RubinBrown Apartment Stats 2012
Low Income Tax Credit Projects
2011
2010
2009
Total Number of Projects
363
354
122
Average Number of Units
106
117
125
Averages Per Unit:
Monthly Rent
$722
$676
$680
Square Feet
952
947
983
Rooms
4.37
4.38
4.63
Economic Occupancy
89.2%
86.9%
87.1%
Net Operating Income Before Debt Service & Depreciation as a Percentage of Total Income
36.9%
37.8%
37.4%
A
B
C
A
B
C
A
B
C
Revenues
Gross Potential Rent
$8,665
$9.11
100.0%
$8,110
$8.56
100.0%
$8,159
$8.30
100.0%
Less: Vacancy Loss
(718)
(0.75)
-8.3%
(828)
(0.87)
-10.2%
(838)
(0.85)
-10.3%
Collection Loss
(130)
(0.14)
-1.5%
(130)
(0.14)
-1.6%
(137)
(0.14)
-1.7%
(83)
(0.09)
-1.0%
(106)
(0.11)
-1.3%
(77)
(0.08)
-0.9%
Concession Loss
Rent Collected
7,734
8.13
89.2%
7,046
7.44
86.9%
7,107
7.23
87.1%
465
0.49
5.4%
413
0.44
5.1%
342
0.35
4.2%
Other Income
$8,199
$8.62
94.6%
$7,459
$7.88
92.0%
$7,449
$7.58
91.3%
Total Income
Expenses
Salaries and Personnel
$890
$0.94
10.3%
$803
$0.85
9.9%
$764
$0.78
9.4%
Administrative
453
0.48
5.2%
423
0.45
5.2%
364
0.37
4.5%
Marketing
102
0.11
1.2%
96
0.10
1.2%
87
0.09
1.1%
Management Fees
444
0.47
5.1%
408
0.43
5.0%
390
0.40
4.8%
Utilities
829
0.87
9.6%
720
0.76
8.9%
799
0.81
9.8%
Contract Services
965
1.01
11.1%
714
0.75
8.8%
745
0.76
9.1%
Repair and Maintenance
511
0.54
5.9%
620
0.65
7.6%
606
0.62
7.4%
Insurance
348
0.37
4.0%
298
0.31
3.7%
276
0.28
3.4%
Real Estate Taxes
518
0.54
6.0%
463
0.49
5.7%
523
0.53
6.4%
110
0.12
1.3%
95
0.10
1.2%
109
0.11
1.3%
Other Taxes
Total Expenses
$5,170
$5.45
59.7%
$4,640
$4.89
57.2%
$4,663
$4.75
57.2%
Net Operating Income Before Debt Service and Depreciation
$3,029
$3.17
34.9%
$2,819
$2.99
34.8%
$2,786
$2.83
34.1%
A = Dollars per unit, per year
B = Dollars per square foot, per year
C = Percent of gross potential rent
14 | RubinBrown Apartment Stats 2012
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