RubinBrown Apartment Stats 2012

Government Assisted by Region

North

East/Northeast

Midwest

South/Southeast

Total Number of Projects

18

61

190

56

Average Project Age In Years

10.3

11.0

9.9

10.5

Average Number of Units

90

117

93

119

Averages Per Unit:

Monthly Rent

$769

$813

$681

$694

Square Feet

1,024

963

934

1,020

Rooms

4.51

4.55

4.33

4.72

Economic Occupancy

92.0%

91.7%

88.1%

86.3%

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

30.2%

43.8%

37.6%

30.0%

A

B

C

A

B

C

A

B

C

A

B

C

Revenues

Gross Potential Rent

$9,227

$9.01 100.0%

$9,754 $10.13 100.0%

$8,168

$8.74 100.0%

$8,322

$8.16 100.0%

Less: Vacancy Loss

(523) (0.51)

-5.7%

(645) (0.67)

-6.6%

(774) (0.83)

-9.5%

(862) (0.85) -10.4%

Collection Loss

(175) (0.17)

-1.9%

(107) (0.11)

-1.1%

(116) (0.12)

-1.4%

(174) (0.17)

-1.9%

(32) (0.03)

-0.4%

(59) (0.06)

-0.6%

(80) (0.09)

-1.0%

(113) (0.11)

-1.4%

Concession Loss

Rent Collected

8,497

8.30

92.0%

8,943

9.29

91.7%

7,198

7.70

88.1%

7,173

7.03

86.3%

542

0.53

5.9%

556

0.58

5.7%

518

0.55

6.4%

302

0.30

3.5%

Other Income

$9,039

$8.83 97.9%

$9,499

$9.87 97.4%

$7,716

$8.25 94.5%

$7,475

$7.33 89.8%

Total Income

Expenses

Salaries and Personnel

$942

$0.92

10.2%

$866

$0.90

8.9%

$897

$0.96

11.0%

$917

$0.90

11.0%

Administrative

570

0.56

6.2%

378

0.39

3.9%

449

0.48

5.5%

491

0.48

5.9%

Marketing

87

0.08

0.9%

101

0.10

1.0%

95

0.10

1.2%

112

0.11

1.4%

Management Fees

488

0.48

5.3%

483

0.50

5.0%

410

0.44

5.0%

427

0.42

5.1%

Utilities

1,018

0.99

11.0%

881

0.91

9.0%

731

0.78

8.9%

828

0.81

10.0%

Contract Services

981

0.96

10.6%

865

0.90

8.9%

938

1.00

11.5%

938

0.92

11.3%

Repair and Maintenance

619

0.60

6.7%

509

0.53

5.2%

438

0.47

5.4%

528

0.52

6.3%

Insurance

331

0.32

3.6%

301

0.31

3.1%

338

0.36

4.1%

422

0.41

5.1%

Real Estate Taxes

1,078

1.05

11.7%

833

0.86

8.5%

424

0.45

5.2%

474

0.47

5.7%

199

0.19

2.2%

124

0.13

1.3%

91

0.10

1.1%

95

0.09

1.1%

Other Taxes

Total Expenses

$6,313

$6.15

68.4%

$5,341

$5.53

54.8%

$4,811

$5.14

58.9%

$5,232

$5.13

62.9%

Net Operating Income Before Debt Service & Depreciation $2,726

$2.68

29.5%

$4,158

$4.34

42.6%

$2,905

$3.11

35.6%

$2,243

$2.20

26.9%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

8 | RubinBrown Apartment Stats 2012