congress looks to reduce the nation’s deficit, it has come under recent scrutiny. Yet, regardless of legislative efforts for tax reform, the program continues to be a strong presence within the industry. Conclusion 2009 left the industry facing challenges in the wake of rising vacancies, declining values and extremely suppressed financing availability. Yet, 2010 showed great improvement across the multifamily housing industry with the promise of even stronger performance into 2011. Hardships within the homebuilding arena as well as a nationwide change in the view of renting vs. buying have been the main drivers of the industry’s recovery. Likewise, rising demand for apartment living has contributed to the lowest vacancy levels in years and

3 | Raise Your Expectations