RubinBrown Apartment Stats 2012

Market Rate

2011

2010

2009

Total Number of Projects

35

20

14

Average Number of Units

246

238

169

Averages Per Unit:

Monthly Rent

$674

$763

$809

Square Feet

938

932

823

Rooms

4.20

4.30

4.37

Economic Occupancy

88.6%

82.8%

87.7%

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

49.4%

45.5%

47.5%

A

B

C

A

B

C

A

B

C

Revenues

Gross Potential Rent

$8,093

$8.63

100.0%

$9,153

$9.82

100.0%

$9,707

$11.80

100.0%

Less: Vacancy Loss

(438)

(0.47)

-5.4%

(942)

(1.01)

-10.3%

(902)

(1.02)

-9.3%

Collection Loss

(62)

(0.07)

-0.8%

(113)

(0.12)

-1.2%

(52)

(0.06)

-0.5%

(420)

(0.45)

-5.2%

(520)

(0.56)

-5.7%

(220)

(0.27)

-2.5%

Concession Loss

Rent Collected

7,173

7.64

88.6%

7,578

8.13

82.8%

8,533

10.45

87.7%

630

0.67

7.8%

692

0.74

7.6%

502

0.61

5.2%

Other Income

$7,803

$8.31

96.4%

$8,270

$8.87

90.4%

$9,035

$10.96

92.9%

Total Income

Expenses

Salaries and Personnel

$762

$0.81

9.4%

$794

$0.85

8.7%

$837

$1.02

8.6%

Administrative

339

0.36

4.2%

323

0.35

3.5%

465

0.57

4.8%

Marketing

104

0.11

1.3%

141

0.15

1.5%

126

0.15

1.3%

Management Fees

319

0.34

4.0%

330

0.35

3.6%

357

0.43

3.7%

Utilities

584

0.62

7.2%

645

0.69

7.1%

778

0.95

8.0%

Contract Services

329

0.35

4.1%

662

0.71

7.2%

619

0.75

6.4%

Repair and Maintenance

554

0.59

6.8%

475

0.51

5.2%

519

0.63

5.3%

Insurance

233

0.25

2.9%

319

0.34

3.5%

297

0.36

3.1%

Real Estate Taxes

647

0.69

8.0%

673

0.72

7.3%

602

0.73

6.2%

76

0.08

0.9%

145

0.15

1.6%

139

0.17

1.4%

Other Taxes

Total Expenses

$3,947

$4.20

48.8%

$4,507

$4.82

49.2%

$4,739

$5.76

48.8%

Net Operating Income Before Debt Service and Depreciation

$3,856

$4.11

47.6%

$3,763

$4.05

41.2%

$4,296

$5.20

44.1%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

12 | RubinBrown Apartment Stats 2012