RubinBrown Apartment Stats 2011

Comparison of Operations

Government Assisted

Market Rate

Total Number of Projects

363

20

Average Project Age In Years

9.6

15.3

Average Number of Units

115

238

Averages Per Unit: Monthly Rent

$673

$763

Square Feet

940

932

Rooms

4.34

4.30

Economic Occupancy

86.9%

82.8%

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

37.8%

45.5%

A

B

C

A

B

C

REVENUES

Gross Potential Rent

$8,078

$8.59 100.0%

$9,153 $9.82 100.0%

Less: Vacancy Loss

(826)

(0.88)

-10.2%

(942)

(1.01)

-10.3%

Collection Loss

(128)

(0.14)

-1.6%

(113)

(0.12)

-1.2%

Concession Loss

(105)

(0.11)

-1.3%

(520)

(0.56)

-5.7%

Rent Collected

7,019

7.46 86.9%

7,578

8.13 82.8%

Other Income

410

0.44

5.1%

692

0.74

7.6%

Total Income

$7,429

$7.90 92.0%

$8,270 $8.87 90.4%

EXPENSES

Salaries and Personnel

$801

$0.85

9.9%

$794 $0.85

8.7%

Administrative

422

0.45

5.2%

323

0.35

3.5%

Marketing

96

0.10

1.2%

141

0.15

1.5%

Management Fees

406

0.43

5.0%

330

0.35

3.6%

Utilities

717

0.76

8.9%

645

0.69

7.1%

Contract Services

711

0.76

8.8%

662

0.71

7.2%

Repair and Maintenance

613

0.65

7.6%

475

0.51

5.2%

Insurance

298

0.32

3.7%

319

0.34

3.5%

Real Estate Taxes

461

0.49

5.7%

673

0.72

7.3%

Other Taxes

95

0.10

1.2%

145

0.15

1.6%

Total Expenses

$4,620

$4.91 57.2%

$4,507 $4.82 49.2%

Net Operating Income Before Debt Service and Depreciation

$2,809

$2.99 34.8%

$3,763 $4.05 41.2%

Capital Expenditures

$139

$0.15 1.7%

$587 $0.63

7.3%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

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