2005 survey of income and expenses in rental apartment communities.NAA NAA Nomina Anatomica Avium. has completed its Survey of Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. and Expenses in Rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. Apartment Communities for 2005, based on data for 2004. Major findings in this survey of the professionally managed rental apartment industry show more softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. in the market rent segment of the rental apartment market, although the market showed signs of improvement in the second half of 2004. A total of 3,807 properties containing 873,532 units are represented in this report. Reporting of the data is composed of 3,093 market rent properties containing 767,337 units and 714 subsidized sub·si·dize tr.v. sub·si·dized, sub·si·diz·ing, sub·si·diz·es 1. To assist or support with a subsidy. 2. To secure the assistance of by granting a subsidy. properties containing 106,195 units. Forms with partial data or apparent problems that could not be resolved and used were received for 265 more properties with 34,052 units. The report presents data from four types of properties. Garden and mid-rise/high-rise structures are segmented into individually metered and master metered utilities properties. Responses from garden properties with individually metered utilities dominate the survey, representing 83 percent of the market rent properties and 46 percent of the subsidized properties. The analysis is, therefore, centered on the garden properties with individually metered utilities. Average sizes of the market rent garden individually metered properties are 245 units, and 158 units in subsidized units. Rentable floor area averaged 882 square feet for market rent apartments and 841 square feet for the subsidized units. The complete report (available online at www.naahq.org/05ies) contains detailed data summarized for six geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. regions and for metropolitan areas with at least 10 properties reported. Seventy-two metropolitan areas met the separate reporting requirement for market rent properties. Sufficient numbers of subsidized properties were submitted for 24 metropolitan areas. This report also includes tables for the "other" properties in states with at least eight properties located in metro areas This article is about the music production team. For the article about population centers, see metropolitan area. Metro Area are a Brooklyn-based dance music production team composed of Morgan Geist and Darshan Jesrani. that did not meet requirements for separate reporting and in non-metro areas. Tables for market rent properties are given for 13 states, and among subsidized properties there are tables for 15 states. Data is presented in three forms: dollars per unit, dollars per square feet of rentable floor area and as a percentage of gross potential rent (GPR (Ground Penetrating Radar) A UWB-based technology that locates objects buried underground. It is used to locate buried lines, storage tanks, pipes and conduits as well as to determine the structural integrity of the ground underneath a road or runway. ). Market Rent Properties Economic Losses. A sluggish labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience until recently produced weakness in the rental apartment since 2000. One measure of the weakness is economic losses. They are defined as the difference between rent revenue collected and GPR expressed as a percentage of GPR. Included in the losses are revenues lost to physical vacancies, net uncollected rents and the values of rent concessions. The economic loss rate in the survey averaged 13.99 percent, up from 13.35 percent in 2003, and 11.39 percent in 2002. The 2004 level is 5.25 percentage points higher than the 8.74 percent rate recorded in 2000. Economic loss rates rose markedly in four of the six NAA regions. The lowest economic loss rate was recorded, as it has been in every one of the NAA surveys, in the Northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston. Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass. (Region I) at 10.02 percent. A high of 19.99 percent was calculated for properties in the Mountain/South Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians (Region V). Declines in economic losses occurred in the Southeast Southeast or south east is the ordinal direction halfway between south and east. It the opposite of northwest. Southeast or South East can refer to: There are five states in this division — Alaska, California, Hawaii, Oregon, Washington — and, as its name (Region VI).
Economic vacancy rates for all of the regions were:
2004 2003 2002 2001
All 13.99% 13.35% 11.39% 9.69%
Region I 10.02% 8.79% 8.21% 6.36%
Region II 12.89% 13.31% 12.10% 10.44%
Region 1II 15.54% 13.84% 10.85% 10.64%
Region IV 16.23% 13.98% 11.53% 9.9%
Region V 19.99% 16.33% 12.75% 9.16%
Region VI 12.15% 13.21% 11.54% 9.79%
Net Operating Income and Revenues (NOI NOI Net Operating Income NOI Notice of Intent NOI Nation of Islam NOI Notice of Inquiry NOI Neuro Orthopaedic Institute NOI New Organizing Institute NOI Notice of Interest NOI No Offense Intended NOI National Olympiad in Informatics ). NOI is an important measurement to use for evaluating the health of a property. It is simply the difference between total revenue collected and total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . NOI represents the gross cash available for debt service Cash Available for Debt Service Ratio of cash assets to debt service (interest plus nearby principal). Used in evaluating the risk of a project or firm. The higher the ratio the less likely the firm or project will fail to meet its debt obligations. , capital expenditures and profits. NOI in the survey also revealed the softer rental apartment market with its decline for the fifth straight year in the survey for 2004 data. NOI measured in percent of GPR terms fell to 52.2 percent from the survey historical peak of 58.9 percent in 1999. Regionally NOI's in 2004 ranged from a high of 60.2 percent in the Northeast states (Region I) to a low of 44.4 percent in the Southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast. Southwest or south west may also refer to:
per unit per sq. ft. % of GPR
2004 2003 2004 2003 2004 2003
All $4,647 $4,627 $5.27 $5.31 52.2% 53.1%
Region I $6,868 $6,607 $7.72 $7.48 60.2% 60.9%
Region II $4,420 $4,401 $4.75 $4.82 52.5% 52.7%
Region III $3,975 $4,193 $4.48 $4.84 48.7% 50.0%
Region IV $3,450 $3,780 $4.21 $4.61 44.4% 47.7%
Region V $4,708 $4,745 $5.35 $5.43 51.7% 55.6%
Region VI $6,355 $6,073 $7.30 $6.98 58.7% 58.7%
Gross Potential Rent (GPR). GPR in the survey data tables is defined here on a post fiscal year basis. It is the sum of rent revenue collected and revenue losses, including those from vacancies, collections and concessions. A 2 percent increase was recorded in average GPR in the 2004 data over the 2003 data. Average GPR for individually metered garden apartments was $8,896 per unit ($741 monthly) in this year's survey versus $8,719 per unit ($727 monthly) in the previous survey. Translated into per square foot of floor area, they were $10.09 ($0.84 per month) versus $10.02 ($0.84 per month). Median GPR in the current survey is $7,947 ($662 per month) versus $7,631 ($636 per month) a year ago. The range in 2004 went from $39,952 ($3,329 per month) to $3,932 ($328 per month) versus $24,381 ($2,031 per month) to $3,294 ($275 per month) in the 2003 data. Rent Revenue Collected. Rent revenue collected averaged $7,652 per individually metered garden property unit annually in the survey up 1.2 percent from the $7,555 in last year's survey. Measured on a per-square-foot basis, rent revenue averaged $8.68 per square foot, the same amount reported in the 2003 data. Revenue Losses. Revenue losses rose to 13.99 percent of GPR in 2004 data versus 3.35 percent of GPR for 2003 data. Data for revenue losses were reported in three categories: those due to vacancies, collections and concessions. All three measures of revenue losses increased markedly. Vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. losses for individually metered market rent garden properties averaged 8.7 percent of GPR in the current survey ($776 per unit, $0.88 per square foot) versus 8.3 percent of GPR ($725 per unit, $0.83 per square foot) a year ago. Collection losses averaged 0.9 percent of GPR ($76 per unit, $0.09 per square foot) in comparison to 1.3 percent of GPR ($114 per unit, $0.13 per square foot) for 2003 data. And losses from lent concessions averaged 4.4 percent of GPR ($339 per unit in the property, $0.39 per square foot) versus 3 percent of GPR ($339 per unit in the property, $0.45 per square foot). Other Revenue Collected. Other revenue collected from operating sources includes receipts from onsite laundries, cable, telephone systems, parking fees and other charges for services and amenities. These other operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. averaged $5.02 per unit ($0.57 per square foot) for individually metered garden properties reported in the survey down from the $540 per unit ($0.62 per square foot) a year earlier. Other non-rent operating revenues ranged from none to $3,872 per unit. Median other operating revenues were $451 per unit. Total Operating Expenses. Rental apartment managers were able to control operating expenses more effectively last year. Total operating expenses for individually metered garden properties in the survey averaged $3,507 per unit ($3.98 per square foot) up about 1 percent from the $3,468 per unit ($3.98 per square foot) in 2003. The totals represented 39.4 percent of GPR versus 39.8 percent a year earlier. Operating expenses ill the survey are collected for nine major categories: salary and personnel costs, insurance, taxes (real estate and other directly related property only), utilities (net of ally reimbursements from residents), management fees, administration, marketing, contract services, and repair and maintenance. (Non-recurring capital expenses were excluded mad reported separately.) The two largest increases were in salaries and personnel and marketing costs. Salaries and personnel costs rose 11 percent to $944 per unit from $848 per unit (10.6 percent of GPR versus 9.7 percent a year earlier). Marketing costs rose 7 percent to $163 from $152 a year earlier. Insurance costs moderated after two years of sharp increases. They dropped 5 percent to $192 per unit ($0.22 per square foot) from $203 per unit ($0.23 per square foot). Administration costs declined 3 percent. Turnover Rates. Turnover rates were unchanged at 62 percent of total units among the individually metered garden apartment properties reported in the survey. The range in turnover rates has been from 59 percent to 69 percent over the history of this survey. The low occurred in the data for 1995 and the high during the recession year of 1990. Increases last year in the turnover rates occurred in the Northeast (Region I) and the Mountain/South Midwest States (Region V). They declined slightly in the other four regions. The only significant change was in the Northeast (Region I) where the turnover rate rose to 57 percent from 50 percent. Age of Property. Operating expenses on a percentage of GPR basis rise as properties age. They were 34.5 percent of GPR in properties less than five years old and rose to 43.5 percent for properties 20 or more years old. Significantly higher rents in newer properties produce a reverse pattern in operating expenses measured in dollars per unit and per square foot. They increased from $3,345 per unit for properties 20 or more years old to $4,060 per unit for those less than five years old. GPR per unit increased from a low of $7,943 per unit ($9.39 per square foot) in the oldest property category to $11,773 per unit ($11.93 per square foot) in the newest group. Average NOI in terms of percentages of GPR was the lowest for the oldest properties reported at 49.3 percent for those that were 20 or more years old. The highest occurred in properties 10 to 19 years old at 55.6 percent, followed by 54.1 percent for those five to nine years old and 53.2 percent for those less than five years old. NOI in dollars per unit terms increases from a low in the oldest properties to a high in the newest properties. Spreads in GPR account for most of the differences in the dollar terms of NOIs by age of property. Economic losses were the highest among the newest properties. Properties less than five years reported the highest ratio of economic losses at 17.01 percent and those l0 to 19 years old have the lowest losses at 12.14 percent. There are some distinct differences in the individual cost components of operating costs operating costs npl → gastos mpl operacionales by age of properties. The largest difference is in teal teal: see duck. teal Any of about 15 species (genus Anas, family Anatidae) of small dabbling ducks found on the major continents and many islands. Many are popular game birds. estate and related property taxes and fees. They varied from a high average of $1,155 per unit ($1.15 per square foot) in those properties less than five yeats old to a low of $703 ($0.83 per square foot) for those aged 20 or more years. Repair and maintenance costs were the lowest in the newest properties, as one would expect. A low average of $276 per unit ($0.28 per square foot) was reported for properties less than five years old. A high of $325 per unit ($0.37 per square foot) occurred for those 20 or more years old. Capital expenditures were significantly lower for the newest properties. They averaged $222 per unit ($0.23 per square foot) for those properties less than live years old. The highest average was reported for properties 20 or more years old at $668 per unit ($0.79 per square foot). Size of Property. Presence of scale economies in apartment properties would be evident if operating costs were to decline as the size of properties increases. Economies of scale did appear when total operating costs were measured on a percentage of gross potential rent basis. They drop from 43.3 percent of GPR in properties with less than 100 units to a low of 38.5 percent in those containing 500 or more units. The survey results, however, did not show scale economies on a cost per unit basis. The lowest operating costs, at $2,955 dollars per unit, were in the smallest properties--those with less than 100 units. The highest operating costs occurred in properties with 100 to 249 units at $3,602 per unit. Economic losses did not vary widely based on property size. They were highest with properties with 250 to 499 units at 13.73 percent of GPR and the lowest for properties with less than 100 units. Properties with 100 to 249 units had a 13.14 percent economic loss ratio and those with 500 or more units reported a 12.87 percent average. Detailed Marketing Expenditures. Magazine advertising dominates the specific designated categories of marketing expenditures in the responses to the special question in this year's survey. Respondents In the context of marketing research, a representative sample drawn from a larger population of people from whom information is collected and used to develop or confirm marketing strategy. were asked to give breakdown breakdown /break·down/ (brak´doun) 1. the act or process of ceasing to function. 2. an often sudden collapse in health. 3. loss of self-control. of marketing expenditures. The specific expenditures identified in the question were magazines, newspapers, Web, mail and radio/television. The "other" category includes additional forms of marketing and related expenditures. Detailed marketing data was submitted for about half of the market rent garden and mid-high rise properties respectively. Advertising in magazines averaged $82 per unit--29 percent of total marketing costs (TMC TMC Technology Marketing Corporation (Norwalk, Connecticut) TMC Texas Medical Center (Houston, TX) TMC Traffic Message Channel TMC The Movie Channel TMC Traffic Management Center )--in market rent garden properties reporting the detail in the survey. Web advertising was second with a $17 per unit average, followed by newspaper at $10 and mail at $1. Advertising through radio and television averaged less than $1 per unit. "Other" marketing costs averaged $95 per unit (53 percent of TMC). Several respondents noted that marketing through special events was a major component of the "other" category expenditures in their communities. Total marketing coast were higher in the mid- mid- pref. Middle: midbrain. high-rise properties responding to the special question at $248 per unit (33 percent of TMC). Magazine advertising also accounted for the highest expenditures, but the $72 per unit average represented a smaller share of the total. Newspaper spending was second at $22 per units followed by $21 per unit for Web advertising. Metro Area Detailed Operating Income and Expense Data Detailed tables in the report are presented for the 72 metropolitan areas for which a total of 10 properties of all types were reported in the survey. This is the only section of the report with metropolitan area data for garden, mid- and high-rise building high-rise building Multistory building taller than the maximum height people are willing to walk up, thus requiring vertical mechanical transportation. The introduction of safe passenger elevators made practical the erection of buildings more than four or five stories tall. properties and further segmented into those with utilities that were either individually or master metered. Care should be taken when reviewing the data for individual property types in metropolitan areas where the number of properties reported is small. Some highlights of the metropolitan area data follow. They are limited to garden properties with individually metered utilities in metropolitan, areas with at least 10 properties of this type reported, unless otherwise noted NOIs on a dollar per-square foot basis ranged from $11,043 ($12.73 per square foot) in the Los Angeles-Long Beach-Glendale metro area to $2,682 ($4.75 per square foot) in Albany Albany, town, Australia Albany (ăl`bənē), town (1996 pop. 14,590), Western Australia, SW Australia. It is a port on Princess Royal Harbour of King George Sound. The town has woolen mills and fish canneries. , Ga. San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Calif, had the high NOI when measured in percentage of GPR terms at 66.1 percent and Memphis, Tenn.-Arkansas had. the low at 39.9 percent * GPR averages were the highest in the Los Angeles-Long Beach-Glendale metro area at $17,040 per unit ($19.65 per square foo A popular name for a temporary file, function or variable, or an example of same in documentation. Often used with "bar" to create "foobar," which is a variation of FUBAR. FUBAR came out of World War II and means "F***ed Up Beyond All Recognition. ). A low of $5,848 per unit ($8.50 per square foot) was tabulated for properties reported from Toledo, Ohio
* Economic losses were lowest in Norfolk-Virginia Beach-Newport News metro area at 5.46 percent and Savannah Savannah, city, United States Savannah, city (1990 pop. 137,560), seat of Chatham co., SE Ga., a port of entry on the Savannah River near its mouth; inc. 1789. , Ga., at 6.76 percent. Both, however, have small numbers of individually metered garden properties reported. Metro areas with the highest economic losses were Colorado Springs Colorado Springs, city (1990 pop. 281,140), seat of El Paso co., central Colo., on Monument and Fountain creeks, at the foot of Pikes Peak; inc. 1886. It is a year-round resort and a booming military, technological, and commercial city. at 25.26 percent, and Denver-Boulder at 21.44 percent. * Properties reporting from Providence Providence, city (1990 pop. 160,728), state capital and seat of Providence co., NE R.I., a port at the head of Providence Bay; founded by Roger Williams 1636, inc. as a city 1832. , R.I., had the highest operating costs at $5,343 per unit ($5.82 per square foot), followed by Los Angeles-Long Beach-Glendale at $5,195 per unit ($4.20 per square foot). A low of $2,584 per unit ($2.74 per square foot) was reported for those properties located in Wilmington Wilmington. 1 City (1990 pop. 71,529), seat of New Castle co., NE Del., on the Delaware River and tributary streams, the Christina and the Brandywine; settled 1638, inc. as a city 1832. , N.C. * Real estate taxes tended to be the most significant factor in the rankings of metro areas based on total operating costs. Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla., had the highest per unit real estate taxes at $1,641 followed by Los Angeles-Long Beach-Glendale at $1,601 and Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. (the previous leader for a long time) at $1,588 per unit. The lowest average was for properties located in Lexington Lexington. 1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. , Ky., at $351 followed by Oklahoma City Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm at $396 per unit. * Insurance costs on a per unit basis were the highest at $273 in Norfolk-Virginia Beach-Newport News, Va.-N.C., followed by Fort Lauderdale Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla., at $272. They were the lowest in Springfield Springfield. 1 City (1990 pop. 105,227), state capital and seat of Sangamon co., central Ill., on the Sangamon River; settled 1818, inc. as a city 1840. , Mass., at $95 per unit. * Salaries and personnel costs were the lowest in the Pensacola-Ferrypass-Brent, Fla., metro area at $692 per unit. Springfield, Mass., had the highest average at $1,333 per unit followed by the $1,136 in Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. , and $1,130 in New Haven New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Conn. * Cincinnati Cincinnati (sĭnsənăt`ē, –năt`ə), city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. had the largest units among the metro areas reported separately in this report with an average of 1,087 square feet of floor area per unit. Minneapolis-St. Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. had the second largest average size units at 1,047 square feet. Properties reporting from Cleveland Cleveland, former county, England Cleveland, former county, NE England, created under the Local Government Act of 1972 (effective 1974). It was composed of the county boroughs of Hartlepool and Teeside and parts of the former counties of Durham and had the low average at 591 square feet per unit. * Metropolitan areas with the most garden properties reporting that were individually metered were Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. (140), Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. (178), Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; (145) and Phoenix (101). Subsidized Properties Income and Expense Summary Operating Income and Expense Summary. Data was received for 714 subsidized properties containing 106,195 units. Garden properties with individually metered utilities represent the largest sub group of properties reporting and analysis here will be limited to them. (Analysis of other subsidized properties can be found at www.naahq.org/05ies.) Data tables are presented for 23 metropolitan areas that met the 10-property minimum for separate reporting. Subsidized garden apartment properties with individually metered utilities tend to have fewer units and less floor area than the market rent units. They contained an average of 156 units versus 245 units for market rent properties of the same type. These subsidized properties had an average of 841 square feet of floor area versus 882 square feet for the market rent properties. Revenues. GPR averaged $8,642 per unit ($10.27 per square foot) annually in this year's survey, up 5 percent from the $8,226 ($9.54 per square foot) a year earlier. Rental revenues averaged $7,847 ($9.33 per square foot) versus $7,385 per unit ($8.57 per square foot). Other operating revenues in subsidized properties increased 10 percent last year. They averaged $489 per unit ($0.58 per square foot) in 2004 up from $441 per unit ($0.51 per square foot) for 2003. Operating Expenses. Operating expenses in subsidized properties were close to those for market rent properties. Subsidized properties reported in the survey had total operating costs averaging $3,510 ($4.17 per square foot) in 2004 up 4 percent from the $3,374 per unit ($3.92 per square foot) of 2003. The market rent property average in 2004 was $3,507 ($3.98 per square foot). Net Operating Income. Subsidized properties had a slightly lower average NOI in all three measures. NOI for subsidized properties in the survey averaged 55.8 percent of GPR versus 52.2 percent for the market rent properties. The other comparisons were $4,826 versus $4,647 on a dollars-per-unit basis, and $5.74 versus $5.27 on a per-square-foot-of-floor-area basis. Economic Losses. Economic losses tend to be lower in subsidized properties with their lower rents and relatively tight supply. A 9.2 percent average rate was calculated for the subsidized individually metered garden properties versus 14 percent for market rent units. The economic loss ratio in subsidized properties improved significantly from the 11.39 percent recorded a year earlier. Turnover Rates. Occupants of subsidized apartments have lower income and fewer housing choices in most local markets and are less likely to move. The turnover rate in individually metered subsidized units was 39 percent versus 62 percent for market rent units. Glossary A term used by Microsoft Word and adopted by other word processors for the list of shorthand, keyboard macros created by a particular user. See glossaries in this publication and The Computer Glossary. of Terms Administrative. This includes the total office expenses (i.e., telephone, computers, forms, office rental and furniture). Capital Expenditures. Non-recurring capital expenditures. Improvements not included as an expense item in operating expenses (i.e., renovations, appliance A stand-alone hardware device or software environment dedicated to a specific task. See hardware appliance and software appliance. replacements, etc.). A zero on the line meant there were no capital expenditures. Contract Services. Total landscape maintenance, exterminating, trash removal, security, snow removal and other services costs typically provided on contract basis. GPR Commercial. Total potential rents for all commercial space if area would have been 100 percent occupied oc·cu·py tr.v. oc·cu·pied, oc·cu·py·ing, oc·cu·pies 1. To fill up (time or space): a lecture that occupied three hours. 2. To dwell or reside in. 3. . GPR Residential. Total rents of all occupied units at 2004 lease rates and all vacant units at 2004 street/market rents (or fiscal year end). Heating/Cooling Fuel. Type of fuel used in apartment units. Insurance. This includes property hazard hazard a risk. hazard analysis critical control points a systematic procedure used to identify specific hazards (for example in food production) and establish control systems that focus on preventive measures rather than rely on and liability and real property insurance, and does not include payroll payroll a list of employees, their salary rates, tax deductions, amounts paid, payroll tax, long service leave entitlements. insurance. Marketing. Total media advertising, collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although materials, locator fees, model expense, promotions, etc. Management Fees. Total fees paid to managing agent from owner. Net Commercial Square Footage. Total rentable square feet of commercial floor space. Net Rentable Residential Square Feet. Total rentable square feet of floor space in residential units only. Area reported should include only finished space inside four perimeter walls perimeter wall n → mur m d'enceinte perimeter wall n → muro di cinta of each unit. Common areas should be excluded. Other Revenue. Total collections from laundry Laundry can be:
Before industrialization , vending, cable, deposit forfeitures, furniture, parking, amenity a·men·i·ty n. pl. a·men·i·ties 1. The quality of being pleasant or attractive; agreeableness. 2. Something that contributes to physical or material comfort. 3. charges, etc. Does not include interest income. Does not include utility reimbursements (i.e., RUBS RUBS Ratio Utility Billing System RUBS Resident Utility Billing System ) in GPR or rental revenue. All utility reimbursements are subtracted from gross utility expense. Rental Revenue Commercial. Total rent collections for commercial space after vacancy, administrative, bad debt and discount or concession CONCESSION. A grant. This word is frequently used in this sense when applied to grants made by the French and Spanish governments in Louisiana. losses. Rental Revenue Residential. Total rent collections for residential units after vacancy, administrative, bad debt and discount or concession losses. Rent Controlled Property. Whether the property is subject to rent controls through local or state government regulations. This does not apply if rents are controlled through a government program that provides direct subsidies. Repair and Maintenance. Total of all general maintenance and repairs, cleaning, decorating, painting, plumbing plumbing, piping systems inside buildings for water supply and sewage. The Romans had a highly developed plumbing system; water was brought to Rome by aqueducts and distributed to homes in lead pipes—hence the name plumbing from the Latin word plumbum , electrical, HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free , etc. Nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. capital expense not included. Residential Units Revenue Losses to Collections. Amount of residential rents not received due to collection losses. Residential Units Revenue Losses to Concessions. Amounts of gross potential residential rents not received due to concessions. Residential Units Revenue Losses to Vacancies. Annual amount of rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time for residential units not collected due to vacancies and other use of units, such as models and offices. Salary and Personnel Costs. Gross salaries and wages paid to employee's onsite. Includes value of employee apartment allowances, payroll taxes Payroll Tax Tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee. In most countries, including the U.S., both state and federal authorities collect some form of payroll tax. , group health/life insurance, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. , bonuses and lease commissions, employer 401(k) and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. retirement contributions and other cash benefits. Subsidized Property. Whether the property has controlled rents through a government subsidized program or not. If yes, the program was listed (i.e., Section 236, Section 8). Taxes. Total real estate and personal property taxes only. Payroll or rendering See render. (graphics, text) rendering - The conversion of a high-level object-based description into a graphical image for display. For example, ray-tracing takes a mathematical model of a three-dimensional object or scene and converts it into a bitmap image. fees related to property taxes were not included. Tax Exempt Bond or Housing Credit Property. Whether the property received tax-exempt bond Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. financing and/or is a low income tax credit property. Total Operating Expenses. Sum of all operating costs. The sum must balance with this line, using total net utility expenses only. Turnover. Number of apartments in which residents moved out of property during the 12-month reporting period. Utilities. Total cost of all utilities and each listed type, net of any income reimbursements for or from residents (i.e., RUBS or similar systems). Does not include trash removal. Utility Configuration. Whether electric, gas, oil and water/sewer utilities to individual units in subject property are: Master Metered-Owner Pays; Master Metered-Resident Pays (RUBS); Individual and Sub Metered-Resident Pays.
Regions Used in Survey
Region I CT, DE, MA, MD, ME, NH, NJ, NY, PA, RI, VA, VT, WV
Region II AL, FL, GA, KY, MS, NC, SC, TN
Region III IL, IN, MI, MN, OH, WI
Region IV AR, LA, OK, TX
Region V CO, IA, KS, MO, MT, NE, ND, NM, SD, UT, WY
Region VI AZ, CA, ID, NV, OR, WA
ALL MARKET RENT PROPERTIES
OPERATING INCOME & EXPENSE DATA
INDIVIDUAL METERED PROPERTIES
Total
Number of Properties 2636
Number of Units 645955
Avg. No. of Units/Property 245
Avg. No. of Square Feet/Unit 882
Turnover rate in % 62%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 9005 10.22 100.0%
Rent Revenue Collected 7747 8.79 86.0%
Losses to Vacancy 783 0.89 8.7%
Collection Losses 76 0.09 0.8%
Losses to Concessions 399 0.45 4.4%
Other Revenue 507 0.58 5.6%
Total Revenue 8255 9.36 91.7%
Operating Expenses
Salaries and Personnel 952 1.08 10.6%
Insurance 193 0.22 2.1%
Taxes 844 0.96 9.4%
Utilities 341 0.39 3.8%
Management Fees 282 0.32 3.1%
Administrative 158 0.18 1.8%
Marketing 165 0.19 1.8%
Contract Services 296 0.34 3.3%
Repair and Maintenance 312 0.35 3.5%
Total Operating Expenses 3543 4.02 39.3%
Net Operating Income 4711 5.34 52.3%
Capital Expenditures 701 0.79 7.8%
Garden
Number of Properties 2563
Number of Units 628518
Avg. No. of Units/Property 245
Avg. No. of Square Feet/Unit 882
Turnover rate in % 62%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 8896 10.09 100.0%
Rent Revenue Collected 7652 8.68 86.0%
Losses to Vacancy 776 0.88 8.7%
Collection Losses 76 0.09 0.9%
Losses to Concessions 393 0.45 4.4%
Other Revenue 502 0.57 5.6%
Total Revenue 8154 9.25 91.7%
Operating Expenses
Salaries and Personnel 944 1.07 10.6%
Insurance 192 0.22 2.2%
Taxes 833 0.94 9.4%
Utilities 339 0.38 3.8%
Management Fees 278 0.32 3.1%
Administrative 155 0.18 1.7%
Marketing 163 0.19 1.8%
Contract Services 294 0.33 3.3%
Repair and Maintenance 309 0.35 3.5%
Total Operating Expenses 3507 3.98 39.4%
Net Operating Income 4647 5.27 52.2%
Capital Expenditures 701 0.79 7.9%
Mid & Hi Rise
Number of Properties 73
Number of Units 17437
Avg. No. of Units/Property 239
Avg. No. of Square Feet/Unit 874
Turnover rate in % 54%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 12936 14.79 100.0%
Rent Revenue Collected 11201 12.81 86.6%
Losses to Vacancy 1058 1.21 8.2%
Collection Losses 68 0.08 0.5%
Losses to Concessions 610 0.70 4.7%
Other Revenue 689 0.79 5.3%
Total Revenue 11890 13.60 91.9%
Operating Expenses
Salaries and Personnel 1228 1.40 9.5%
Insurance 225 0.26 1.7%
Taxes 1223 1.40 9.5%
Utilities 413 0.47 3.2%
Management Fees 434 0.50 3.4%
Administrative 277 0.32 2.1%
Marketing 231 0.26 1.8%
Contract Services 383 0.44 3.0%
Repair and Maintenance 442 0.51 3.4%
Total Operating Expenses 4856 5.55 37.5%
Net Operating Income 7034 8.04 54.4%
Capital Expenditures 691 0.79 5.3%
MASTER METERED PROPERTIES
Total
Number of Properties 457
Number of Units 121382
Avg. No. of Units/Property 266
Avg. No. of Square Feet/Unit 903
Turnover rate in % 49%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 12019 13.31 100.0%
Rent Revenue Collected 10652 11.80 88.6%
Losses to Vacancy 890 0.99 7.4%
Collection Losses 100 0.11 0.8%
Losses to Concessions 375 0.41 3.1%
Other Revenue 580 0.64 4.8%
Total Revenue 11232 12.44 93.4%
Operating Expenses
Salaries and Personnel 1138 1.26 9.5%
Insurance 233 0.26 1.9%
Taxes _ 919 1.02 7.6%
Utilities 1059 1.17 8.8%
Management Fees 411 0.46 3.4%
Administrative 244 0.27 2.0%
Marketing 168 0.19 1.4%
Contract Services 414 0.46 3.4%
Repair and Maintenance 467 0.52 3.9%
Total Operating Expenses 5054 5.6 42.0%
Net Operating Income 6178 6.84 51.4%
Capital Expenditures 1009 1.12 8.4%
Garden
Number of Properties 348
Number of Units 89046
Avg. No. of Units/Property 256
Avg. No. of Square Feet/Unit 902
Turnover rate in % 51%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 10616 11.77 100.0%
Rent Revenue Collected 9244 10.25 87.1%
Losses to Vacancy 880 0.98 8.3%
Collection Losses 106 0.12 1.0%
Losses to Concessions 388 0.43 3.7%
Other Revenue 479 0.53 4.5%
Total Revenue 9723 10.78 91.6%
Operating Expenses
Salaries and Personnel 1096 1.22 10.3%
Insurance 235 0.26 2.2%
Taxes _ 778 0.86 7.3%
Utilities 1026 1.14 9.7%
Management Fees 353 0.39 3.3%
Administrative 216 0.24 2.0%
Marketing 158 0.18 1.5%
Contract Services 362 0.40 3.4%
Repair and Maintenance 420 0.47 4.0%
Total Operating Expenses 4644 5.15 43.7%
Net Operating Income 5079 5.63 47.8%
Capital Expenditures 786 0.87 7.4%
Mid & Hi Rise
Number of Properties 109
Number of Units 32336
Avg. No. of Units/Property 297
Avg. No. of Square Feet/Unit 905
Turnover rate in % 45%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 15883 17.55 100.0%
Rent Revenue Collected 14528 16.05 91.5%
Losses to Vacancy 919 1.02 5.8%
Collection Losses 84 0.09 0.5%
Losses to Concessions 337 0.37 2.1%
Other Revenue 857 0.95 5.4%
Total Revenue 15385 17.00 96.9%
Operating Expenses
Salaries and Personnel 1255 1.39 7.9%
Insurance 230 0.25 1.4%
Taxes _ 1309 1.45 8.2%
Utilities 1150 1.27 7.2%
Management Fees 570 0.63 3.6%
Administrative 320 0.35 2.0%
Marketing 193 0.21 1.2%
Contract Services 559 0.62 3.5%
Repair and Maintenance 598 0.66 3.8%
Total Operating Expenses 6183 6.83 38.9%
Net Operating Income 9202 10.17 57.9%
Capital Expenditures 1625 1.8 10.2%
Source National Apartment Association 2005 Survey of
Operating Income & Expenses in Rental Apartment Communities
[c] 2005 by National Apartment Association. This table may
only be used. copied, and/or distributed in accordance with the
License Agreement and may not be posted on the Internet.
OPERATING EXPENSES BY AGE AND SIZE OF PROPERTY
INDIVIDUALLY METERED MARKET RENT GARDEN PROPERTIES
Salary &
Personnel
Costs Insurance Taxes Utilities
Age of Property
Dollars Per Unit
Less than 5 years old 1005 212 1138 338
(5 to 9 years old 993 204 1155 320
10 to 19 years 958 178 892 311
20 or more years 920 197 703 360
Dollars Per Square Foot
Less than 5 years old 1.02 0.12 1.15 0.34
5 to 9 years old 9.9 0.20 1.15 0.32
10 to 19 years 1.09 0.20 1.01 0.35
20 or more years 1.09 0.23 0.83 0.43
Percent of Gross Potential Rent
Less than 5 years old 8.55% 1.8% 9.7% 2.9%
5 to 9 years old 11.0% 1.9% 10.8% 3.0%
10 to 19 years 10.1% 1.9% 9.4% 3.3%
20 or more years 11.6% 2.5% 8.9% 4.5%
Percent of Total Operating Costs
Less than 5 years old 24.8% 5.2% 28.0% 8.3%
5 to 9 years old 25.4% 5.2% 29.5% 8.2%
10 to 19 years 26.9% 5.0% 25.1% 8.7%
20 or more years 27.5% 5.9% 21.0% 10.8%
Size of Property
Dollars Per Unit
Lessthan 100 units 866 141 555 246
100 to 249 units 994 199 786 357
1250 to 499 units 937 195 873 338
More than 500 units 897 183 875 341
Dollars Per Square Foot
Less than 100 units 1.27 0.21 0.81 0.36
100 to 249 units 1.12 0.22 0.88 0.40
250 to 499 units 1.04 0.22 0.97 0.38
More than 500 units 1.03 0.21 1.00 0.39
Percent of Gross Potential Rent
Less than 100 units 12.7% 2.1% 8.1% 3.6%
1100 to 249 units 11.2% 2.2% 8.9% 4.0%
250 to 499 units 10.3% 2.1% 9.6% 3.7%
More than 500 units 10.0% 2.0% 9.8% 3.8%
Percent of Total Operating Costs
Less than 100 units 29.3% 4.8% 18.8% 8.3%
100 to 249 units 27.6% 5.5% 21.8% 9.9%
250 to 499 units 26.6% 5.5% 24.8% 9.6%
More than 500 units 26.0% 5.3% 25.4% 9.9%
Repair
Mgmt Contract &
Fees Admin Mktg Services Maint
Age of Property
Dollars Per Unit
Less than 5 years old 315 209 265 305 276
(5 to 9 years old 296 160 187 294 300
10 to 19 years 291 135 155 310 326
20 or more years 263 161 155 283 303
Dollars Per Square Foot
Less than 5 years old 0.32 0.21 0.27 0.31 0.28
5 to 9 years old 0.29 0.16 0.19 0.29 0.30
10 to 19 years 0.33 0.15 0.18 0.35 0.37
20 or more years 0.31 0.19 0 18 0.33 0.36
Percent of Gross Potential Rent
Less than 5 years old 27.% 1.8% 2.3% 2.6% 2.3%
5 to 9 years old 28.% 1.5% 1.7% 2.8% 2.8%
10 to 19 years 31.% 1.4% 1.6% 3.3% 3.4%
20 or more years 33.% 2.0% 2.0% 3.6% 3.8%
Percent of Total Operating Costs
Less than 5 years old 7.8% 5.1% 6.5% 7.5% 6.8%
5 to 9 years old 7.6% 4.1% 4.8% 7.5% 7.7%
10 to 19 years 8.2% 3.8% 4.4% 8.7% 9.2%
20 or more years 7.9% 4.8% 4.6% 8.5% 9.1%
Size of Property
Dollars Per Unit
Lessthan 100 units 258 137 140 293 320
100 to 249 units 290 176 174 305 322
1250 to 499 units 277 147 165 288 302
More than 500 units 261 145 143 293 303
Dollars Per Square Foot
Less than 100 units 0.38 0.20 0.20 0.43 0.47
100 to 249 units 0.33 0.20 0.20 0.34 0.36
250 to 499 units 0.31 0.16 0.18 0.32 0.34
More than 500 units 0.30 0.17 0.16 0.34 0.35
Percent of Gross Potential Rent
Less than 100 units 3.8% 2.0% 2.0% 4.3% 4.7%
1100 to 249 units 3.3% 2.0% 2.0% 3.4% 3.6%
250 to 499 units 3.0% 1.6% 1.8% 3.2% 3.3%
More than 500 units 3.0% 1.6% 1.6% 3.3% 3.4%
Percent of Total Operating Costs
Less than 100 units 8.7% 4.6% 4.7% 9.9% 10.8%
100 to 249 units 8.1% 4.9% 4.8% 8.5% 8.9%
250 to 499 units 7.9% 4.2% 4.7% 8.2% 8.6%
More than 500 units 7.7% 4.2% 4.2% 8.5% 8.8%
Total
Operating Capital
Expenses Expend
Age of Property
Dollars Per Unit
Less than 5 years old 4060 222
(5 to 9 years old 3909 565
10 to 19 years 3556 666
20 or more years 3345 668
Dollars Per Square Foot
Less than 5 years old 4.11 0.23
5 to 9 years old 3.90 0.56
10 to 19 years 4.03 0.99
20 or more years 3.95 0.79
Percent of Gross Potential Rent
Less than 5 years old 34.5% 1.9%
5 to 9 years old 36.5% 5.3%
10 to 19 years 37.6% 9.2%
20 or more years 42.1% 8.4%
Percent of Total Operating Costs
Less than 5 years old 100.0%
5 to 9 years old 100.0%
10 to 19 years 100.0%
20 or more years 100.0%
Size of Property
Dollars Per Unit
Lessthan 100 units 2955 1052
100 to 249 units 3602 712
1250 to 499 units 3523 685
More than 500 units 3444 616
Dollars Per Square Foot
Less than 100 units 4.33 1.54
100 to 249 units 4.04 0.80
250 to 499 units 3.93 0.65
More than 500 units 3.94 0.71
Percent of Gross Potential Rent
Less than 100 units 43.3% 15.4%
1100 to 249 units 40.6% 8.0%
250 to 499 units 38.8% 7.5%
More than 500 units 8.5% 6.9%
Percent of Total Operating Costs
Less than 100 units 100.0%
100 to 249 units 100.0%
250 to 499 units 100.0%
More than 500 units 100.0%
Source: National Apartment Association 2004 Survey of
Operating Income & Expenses in Rental Apartment Communities
[C] 2004 by National Apartment Association This table may only
be used, copied, and/or distributed in accordance with the
License Agreement and may not be posted on the Internet
REVENUES AND NOI BY AGE AND SIZE OF PROPERTY
INDIVIDUALLY METERED MARKET RENT GARDEN PROPERTIES
AGE OF PROPERTY Dollars Per Unit
Less 5 10 20
Than to to or more
5 Years 9 Years 19 Years Years
No. of Properties 97 245 787 1221
No. of Units 26649 72701 196984 275938
Avg. No. of Units/Property 275 297 250 226
Avg. No. of Square Feet/Unit 987 1003 883 842
Turnover Rate in % 61% 63% 64% 60%
Gross Potential Rent 11773 10697 9449 7943
Rent Revenue Collected 9770 9128 8302 6773
Losses to Vacancies 1049 877 717 766
Losses to Collections 80 75 75 76
Losses to Concessions 874 617 354 329
Other Revenue Collected 553 563 500 486
Total Revenue Collected 10322 9690 8803 7259
Total Operating Expenses 4060 3909 3556 3345
Net Operating Income 6262 5782 5247 3913
Economic Losses Rates (%) 17.01% 14.67% 12.14.% 14.73%
AGE OF PROPERTY Dollars Per Square Foot
Less 5 10 20
Than to to or more
5 Years 9 Years 19 Years Years
No. of Properties 97 245 787 1221
No. of Units 26649 72701 196984 275938
Avg. No. of Units/Property 275 297 250 226
Avg. No. of Square Feet/Unit 987 1003 883 842
Turnover Rate in % 61% 63% 64% 60%
Gross Potential Rent 11.93 10.66 10.70 7943
Rent Revenue Collected 9.90 9.10 9.40 6773
Losses to Vacancies 1.06 0.87 0.81 766
Losses to Collections 0.08 0.08 0.09 76
Losses to Concessions 0.89 0.62 0.40 329
Other Revenue Collected 0.56 0.56 0.57 486
Total Revenue Collected 10.46 9.66 9.97 7259
Total Operating Expenses 4.11 3.90 4.03 3345
Net Operating Income 6.34 5.76 5.94 3913
Economic Losses Rates (%) 17.01% 14.67% 12.14.% 14.73%
AGE OF PROPERTY Percent of Gross Potential Rent
Less 5 10 20
Than to to or more
5 Years 9 Years 19 Years Years
No. of Properties 97 245 787 1221
No. of Units 26649 72701 196984 275938
Avg. No. of Units/Property 275 297 250 226
Avg. No. of Square Feet/Unit 987 1003 883 842
Turnover Rate in % 61% 63% 64% 60%
Gross Potential Rent 100.0% 100.0% 100.0% 100.0%
Rent Revenue Collected 83.0% 85.3% 87.6% 85.3%
Losses to Vacancies 8.9% 8.2% 7.6% 9.6%
Losses to Collections 0.7% 0.7% 0.8% 1.0%
Losses to Concessions 7.4% 5.8% 3.8% 4.1%
Other Revenue Collected 4.7% 5.3% 5.3% 6.1%
Total Revenue Collected 87.7% 90.6% 93.2% 91.4%
Total Operating Expenses 34.5% 36.5% 37.6% 42.1%
Net Operating Income 53.2% 54.0% 55.6% 49.3%
Economic Losses Rates (%) 17.01% 14.67% 12.14.% 14.73%
SIZE OF PROPERTY Dollars Per Unit
Less 100 250 500
Than to to or
100 units 249 units 499 units more units
No. of Properties 437 1007 988 131
No. of Units 30300 179419 329686 89113
Avg. No. of Units/ 69 178 334 680
Property
Avg. No. of Square 682 891 897 873
Feet/Unit 65% 62% 62% 58%
Turnover Rate in %
Gross Potential Rent 6830 8871 9088 8937
Rent Revenue Collected 5949 7627 7822 7650
Losses to Vacancies 594 759 787 829
Losses to Collections 71 79 75 75
Losses to Concessions 217 407 405 384
Other Revenue 385 494 525 473
Collected
Total Revenue 6334 8121 8347 8123
Collected
Total Operating 2955 3602 3523 3444
Expenses
Net Operating Income 3379 4519 4825 4679
Economic Losses
Rates (%) 12.90% 14.02% 13.93% 14.40%
SIZE OF PROPERTY Dollars Per Square Foot
Less 100 250 500
Than to to or
100 units 249 units 499 units more units
No. of Properties 437 1007 988 131
No. of Units 30300 179419 329686 89113
Avg. No. of Units/ 69 178 334 680
Property
Avg. No. of Square 682 891 897 873
Feet/Unit 65% 62% 62% 58%
Turnover Rate in %
Gross Potential Rent 10.01 9.95 10.13 10.23
Rent Revenue Collected 8.72 8.56 8.72 8.76
Losses to Vacancies 0.87 0.85 0.88 0.95
Losses to Collections 0.10 0.09 0.08 0.09
Losses to Concessions 0.32 0.46 0.45 0.44
Other Revenue 0.56 0.55 0.59 0.54
Collected
Total Revenue 9.28 9.11 9.30 9.30
Collected
Total Operating 4.33 4.04 3.93 3.94
Expenses
Net Operating Income 4.95 5.07 5.38 5.36
Economic Losses
Rates (%) 12.90% 14.02% 13.93% 14.40%
SIZE OF PROPERTY Percent of Gross Potential Rent
Less 100 250 500
Than to to or
100 units 249 units 499 units more units
No. of Properties 437 1007 988 131
No. of Units 30300 179419 329686 89113
Avg. No. of Units/ 69 178 334 680
Property
Avg. No. of Square 682 891 897 873
Feet/Unit 65% 62% 62% 58%
Turnover Rate in %
Gross Potential Rent 100.0% 100.0% 100.0% 100.0%
Rent Revenue Collected 87.1% 86.0% 86.1% 85.6%
Losses to Vacancies 8.7% 8.6% 8.7% 9.3%
Losses to Collections 1.0% 0.9% 0.8% 0.8%
Losses to Concessions 3.2% 4.6% 4.5% 4.3%
Other Revenue 5.6% 5.6% 5.8% 5.3%
Collected
Total Revenue 92.7% 91.6% 91.8% 90.9%
Collected
Total Operating 43.3% 40.6% 38.8% 38.5%
Expenses
Net Operating Income 49.5% 50.9% 53.1% 52.4%
Economic Losses
Rates (%) 12.90% 14.02% 13.93% 14.40%
Source: National Apartment Association 2005 Survey of
Operating Income & Expenses In Rental Apartment Communities
[c] 2005 by National Apartment Association. This table may
only be used, copied, and/or distributed in accordance with
the License Agreement and may not be posted on the Internet.
ECONOMIC VACANCY RATES--NOI--TURNOVER
METROPOLITAN AREAS
MARKET RENT GARDEN PROPERTIES-INDIVIDUALLY METERED
2005 Survey
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
All Properties 2563 628518 882
REGION I 198 48788 890
BALTIMORE, MD MSA 29 6265 854
BOSTON, MA-NH MSA 11 3030 951
HARTFORD, CT MSA 9 1794 951
NEWHAVEN CT MSA 12 1480 694
NORF-VA BEACH-NEWPRT NEWS, VA-NC MSA 13 4446 980
NORTHERN NEW JERSEY MSA'S 8 3168 725
PHILADELPHIA, PA-NJ MSA 3 748 831
PITTSBURGH, PA-NJ MSA 9 833 754
PROVIDENCE, RI MSA 7 1716 918
RICHMOND-PETERSBURGH VA MSA 22 7012 902
SPRINGFIELD MA MSA 2 192 989
WASHINGTON, DC-MD-VA-WV MSA 52 14508 893
Other 21 3596 975
REGION II 883 211866 931
ALBANY, GA MSA 11 1152 824
ATLANTA GA MSA 140 37651 1000
AUGUSTA, GA MSA 12 2273 828
CHARLESTON, SC MSA 11 2570 949
CHARLOTTE, NC, MSA 47 12724 947
COLUBIA, SC MSA 21 5636 940
DAYTONA, FL MSA 12 1196 743
FT. LAUDERDALE-POMPA 9 3315 937
BEACH-DEERFIELD BEACH, FL MD
GREENSBORO-WINSTON SALEM-HIGH 42 9119 924
POINT, NC MSA
GREENVILLE-SPARTANSBURG- 24 5579 907
ANDERSON, SC MSA
JACKSON, MS MSA 9 2130 981
JACKSONVILLE, FL MSA 58 15446 917
KNOXVILLE, TN MSA 11 2049 919
LEXINGTON, KY MSA 16 2313 816
LOUISVILLE, KY-IN MSA 17 2996 830
MACON, GA MSA 14 1850 918
MEMPHIS, TN-AR MSA 22 8669 877
MIAMI-MIAMI BEACH-KENDALL, FL MD 33 7117 941
NASHVILLE TN MSA 33 10303 914
ORLANDO, FL MSA 67 17373 950
PENSACOLA-FERRY PASS-BRENT, FL MSA 14 1853 778
RALEIGH-DURHAM-CHAPEL HILL, NC MSA's 51 13560 924
SARASOTA-BRADENTON-VENICE, FL MSA 10 1924 932
SAVANNAH, GA MSA 9 1348 860
TAMPA-ST. PETERSBURG-CLEARWATER, MSA 61 16121 883
WEST PALM BEACH-BOCA RATON-BOYTON 26 5472 957
BEACH, FL MD
WILMINGTON, NC MSA 8 2420 942
other 95 17707 922
REGION III 364 65461 886
CHICAGO-NAPERVILLE-JOLIET, IL MSA 27 8972 915
CINCINNATI-MIDDLETON OH-KY-IN MSA 39 6897 1087
CLEVELAND-ELYRIA-MENTOR, OH MSA 12 802 591
COLUMBUS, OH MSA 64 8651 838
DAYTON, OH MSA 24 2766 765
DETROIT-WARREN-LIVONIA, MI MSA 40 6799 817
INDIANAPOLIS, IN MSA 63 12197 837
LANSING, MI MSA 10 1871 945
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 17 3819 1047
MN-IL MSA
TOLEDO, OH MSA 9 959 687
other 59 11728 877
REGION IV 575 159414 820
AUSTIN-ROUND ROCK, TX MSA 66 17977 835
DALLAS-PLANO-IRVING, TX MD 178 51084 824
FT. WORTH-ARLINGTON, TX MD 80 21985 805
HOUSTON-BAYTOWN-SUGARLAND, TX VISA 145 42685 821
LITTLE ROCK-NORTH LITTLE ROCK, 9 2048 897
AR MSA
LUBBOCK, TX MSA 14 2511 792
OKLAHOMA CITY, OK MSA 9 3127 897
SAN ANTONIO, TX MSA 25 6411 777
TULSA, OK MSA 13 3772 715
other 36 7814 844
REGION V 167 42281 880
COLORADO SPRINGS, CO MSA 16 3276 853
DENVER-AURORA-BOULDER, CO MSA 85 22357 873
KANSAS CITY MO-KS MSA 10 2866 953
ST LOUIS, MO-IL MSA 15 4217 902
other 41 9565 876
REGION VI 376 100708 870
LAS VEGAS-PARADISE, NV MSA 18 5748 760
LOS ANGELES-LONG BEACH-GLENDALE 30 7848 867
CA MD
PHOENIX-MESA-SCOTTSDALE, AZ MSA 101 28384 872
PORTLAND-VANCOUVER-BEAVERTON 20 5991 962
SALEM, OR-WA MSA
RIVERSIDE-SAN BERNARDINO, CA MSA 12 3404 785
SAN DIEGO-CARLSBAD-SAN MARCOS, 25 6456 894
CA MSA
SAN FRANCISCO-OAKLAND-SAN JOSE, 37 9247 844
CA MSA's
SANTA ANA-ANAHEIM-IRVINE, CA MD 48 14499 890
SEATTLE-TACOMA-BELLVUE, WA MSA 51 11774 878
TUCSON, AZ MSA 14 3481 813
other 20 3834 931
2005 Survey
Net
Operating Economic
Turnover Income Losses
Rate NOI (1) as a %
All Properties 62% 52.2% 13.99%
REGION I 57% 60.6% 10.03%
BALTIMORE, MD MSA 57% 60.6% 9.55%
BOSTON, MA-NH MSA 55% 55.9% 12.83%
HARTFORD, CT MSA 54% 59.5% 10.55%
NEWHAVEN CT MSA 50% 55.7% 8.46%
NORF-VA BEACH-NEWPRT NEWS, VA-NC MSA 63% 66.0% 5.46%
NORTHERN NEW JERSEY MSA'S 52% 62.5% 10.32%
PHILADELPHIA, PA-NJ MSA 48% 62.5% 10.58%
PITTSBURGH, PA-NJ MSA 49% 57.0% 9.26%
PROVIDENCE, RI MSA 54% 56.7% 11.76%
RICHMOND-PETERSBURGH VA MSA 60% 53.5% 10.63%
SPRINGFIELD MA MSA 52% 57.9% 8.72%
WASHINGTON, DC-MD-VA-WV MSA 57% 62.8% 10.11%
Other 62% 57.9% 10.72%
REGION II 61% 52.5% 12.99%
ALBANY, GA MSA 66% 40.7% 16.21%
ATLANTA GA MSA 61% 49.7% 16.79%
AUGUSTA, GA MSA 61% 49.1% 12.74%
CHARLESTON, SC MSA 63% 56.1% 11.70%
CHARLOTTE, NC, MSA 63% 50.5% 13.16%
COLUBIA, SC MSA 67% 47.6% 14.92%
DAYTONA, FL MSA 63% 56.1% 8.42%
FT. LAUDERDALE-POMPA 59% 57.6% 9.97%
BEACH-DEERFIELD BEACH, FL MD
GREENSBORO-WINSTON SALEM-HIGH 57% 51.9% 12.88%
POINT, NC MSA
GREENVILLE-SPARTANSBURG- 63% 50.2% 12.03%
ANDERSON, SC MSA
JACKSON, MS MSA 29% 52.1% 7.74%
JACKSONVILLE, FL MSA 60% 55.8% 11.46%
KNOXVILLE, TN MSA 59% 40.0% 16.66%
LEXINGTON, KY MSA 51% 51.7% 15.06%
LOUISVILLE, KY-IN MSA 59% 51.0% 18.18%
MACON, GA MSA 55% 51.5% 9.48%
MEMPHIS, TN-AR MSA 39% 39.9% 17.52%
MIAMI-MIAMI BEACH-KENDALL, FL MD 58% 56.7% 9.16%
NASHVILLE TN MSA 65% 57.0% 11.27%
ORLANDO, FL MSA 67% 55.2% 11.35%
PENSACOLA-FERRY PASS-BRENT, FL MSA 85% 60.2% 7.89%
RALEIGH-DURHAM-CHAPEL HILL, NC MSA's 61% 49.7% 15.13%
SARASOTA-BRADENTON-VENICE, FL MSA 66% 54.5% 11.63%
SAVANNAH, GA MSA 75% 61.8% 6.76%
TAMPA-ST. PETERSBURG-CLEARWATER, MSA 64% 55.6% 10.36%
WEST PALM BEACH-BOCA RATON-BOYTON 64% 57.5% 11.26%
BEACH, FL MD
WILMINGTON, NC MSA 77% 67.3% 6.53%
other 55% 51.3% 11.80%
REGION III 56% 48.7% 15.64%
CHICAGO-NAPERVILLE-JOLIET, IL MSA 54% 54.5% 13.65%
CINCINNATI-MIDDLETON OH-KY-IN MSA 49% 47.8% 15.73%
CLEVELAND-ELYRIA-MENTOR, OH MSA 60% 53.6% 14.67%
COLUMBUS, OH MSA 59% 47.8% 14.78%
DAYTON, OH MSA 56% 54.1% 11.30%
DETROIT-WARREN-LIVONIA, MI MSA 54% 49.2% 15.65%
INDIANAPOLIS, IN MSA 56% 48.5% 17.07%
LANSING, MI MSA 55% 47.1% 18.70%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 62% 45.5% 18.08%
MN-IL MSA
TOLEDO, OH MSA 63% 50.6% 12.70%
other 58% 43.1% 16.62%
REGION IV 64% 44.4% 16.23%
AUSTIN-ROUND ROCK, TX MSA 67% 46.8% 15.05%
DALLAS-PLANO-IRVING, TX MD 62% 43.3% 16.68%
FT. WORTH-ARLINGTON, TX MD 69% 42.5% 16.15%
HOUSTON-BAYTOWN-SUGARLAND, TX VISA 63% 43.9% 17.64%
LITTLE ROCK-NORTH LITTLE ROCK, 45% 53.0% 11.21%
AR MSA
LUBBOCK, TX MSA 65% 39.7% 16.90%
OKLAHOMA CITY, OK MSA 77% 48.7% 16.34%
SAN ANTONIO, TX MSA 66% 48.4% 13.54%
TULSA, OK MSA 73% 50.5% 12.02%
other 66% 44.7% 13.33%
REGION V 65% 51.7% 19.99%
COLORADO SPRINGS, CO MSA 76% 46.1% 25.26%
DENVER-AURORA-BOULDER, CO MSA 65% 52.7% 21.44%
KANSAS CITY MO-KS MSA 55% 55.5% 16.59%
ST LOUIS, MO-IL MSA 66% 50.4% 16.27%
other 63% 50.3% 16.08%
REGION VI 65% 58.7% 12.15%
LAS VEGAS-PARADISE, NV MSA 58% 52.7% 13.74%
LOS ANGELES-LONG BEACH-GLENDALE 63% 64.8% 8.20%
CA MD
PHOENIX-MESA-SCOTTSDALE, AZ MSA 71% 51.2% 17.34%
PORTLAND-VANCOUVER-BEAVERTON 72% 53.3% 12.86%
SALEM, OR-WA MSA
RIVERSIDE-SAN BERNARDINO, CA MSA 62% 65.1% 6.93%
SAN DIEGO-CARLSBAD-SAN MARCOS, 58% 66.1% 7.65%
CA MSA
SAN FRANCISCO-OAKLAND-SAN JOSE, 59% 61.3% 10.77%
CA MSA's
SANTA ANA-ANAHEIM-IRVINE, CA MD 57% 64.8% 8.75%
SEATTLE-TACOMA-BELLVUE, WA MSA 72% 53.1% 16.43%
TUCSON, AZ MSA 68% 47.4% 18.04%
other 70% 60.8% 10.05%
2004 Survey
Net
Economic Operating
Losses Income Turnover
as a % NOI (1) Rate
All Properties 13.35% 53.1% 62%
REGION I 8.79% 60.9% 50%
BALTIMORE, MD MSA 9.11% 58.0% 50%
BOSTON, MA-NH MSA 11.21% 60.1% 52%
HARTFORD, CT MSA 6.63% 54.2% 51%
NEWHAVEN CT MSA 8.39% 61.4% 50%
NORF-VA BEACH-NEWPRT NEWS, VA-NC MSA 5.08% 63.5% 52%
NORTHERN NEW JERSEY MSA'S N/A N/A N/A
PHILADELPHIA, PA-NJ MSA 9.43% 55.2% 39%
PITTSBURGH, PA-NJ MSA 9.19% 48.7% 54%
PROVIDENCE, RI MSA 6.52% 57.8% 47%
RICHMOND-PETERSBURGH VA MSA 11.11% 58.2% 52%
SPRINGFIELD MA MSA N/A N/A N/A
WASHINGTON, DC-MD-VA-WV MSA 8.71% 65.3% 51%
Other 9.56% 62.5% 51%
REGION II 13.31% 52.7% 62%
ALBANY, GA MSA N/A N/A N/A
ATLANTA GA MSA 15.04% 51.8% 65%
AUGUSTA, GA MSA 18.35% 39.8% 78%
CHARLESTON, SC MSA 12.32% 54.3% 54%
CHARLOTTE, NC, MSA 15.95% 49.0% 60%
COLUBIA, SC MSA 13.75% 48.0% 59%
DAYTONA, FL MSA 11.74% 51.6% 72%
FT. LAUDERDALE-POMPA 11.43% 50.5% 58%
BEACH-DEERFIELD BEACH, FL MD
GREENSBORO-WINSTON SALEM-HIGH 14.62% 51.4% 50%
POINT, NC MSA
GREENVILLE-SPARTANSBURG- 17.56% 42.6% 67%
ANDERSON, SC MSA
JACKSON, MS MSA N/A N/A N/A
JACKSONVILLE, FL MSA 8.88% 59.0% 64%
KNOXVILLE, TN MSA 9.21% 41.9% 58%
LEXINGTON, KY MSA 15.01% 49.4% 58%
LOUISVILLE, KY-IN MSA 13.86% 51.7% 58%
MACON, GA MSA N/A N/A N/A
MEMPHIS, TN-AR MSA N/A N/A N/A
MIAMI-MIAMI BEACH-KENDALL, FL MD 9.65% 56.2% 54%
NASHVILLE TN MSA 10.15% 57.3% 61%
ORLANDO, FL MSA 13.05% 52.9% 64%
PENSACOLA-FERRY PASS-BRENT, FL MSA 5.39% 60.7% 88%
RALEIGH-DURHAM-CHAPEL HILL, NC MSA's 16.37% 49.9% 57%
SARASOTA-BRADENTON-VENICE, FL MSA 12.94% 54.3% 61%
SAVANNAH, GA MSA 12.70% 50.4% 71%
TAMPA-ST. PETERSBURG-CLEARWATER, MSA 12.55% 54.2% 63%
WEST PALM BEACH-BOCA RATON-BOYTON 12.01% 62.4% 54%
BEACH, FL MD
WILMINGTON, NC MSA N/A N/A N/A
other 12.79% 48.2% 64%
REGION III 13.84% 50.0% 57%
CHICAGO-NAPERVILLE-JOLIET, IL MSA 13.91% 52.6% 57%
CINCINNATI-MIDDLETON OH-KY-IN MSA 12.15% 47.5% 49%
CLEVELAND-ELYRIA-MENTOR, OH MSA 9.53% 51.5% 56%
COLUMBUS, OH MSA 12.88% 50.7% 59%
DAYTON, OH MSA 9.67% 53.0% 54%
DETROIT-WARREN-LIVONIA, MI MSA 13.61% 50.6% 55%
INDIANAPOLIS, IN MSA 16.95% 47.2% 61%
LANSING, MI MSA 11.94% 47.3% 53%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 13.78% 49.1% 59%
MN-IL MSA
TOLEDO, OH MSA N/A N/A N/A
other 13.65% 48.3% 56%
REGION IV 13.98% 47.7% 65%
AUSTIN-ROUND ROCK, TX MSA 15.32% 47.8% 61%
DALLAS-PLANO-IRVING, TX MD 14.19% 47.3% 64%
FT. WORTH-ARLINGTON, TX MD 13.21% 44.3% 73%
HOUSTON-BAYTOWN-SUGARLAND, TX VISA 14.21% 48.1% 62%
LITTLE ROCK-NORTH LITTLE ROCK, N/A N/A N/A
AR MSA
LUBBOCK, TX MSA 11.84% 48.0% 79%
OKLAHOMA CITY, OK MSA 8.8% 40.8% 63%
SAN ANTONIO, TX MSA 13.40% 49.8% 64%
TULSA, OK MSA 13.01% 53.4% 69%
other 12.14% 49.1% 63%
REGION V 16.33% 55.6% 63%
COLORADO SPRINGS, CO MSA 19.70% 49.3% 66%
DENVER-AURORA-BOULDER, CO MSA 19.61% 54.8% 70%
KANSAS CITY MO-KS MSA 13.91% 61.5% 56%
ST LOUIS, MO-IL MSA 13.98% 50.8% 53%
other 15.14% 52.3% 63%
REGION VI 13.21% 58.7% 66%
LAS VEGAS-PARADISE, NV MSA 15.00% 56.5% 62%
LOS ANGELES-LONG BEACH-GLENDALE 8.41% 65.9% 56%
CA MD
PHOENIX-MESA-SCOTTSDALE, AZ MSA 19.63% 50.5% 68%
PORTLAND-VANCOUVER-BEAVERTON 16.06% 53.2% 81%
SALEM, OR-WA MSA
RIVERSIDE-SAN BERNARDINO, CA MSA N/A N/A N/A
SAN DIEGO-CARLSBAD-SAN MARCOS, 7.33% 68.8% 68%
CA MSA
SAN FRANCISCO-OAKLAND-SAN JOSE, 10.52% 63.5% 62%
CA MSA's
SANTA ANA-ANAHEIM-IRVINE, CA MD 8.50% 56.4% 70%
SEATTLE-TACOMA-BELLVUE, WA MSA 13.68% 56.1% 71%
TUCSON, AZ MSA 13.73% 56.3% 65%
other 6.79% 66.7% 60%
2004 Survey
Total Total
No. of No. of
Properties Properties
All Properties 2564 609569
REGION I 175 40490
BALTIMORE, MD MSA 19 3625
BOSTON, MA-NH MSA 10 2093
HARTFORD, CT MSA 14 1737
NEWHAVEN CT MSA 8 1387
NORF-VA BEACH-NEWPRT NEWS, VA-NC MSA 12 3812
NORTHERN NEW JERSEY MSA'S N/A N/A
PHILADELPHIA, PA-NJ MSA 6 1572
PITTSBURGH, PA-NJ MSA 13 1914
PROVIDENCE, RI MSA 10 2140
RICHMOND-PETERSBURGH VA MSA 17 4576
SPRINGFIELD MA MSA N/A N/A
WASHINGTON, DC-MD-VA-WV MSA 33 11910
Other 22 3774
REGION II 839 190708
ALBANY, GA MSA N/A N/A
ATLANTA GA MSA 183 48143
AUGUSTA, GA MSA 10 1591
CHARLESTON, SC MSA 14 3152
CHARLOTTE, NC, MSA 43 10654
COLUBIA, SC MSA 16 4368
DAYTONA, FL MSA 12 1289
FT. LAUDERDALE-POMPA 15 4360
BEACH-DEERFIELD BEACH, FL MD
GREENSBORO-WINSTON SALEM-HIGH 25 5360
POINT, NC MSA
GREENVILLE-SPARTANSBURG- 22 5320
ANDERSON, SC MSA
JACKSON, MS MSA N/A N/A
JACKSONVILLE, FL MSA 55 15294
KNOXVILLE, TN MSA 15 2969
LEXINGTON, KY MSA 15 1546
LOUISVILLE, KY-IN MSA 16 2009
MACON, GA MSA N/A N/A
MEMPHIS, TN-AR MSA N/A N/A
MIAMI-MIAMI BEACH-KENDALL, FL MD 37 8327
NASHVILLE TN MSA 26 9126
ORLANDO, FL MSA 60 15343
PENSACOLA-FERRY PASS-BRENT, FL MSA 12 1048
RALEIGH-DURHAM-CHAPEL HILL, NC MSA's 51 12897
SARASOTA-BRADENTON-VENICE, FL MSA 14 2935
SAVANNAH, GA MSA 14 1407
TAMPA-ST. PETERSBURG-CLEARWATER, MSA 69 17086
WEST PALM BEACH-BOCA RATON-BOYTON 30 5954
BEACH, FL MD
WILMINGTON, NC MSA N/A N/A
other 77 10412
REGION III 417 73024
CHICAGO-NAPERVILLE-JOLIET, IL MSA 33 11538
CINCINNATI-MIDDLETON OH-KY-IN MSA 39 6113
CLEVELAND-ELYRIA-MENTOR, OH MSA 18 1620
COLUMBUS, OH MSA 71 7053
DAYTON, OH MSA 30 3502
DETROIT-WARREN-LIVONIA, MI MSA 39 7707
INDIANAPOLIS, IN MSA 83 15681
LANSING, MI MSA 13 2525
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 11 2959
MN-IL MSA
TOLEDO, OH MSA N/A N/A
other 80 14326
REGION IV 616 171732
AUSTIN-ROUND ROCK, TX MSA 70 20832
DALLAS-PLANO-IRVING, TX MD 171 51326
FT. WORTH-ARLINGTON, TX MD 60 16533
HOUSTON-BAYTOWN-SUGARLAND, TX VISA 167 49167
LITTLE ROCK-NORTH LITTLE ROCK, N/A N/A
AR MSA
LUBBOCK, TX MSA 23 3612
OKLAHOMA CITY, OK MSA 9 3070
SAN ANTONIO, TX MSA 36 8956
TULSA, OK MSA 29 7516
other 51 10720
REGION V 161 40119
COLORADO SPRINGS, CO MSA 18 3288
DENVER-AURORA-BOULDER, CO MSA 51 13877
KANSAS CITY MO-KS MSA 27 8562
ST LOUIS, MO-IL MSA 11 3391
other 39 7100
REGION VI 356 93498
LAS VEGAS-PARADISE, NV MSA 14 4308
LOS ANGELES-LONG BEACH-GLENDALE 22 7206
CA MD
PHOENIX-MESA-SCOTTSDALE, AZ MSA 124 34201
PORTLAND-VANCOUVER-BEAVERTON 13 4176
SALEM, OR-WA MSA
RIVERSIDE-SAN BERNARDINO, CA MSA N/A N/A
SAN DIEGO-CARLSBAD-SAN MARCOS, 19 6007
CA MSA
SAN FRANCISCO-OAKLAND-SAN JOSE, 22 5232
CA MSA's
SANTA ANA-ANAHEIM-IRVINE, CA MD 10 1252
SEATTLE-TACOMA-BELLVUE, WA MSA 56 13691
TUCSON, AZ MSA 30 6579
other 23 4273
2004 Survey
Average
Sq. Ft.
Per Unit
All Properties 871
REGION I 883
BALTIMORE, MD MSA 868
BOSTON, MA-NH MSA 896
HARTFORD, CT MSA 979
NEWHAVEN CT MSA 895
NORF-VA BEACH-NEWPRT NEWS, VA-NC MSA 993
NORTHERN NEW JERSEY MSA'S N/A
PHILADELPHIA, PA-NJ MSA 842
PITTSBURGH, PA-NJ MSA 782
PROVIDENCE, RI MSA 1092
RICHMOND-PETERSBURGH VA MSA 850
SPRINGFIELD MA MSA N/A
WASHINGTON, DC-MD-VA-WV MSA 846
Other 815
REGION II 914
ALBANY, GA MSA N/A
ATLANTA GA MSA 963
AUGUSTA, GA MSA 789
CHARLESTON, SC MSA 903
CHARLOTTE, NC, MSA 910
COLUBIA, SC MSA 927
DAYTONA, FL MSA 759
FT. LAUDERDALE-POMPA 892
BEACH-DEERFIELD BEACH, FL MD
GREENSBORO-WINSTON SALEM-HIGH 879
POINT, NC MSA
GREENVILLE-SPARTANSBURG- 861
ANDERSON, SC MSA
JACKSON, MS MSA N/A
JACKSONVILLE, FL MSA 942
KNOXVILLE, TN MSA 940
LEXINGTON, KY MSA 761
LOUISVILLE, KY-IN MSA 773
MACON, GA MSA N/A
MEMPHIS, TN-AR MSA N/A
MIAMI-MIAMI BEACH-KENDALL, FL MD 948
NASHVILLE TN MSA 908
ORLANDO, FL MSA 956
PENSACOLA-FERRY PASS-BRENT, FL MSA 608
RALEIGH-DURHAM-CHAPEL HILL, NC MSA's 905
SARASOTA-BRADENTON-VENICE, FL MSA 917
SAVANNAH, GA MSA 761
TAMPA-ST. PETERSBURG-CLEARWATER, MSA 855
WEST PALM BEACH-BOCA RATON-BOYTON 898
BEACH, FL MD
WILMINGTON, NC MSA N/A
other 868
REGION III 867
CHICAGO-NAPERVILLE-JOLIET, IL MSA 920
CINCINNATI-MIDDLETON OH-KY-IN MSA 991
CLEVELAND-ELYRIA-MENTOR, OH MSA 707
COLUMBUS, OH MSA 711
DAYTON, OH MSA 777
DETROIT-WARREN-LIVONIA, MI MSA 903
INDIANAPOLIS, IN MSA 839
LANSING, MI MSA 968
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 1026
MN-IL MSA
TOLEDO, OH MSA N/A
other 847
REGION IV 820
AUSTIN-ROUND ROCK, TX MSA 819
DALLAS-PLANO-IRVING, TX MD 835
FT. WORTH-ARLINGTON, TX MD 795
HOUSTON-BAYTOWN-SUGARLAND, TX VISA 826
LITTLE ROCK-NORTH LITTLE ROCK, N/A
AR MSA
LUBBOCK, TX MSA 762
OKLAHOMA CITY, OK MSA 763
SAN ANTONIO, TX MSA 775
TULSA, OK MSA 795
other 852
REGION V 874
COLORADO SPRINGS, CO MSA 848
DENVER-AURORA-BOULDER, CO MSA 852
KANSAS CITY MO-KS MSA 915
ST LOUIS, MO-IL MSA 843
other 840
REGION VI 870
LAS VEGAS-PARADISE, NV MSA 781
LOS ANGELES-LONG BEACH-GLENDALE 893
CA MD
PHOENIX-MESA-SCOTTSDALE, AZ MSA 878
PORTLAND-VANCOUVER-BEAVERTON 931
SALEM, OR-WA MSA
RIVERSIDE-SAN BERNARDINO, CA MSA N/A
SAN DIEGO-CARLSBAD-SAN MARCOS, 910
CA MSA
SAN FRANCISCO-OAKLAND-SAN JOSE, 865
CA MSA's
SANTA ANA-ANAHEIM-IRVINE, CA MD 875
SEATTLE-TACOMA-BELLVUE, WA MSA 850
TUCSON, AZ MSA 797
other 911
Source: National Apartment Association 2004 Survey of Operating
Incone & Expenses in Rental Apartment Communities
[c] 2004 National Apartment Association. This table may only be used,
copied, and/or distributed in accordance with the License Agreement and
may not be posted on the Internet.
GROSS POTENTIAL RENT
BY REGION & METROPOLITAN AREA
INDIVIDUALLY METERED MARKET RENT GARDEN PROPERTIES
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
REGION III 364 65461 886
CHICAGO-NAPERVILLE 27 8972 915
-JOLIET. IL MSA
CINCINNATI- 39 6897 1087
MIDDLETON OH
KY-IN MSA
CLEVELAND-ELYRIA- 12 802 591
MENTOR. OH MSA
COLUMBUS. OH MSA 64 8651 838
DAYTON. OH MSA 24 2766 765
DETROIT-WARREN- 40 6799 817
LIVONIA. MI MSA
INDIANAPOLIS. 63 12197 837
IN MSA
LANSING. MI MSA 10 1871 945
MINNEAPOLIS-ST 17 3819 1047
PAUL-BLOOMINGTON.
MN-IL MSA
TOLEDO, OH MSA 9 959 687
other 59 11728 877
REGION IV 575 159414 820
AUSTIN-ROUND ROCK. 66 17977 835
TX MSA
DALLAS-PLANO- 178 51084 824
IRVING. TX MID
FT. WORTH- 80 21985 805
ARLINGTON. TX MD
HOUSTON-BAYTOWN- 145 42685 821
SUGAR LAND.
TX MSA
LITTLE ROCK-NORTH 9 2048 897
LITTLE ROCK.
AR MSA
LUBBOCK .TXMSA 14 2511 792
OKLAHOMA CITY. 9 3127 897
OK MSA
SAN ANTONIO. 25 6411 777
TX VISA
TULSA. OK VISA 13 3772 715
other 36 7814 844
REGION V 167 42281 880
COLORADO SPRINGS, 16 3276 853
CO MSA
DENVER-AURORA- 85 22357 873
BOULDER. CO MSA's
KANSAS CITY. 10 2866 953
MO-KS MSA
ST. LOUIS. 15 4217 902
MO-IL MSA
other 41 9565 876
REGION VI 376 100708 870
LAS VEGAS-PARADISE, 18 5748 760
NV MSA
LOS ANGELES-LONG 30 7890 867
BEACH-GLENDALE.
CA MD
PHOENIX-MESA- 101 28384 872
SCOTTSDALE.
AZ MSA
PORTLAND-VANCOUVER- 20 5991 962
BEAVERTON SALEM,
OR-WA MSA
RIVERSIDE-SAN 12 3404 785
BERNANDINO.
CA MSA
SAN DIEGO-CARLSBAD- 25 6456 894
SAN MARCOS.
CA MSA
SAN FRANCISCO- 37 9247 844
OAKLAND-SAN
JOSE. CA MSA's
SANTA ANA-ANAHEIM- 48 14499 890
IRVINE CA MD
SEATTLE-TACOMA- 51 11774 878
BELLVUE. WA MSA
TUCSON, AZ MSA 14 3481 813
other 20 3834 931
2005
Gross Potential Rent Revenue
$'s Per Unit $'s Per Sq. Foot
Annual Monthly Annual Monthly
REGION III 8161 680 9.21 0.77
CHICAGO-NAPERVILLE 11774 981 12.87 1.07
-JOLIET. IL MSA
CINCINNATI- 8062 672 7.42 0.62
MIDDLETON OH
KY-IN MSA
CLEVELAND-ELYRIA- 6552 546 11.09 0.92
MENTOR. OH MSA
COLUMBUS. OH MSA 6900 575 8.23 0.69
DAYTON. OH MSA 6760 563 8.84 0.74
DETROIT-WARREN- 8160 680 9.99 0.83
LIVONIA. MI MSA
INDIANAPOLIS. 6724 560 8.03 0.67
IN MSA
LANSING. MI MSA 8512 709 9.01 0.75
MINNEAPOLIS-ST 11475 956 10.96 0.91
PAUL-BLOOMINGTON.
MN-IL MSA
TOLEDO, OH MSA 5842 487 8.50 0.71
other 7374 614 8.40 0.70
REGION IV 7778 648 9.48 0.79
AUSTIN-ROUND ROCK. 8651 721 10.36 0.86
TX MSA
DALLAS-PLANO- 8087 674 9.81 0.82
IRVING. TX MID
FT. WORTH- 7491 624 9.31 0.78
ARLINGTON. TX MD
HOUSTON-BAYTOWN- 7614 634 9.27 0.77
SUGAR LAND.
TX MSA
LITTLE ROCK-NORTH 7890 558 8.80 0.73
LITTLE ROCK.
AR MSA
LUBBOCK .TXMSA 7145 595 9.02 0.75
OKLAHOMA CITY. 7249 604 8.08 0.67
OK MSA
SAN ANTONIO. 7193 599 9.25 0.77
TX VISA
TULSA. OK VISA 6128 511 8.57 0.71
other 7120 593 8.43 0.70
REGION V 9109 759 10.35 0.85
COLORADO SPRINGS, 9261 772 10.85 0.90
CO MSA
DENVER-AURORA- 10094 841 11.57 0.96
BOULDER. CO MSA's
KANSAS CITY. 8050 671 8.45 0.70
MO-KS MSA
ST. LOUIS. 9103 759 10.09 0.84
MO-IL MSA
other 7074 590 8.08 0.67
REGION VI 10835 903 12.45 1.04
LAS VEGAS-PARADISE, 8030 669 10.56 0.88
NV MSA
LOS ANGELES-LONG 17040 1420 19.65 1.64
BEACH-GLENDALE.
CA MD
PHOENIX-MESA- 8278 690 9.49 0.79
SCOTTSDALE.
AZ MSA
PORTLAND-VANCOUVER- 8757 730 9.10 0.76
BEAVERTON SALEM,
OR-WA MSA
RIVERSIDE-SAN 10453 871 13.31 1.11
BERNANDINO.
CA MSA
SAN DIEGO-CARLSBAD- 13549 1129 15.16 1.26
SAN MARCOS.
CA MSA
SAN FRANCISCO- 13958 1163 16.54 1.38
OAKLAND-SAN
JOSE. CA MSA's
SANTA ANA-ANAHEIM- 12747 1062 14.33 1.19
IRVINE CA MD
SEATTLE-TACOMA- 10111 843 11.51 0.96
BELLVUE. WA MSA
TUCSON, AZ MSA 7999 667 9.84 0.82
other 10248 854 11.01 0.92
2004
Gross Potential Rent Revenue
$'s Per Sq. Foot $'e Per Sq. Unit
Monthly Annual Monthly Annual
REGION III 0.81 9.69 700 8395
CHICAGO-NAPERVILLE 1.05 12.6 967 11599
-JOLIET. IL MSA
CINCINNATI- 0.72 8.67 716 8591
MIDDLETON OH
KY-IN MSA
CLEVELAND-ELYRIA- 0.88 10.5 619 7422
MENTOR. OH MSA
COLUMBUS. OH MSA 0.78 9.36 555 6656
DAYTON. OH MSA 0.74 8.87 574 6889
DETROIT-WARREN- 0.87 10.42 784 9410
LIVONIA. MI MSA
INDIANAPOLIS. 0.72 8.69 608 7293
IN MSA
LANSING. MI MSA 0.74 8.88 717 8598
MINNEAPOLIS-ST 0.95 11.34 970 11638
PAUL-BLOOMINGTON.
MN-IL MSA
TOLEDO, OH MSA N/A N/A N/A N/A
other 0.95 8.29 585 7019
REGION IV 0.81 9.66 660 7921
AUSTIN-ROUND ROCK. 0.91 10.86 741 8896
TX MSA
DALLAS-PLANO- 0.83 9.97 693 8320
IRVING. TX MID
FT. WORTH- 0.75 9.14 606 7268
ARLINGTON. TX MD
HOUSTON-BAYTOWN- 0.82 9.88 680 8162
SUGAR LAND.
TX MSA
LITTLE ROCK-NORTH N/A N/A N/A N/A
LITTLE ROCK.
AR MSA
LUBBOCK .TXMSA 0.72 8.67 550 6603
OKLAHOMA CITY. 0.54 6.52 415 4976
OK MSA
SAN ANTONIO. 0.74 8.89 574 6887
TX VISA
TULSA. OK VISA 0.76 9.08 601 7217
other 0.65 7.81 555 6655
REGION V 0.81 9.76 711 8530
COLORADO SPRINGS, 0.80 9.59 678 8138
CO MSA
DENVER-AURORA- 0.95 11.35 806 9670
BOULDER. CO MSA's
KANSAS CITY. 0.74 8.89 678 8140
MO-KS MSA
ST. LOUIS. 0.79 9.53 670 8035
MO-IL MSA
other 0.70 8.38 587 7043
REGION VI 0.99 11.89 863 10352
LAS VEGAS-PARADISE, 0.87 10.48 682 8186
NV MSA
LOS ANGELES-LONG 1.50 17.95 1336 16033
BEACH-GLENDALE.
CA MD
PHOENIX-MESA- 0.82 9.81 704 8445
SCOTTSDALE.
AZ MSA
PORTLAND-VANCOUVER- 0.78 9.41 730 8760
BEAVERTON SALEM,
OR-WA MSA
RIVERSIDE-SAN N/A N/A N/A N/A
BERNANDINO.
CA MSA
SAN DIEGO-CARLSBAD- 1.28 15.41 1168 14020
SAN MARCOS.
CA MSA
SAN FRANCISCO- 1.53 18.41 1326 15917
OAKLAND-SAN
JOSE. CA MSA's
SANTA ANA-ANAHEIM- 1.26 15.10 1113 13352
IRVINE CA MD
SEATTLE-TACOMA- 0.94 11.23 795 9541
BELLVUE. WA MSA
TUCSON, AZ MSA 0.76 9.10 605 7254
other 1.00 12.00 911 10934
Total Total Average
No. of No. of sq. Ft
Properties Units Per Unit
REGION III 417 73024 867
CHICAGO-NAPERVILLE 33 11538 920
-JOLIET. IL MSA
CINCINNATI- 39 6113 991
MIDDLETON OH
KY-IN MSA
CLEVELAND-ELYRIA- 18 1620 707
MENTOR. OH MSA
COLUMBUS. OH MSA 71 7053 711
DAYTON. OH MSA 30 3502 777
DETROIT-WARREN- 39 7707 903
LIVONIA. MI MSA
INDIANAPOLIS. 83 15681 839
IN MSA
LANSING. MI MSA 13 2525 968
MINNEAPOLIS-ST 11 2959 1026
PAUL-BLOOMINGTON.
MN-IL MSA
TOLEDO, OH MSA N/A N/A N/A
other 80 14326 847
REGION IV 616 171732 820
AUSTIN-ROUND ROCK. 70 20832 819
TX MSA
DALLAS-PLANO- 171 51326 835
IRVING. TX MID
FT. WORTH- 60 16533 795
ARLINGTON. TX MD
HOUSTON-BAYTOWN- 167 49167 826
SUGAR LAND.
TX MSA
LITTLE ROCK-NORTH N/A N/A N/A
LITTLE ROCK.
AR MSA
LUBBOCK .TXMSA 23 3612 762
OKLAHOMA CITY. 9 3070 763
OK MSA
SAN ANTONIO. 36 8956 775
TX VISA
TULSA. OK VISA 29 7516 795
other 51 10720 852
REGION V 161 40119 874
COLORADO SPRINGS, 18 3288 848
CO MSA
DENVER-AURORA- 51 13877 852
BOULDER. CO MSA's
KANSAS CITY. 27 8562 915
MO-KS MSA
ST. LOUIS. 11 3391 843
MO-IL MSA
other 39 7100 840
REGION VI 356 93498 870
LAS VEGAS-PARADISE, 14 4308 781
NV MSA
LOS ANGELES-LONG 22 7206 893
BEACH-GLENDALE.
CA MD
PHOENIX-MESA- 124 34201 878
SCOTTSDALE.
AZ MSA
PORTLAND-VANCOUVER- 13 4176 931
BEAVERTON SALEM,
OR-WA MSA
RIVERSIDE-SAN N/A N/A N/A
BERNANDINO.
CA MSA
SAN DIEGO-CARLSBAD- 19 6007 910
SAN MARCOS.
CA MSA
SAN FRANCISCO- 22 5232 865
OAKLAND-SAN
JOSE. CA MSA's
SANTA ANA-ANAHEIM- 22 6399 884
IRVINE CA MD
SEATTLE-TACOMA- 56 13691 850
BELLVUE. WA MSA
TUCSON, AZ MSA 30 6579 797
other 23 4273 911
Source : National Apartment Fssociation 2004 Survey of Operating Income
& Expenses m Rental Apartment Communities
[C] 2004 by National Apartment Association. This table may only be
used. copied. and/or distributed In accordance vath the License
Agreement and may not be posted on the Internet.
GROSS POTENTIAL RENT
BY REGION & METROPOLITAN AREA
INDIVIDUALLY METERED MARKET RENT GARDENT PROPERTIES
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
ALL PROPERTIES 2563 628518 882
REGION I 198 48788 890
BALTIMORE, MD MSA 29 6265 854
BOSTON, MA-NH MSA 11 3030 951
HARTFORD,CTMSA 9 1794 951
NEW HAVEN. CT MSA 12 1480 694
NORF-VA 13 4446 980
BEACH-NEWPRT
NEWS, VA NO MSA
NORTHERN 8 3168 725
NEW JERSEY MSA'S
PHILADELPHIA. 3 748 831
PA-NJ MSA
PITTSBURGH. PA MSA 9 833 754
PROVIDENCE. RI MSA 7 1716 918
RICHMOND- 22 7012 902
PETERSBURG,
VA MSA
SPRINGFIELD, MA MSA 2 192 989
WASHINGTON, 52 14508 893
DC-MD-VA-WV MSA
other 21 3596 975
REGION II 883 211866 931
ALBANY, GA MSA 11 1152 824
ATLANTA, GA MSA 140 37651 1000
AUGUSTA, GA MSA 12 2273 828
CHARLESTON. SC MSA 11 2570 949
CHARLOTTE, ND, MSA 47 12724 947
COLUMBIA, SC MSA 21 5636 940
DAYTONA, FL MSA 12 1196 743
FT. LAUDERDALE- 9 3315 937
POMPA. BEACH-
DEERFIELD BEACH,
FL MD
GREENSBORO- 42 9119 924
WINSTON SALEM-
HIGH POINT, NO
MSA
GREENVILLE- 24 5579 907
SPARTANSBURG-
ANDERSON, SC MSA
JACKSON. MS MSA 9 2130 981
JACKSONVILLE, 58 15446 917
FL MSA
KNOXVILLE, TN MSA 11 2049 919
LEXINGTON, KY MSA 16 2313 816
LOUISVILLE, 17 2996 830
KY-IN MSA
MACON,GA MSA 14 1850 918
MEMPHIS, TN-AR MSA 22 8669 877
MIAMI-MIAMI 33 7117 941
BEACH-KENDALL,
FL MO
NASHVILLE TN MSA 33 10303 914
ORLANDOm, FL MSA 67 17373 950
PENSACOLA- 14 1853 778
FERRYPASS-BRENT,
FL MSA
RALEIGH-DURHAM- 51 13560 924
CHAPEL HILL,
NO MSA's
SARASOTA-BRADENTON- 10 1924 932
VENICE,FL MSA
SAVANNAH, GA MSA 9 1348 860
TAMPA-ST. 61 16121 883
PETERSBURG-
CLEARWATER, MSA
WEST PALM 26 5472 957
BEACH-BOCA
RATON-BOSTON
BEACH. FL MD
WILMINGTON, 8 2420 942
NO VISA
other 95 17707 922
2005
Gross Potential Rent Revenue
$'s Per Unit $'s Per Sq. Foot
Annual Monthly Annual Monthly
ALL PROPERTIES 8896 741 10.09 0.84
REGION I 11400 950 12.81 1.07
BALTIMORE, MD MSA 11068 922 12.95 1.08
BOSTON, MA-NH MSA 13778 1148 14.50 1.21
HARTFORD,CTMSA 10695 891 11.24 0.94
NEW HAVEN. CT MSA 10102 842 14.56 1.21
NORF-VA 9706 809 9.91 0.83
BEACH-NEWPRT
NEWS, VA NO MSA
NORTHERN 12784 1065 17.64 1.47
NEW JERSEY MSA'S
PHILADELPHIA. 13773 1148 16.57 1.38
PA-NJ MSA
PITTSBURGH. PA MSA 7858 655 10.42 0.87
PROVIDENCE. RI MSA 15040 1253 16.39 1.37
RICHMOND- 8313 693 9.22 0.77
PETERSBURG,
VA MSA
SPRINGFIELD, MA MSA 10159 847 10.28 0.86
WASHINGTON, 12951 1079 14.51 1.21
DC-MD-VA-WV MSA
other 10147 846 10.41 0.87
REGION II 8424 702 9.05 0.75
ALBANY, GA MSA 6595 550 8.00 0.67
ATLANTA, GA MSA 9178 765 9.18 0.76
AUGUSTA, GA MSA 6735 561 8.14 0.68
CHARLESTON. SC MSA 8948 746 9.42 0.79
CHARLOTTE, ND, MSA 7796 650 8.23 0.69
COLUMBIA, SC MSA 7365 614 7.83 0.65
DAYTONA, FL MSA 7426 619 10.00 0.83
FT. LAUDERDALE- 11907 992 12.70 1.06
POMPA. BEACH-
DEERFIELD BEACH,
FL MD
GREENSBORO- 7449 621 8.06 0.67
WINSTON SALEM-
HIGH POINT, NO
MSA
GREENVILLE- 6981 582 7.69 0.64
SPARTANSBURG-
ANDERSON, SC MSA
JACKSON. MS MSA 7650 637 7.80 0.65
JACKSONVILLE, 8767 731 9.57 0.80
FL MSA
KNOXVILLE, TN MSA 6802 567 7.41 0.62
LEXINGTON, KY MSA 7500 625 9.20 0.77
LOUISVILLE, 8200 683 9.88 0.82
KY-IN MSA
MACON,GA MSA 7052 588 7.69 0.64
MEMPHIS, TN-AR MSA 7457 621 8.50 0.71
MIAMI-MIAMI 10919 910 11.61 0.97
BEACH-KENDALL,
FL MO
NASHVILLE TN MSA 8029 669 8.79 0.73
ORLANDOm, FL MSA 8923 744 9.39 0.78
PENSACOLA- 7220 602 9.28 0.77
FERRYPASS-BRENT,
FL MSA
RALEIGH-DURHAM- 7911 659 8.56 0.71
CHAPEL HILL,
NO MSA's
SARASOTA-BRADENTON- 8733 728 9.37 0.78
VENICE,FL MSA
SAVANNAH, GA MSA 8161 680 9.49 0.79
TAMPA-ST. 8437 703 9.55 0.80
PETERSBURG-
CLEARWATER, MSA
WEST PALM 10415 868 10.88 0.91
BEACH-BOCA
RATON-BOSTON
BEACH. FL MD
WILMINGTON, 7567 631 8.03 0.67
NO VISA
other 7726 644 8.38 0.70
2004
Gross Potential Rent Revenue
$'s Per Sq. Foot $'s Per Unit
Monthly Annual Monthly Annual
ALL PROPERTIES 0.84 10.02 727 8719
REGION I 1.02 12.29 905 10854
BALTIMORE, MD MSA 0.99 11.90 860 10325
BOSTON, MA-NH MSA 1.06 12.73 950 11400
HARTFORD,CTMSA 0.94 11.26 917 11009
NEW HAVEN. CT MSA 1.03 12.31 918 11012
NORF-VA 0.75 9.05 749 8991
BEACH-NEWPRT
NEWS, VA NO MSA
NORTHERN N/A N/A N/A N/A
NEW JERSEY MSA'S
PHILADELPHIA. 1.16 13.86 973 11672
PA-NJ MSA
PITTSBURGH. PA MSA 0.92 10.99 716 8596
PROVIDENCE. RI MSA 0.96 11.53 1049 12584
RICHMOND- 0.73 8.72 618 7411
PETERSBURG,
VA MSA
SPRINGFIELD, MA MSA N/A N/A N/A N/A
WASHINGTON, 1.24 14.88 1049 12588
DC-MD-VA-WV MSA
other 1.25 14.96 1017 12202
REGION II 0.76 9.13 696 8347
ALBANY, GA MSA N/A N/A N/A N/A
ATLANTA, GA MSA 0.80 9.57 768 9214
AUGUSTA, GA MSA 0.60 7.23 476 5706
CHARLESTON. SC MSA 0.76 9.06 682 8188
CHARLOTTE, ND, MSA 0.67 8.03 609 7310
COLUMBIA, SC MSA 0.64 7.62 588 7061
DAYTONA, FL MSA 0.77 9.18 579 6950
FT. LAUDERDALE- 1.00 11.95 888 10658
POMPA. BEACH-
DEERFIELD BEACH,
FL MD
GREENSBORO- 0.72 8.68 636 7632
WINSTON SALEM-
HIGH POINT, NO
MSA
GREENVILLE- 0.62 7.44 533 6401
SPARTANSBURG-
ANDERSON, SC MSA
JACKSON. MS MSA N/A N/A N/A N/A
JACKSONVILLE, 0.73 8.79 689 8266
FL MSA
KNOXVILLE, TN MSA 0.57 6.81 533 6397
LEXINGTON, KY MSA 0.73 8.72 553 6635
LOUISVILLE, 0.75 9.04 583 6993
KY-IN MSA
MACON,GA MSA N/A N/A N/A N/A
MEMPHIS, TN-AR MSA N/A N/A N/A N/A
MIAMI-MIAMI 0.92 10.99 868 10415
BEACH-KENDALL,
FL MO
NASHVILLE TN MSA 0.70 8.43 629 7549
ORLANDOm, FL MSA 0.75 8.98 714 8569
PENSACOLA- 0.81 9.73 494 5922
FERRYPASS-BRENT,
FL MSA
RALEIGH-DURHAM- 0.77 9.25 697 8368
CHAPEL HILL,
NO MSA's
SARASOTA-BRADENTON- 0.79 9.46 722 8669
VENICE,FL MSA
SAVANNAH, GA MSA 0.73 8.79 557 6685
TAMPA-ST. 0.81 9.71 692 8301
PETERSBURG-
CLEARWATER, MSA
WEST PALM 0.84 10.13 758 9098
BEACH-BOCA
RATON-BOSTON
BEACH. FL MD
WILMINGTON, N/A N/A N/A N/A
NO VISA
other 0.62 7.49 542 6499
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
ALL PROPERTIES 2564 609569 871
REGION I 175 40490 883
BALTIMORE, MD MSA 19 3625 868
BOSTON, MA-NH MSA 10 2093 896
HARTFORD,CTMSA 14 1737 979
NEW HAVEN. CT MSA 8 1387 895
NORF-VA 12 3812 993
BEACH-NEWPRT
NEWS, VA NO MSA
NORTHERN N/A N/A N/A
NEW JERSEY MSA'S
PHILADELPHIA. 6 1572 842
PA-NJ MSA
PITTSBURGH. PA MSA 13 1914 782
PROVIDENCE. RI MSA 10 2140 1092
RICHMOND- 17 4576 850
PETERSBURG,
VA MSA
SPRINGFIELD, MA MSA N/A N/A N/A
WASHINGTON, 33 11910 846
DC-MD-VA-WV MSA
other 22 3774 815
REGION II 839 190708 914
ALBANY, GA MSA N/A N/A N/A
ATLANTA, GA MSA 183 48143 963
AUGUSTA, GA MSA 10 1591 789
CHARLESTON. SC MSA 14 3152 903
CHARLOTTE, ND, MSA 43 10654 910
COLUMBIA, SC MSA 16 4368 927
DAYTONA, FL MSA 12 1289 759
FT. LAUDERDALE- 15 4360 892
POMPA. BEACH-
DEERFIELD BEACH,
FL MD
GREENSBORO- 25 5320 879
WINSTON SALEM-
HIGH POINT, NO
MSA
GREENVILLE- 22 3940 861
SPARTANSBURG-
ANDERSON, SC MSA
JACKSON. MS MSA N/A N/A N/A
JACKSONVILLE, 55 15294 942
FL MSA
KNOXVILLE, TN MSA 15 2969 940
LEXINGTON, KY MSA 15 1546 761
LOUISVILLE, 16 2009 773
KY-IN MSA
MACON,GA MSA N/A N/A N/A
MEMPHIS, TN-AR MSA N/A N/A N/A
MIAMI-MIAMI 37 8327 948
BEACH-KENDALL,
FL MO
NASHVILLE TN MSA 26 9126 908
ORLANDOm, FL MSA 60 15343 956
PENSACOLA- 12 1048 608
FERRYPASS-BRENT,
FL MSA
RALEIGH-DURHAM- 51 12897 905
CHAPEL HILL,
NO MSA's
SARASOTA-BRADENTON- 14 2835 917
VENICE,FL MSA
SAVANNAH, GA MSA 14 1407 761
TAMPA-ST. 69 17086 855
PETERSBURG-
CLEARWATER, MSA
WEST PALM 30 5954 898
BEACH-BOCA
RATON-BOSTON
BEACH. FL MD
WILMINGTON, N/A N/A N/A
NO VISA
other 77 10412 868
OPERATING INCOME AND EXPENSES
MARKET RENT PROPERTIES LESS THAN 5 YEAR OLD
INDIVIDUAL METERED PROPERTIES
Total
Number of Properties 106
Number of Units 28444
Avg. No. of Units/Property 268
Avg. No. of Square Feet/Unit 983
Turnover rate in % 60%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 12109 12.32 100.0%
Rent Revenue Collected 10072 10.24 83.2%
Losses to Vacancy 1072 1.09 8.9%
Collection Losses 81 0.08 0.7%
Losses to Concessions 885 0.90 7.3%
Other Revenue 556 0.57 4.6%
Total Revenue 10628 10.81 87.8%
Operating Expenses
Salaries and Personnel 1020 1.04 8.4%
Insurance 213 0.22 1.8%
Taxes 1151 1.17 9.5%
Utilities 344 0.35 2.8%
Management Fees 325 0.33 2.7%
Administrative 215 0.22 1.8%
Marketing 263 0.27 2.2%
Contract Services 311 0.32 2.6%
Repair and Maintenance 283 0.29 2.3%
Total Operating Expenses 4124 4.20 34.1%
Net Operating Income 6503 6.61 53.7%
Capital Expenditures 232 0.24 1.9%
Garden
Number of Properties 97
Number of Units 26649
Avg. No. of Units/Property 275
Avg. No. of Square Feet/Unit 987
Turnover rate in % 61%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 11773 11.93 100.0%
Rent Revenue Collected 9770 9.90 83.0%
Losses to Vacancy 1049 1.06 8.9%
Collection Losses 80 0.08 0.7%
Losses to Concessions 874 0.89 7.4%
Other Revenue 553 0.56 4.7%
Total Revenue 10322 10.46 87.7%
Operating Expenses
Salaries and Personnel 1005 1.02 8.5%
Insurance 212 0.21 1.8%
Taxes 1136 1.15 9.7%
Utilities 338 0.34 2.9%
Management Fees 315 0.32 2.7%
Administrative 209 0.21 1.8%
Marketing 265 0.27 2.3%
Contract Services 305 0.31 2.6%
Repair and Maintenance 276 0.28 2.3%
Total Operating Expenses 4060 4.11 34.5%
Net Operating Income 6262 6.34 53.2%
Capital Expenditures 222 0.23 1.9%
Mid & Hi Rise
Number of Properties 9
Number of Units 1795
Avg. No. of Units/Property 199
Avg. No. of Square Feet/Unit 927
Turnover rate in % 52%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 17105 18.46 100.0%
Rent Revenue Collected 14557 15.71 85.1%
Losses to Vacancy 1410 1.52 8.2%
Collection Losses 93 0.10 0.5%
Losses to Concessions 1045 1.13 6.1%
Other Revenue 609 0.66 3.6%
Total Revenue 15166 16.37 88.7%
Operating Expenses
Salaries and Personnel 1241 1.34 7.3%
Insurance 227 0.25 1.3%
Taxes 1361 1.47 8.0%
Utilities 439 0.47 2.6%
Management Fees 480 0.52 2.8%
Administrative 298 0.32 1.7%
Marketing 233 0.25 1.4%
Contract Services 403 0.43 2.4%
Repair and Maintenance 393 0.42 2.3%
Total Operating Expenses 5075 5.48 29.7%
Net Operating Income 10090 10.89 59.0%
Capital Expenditures 380 0.41 2.2%
OPERATING INCOME AND EXPENSES
MARKET RENT PROPERTIES 5 TO 9 YEAR OLD
INDIVIDUAL METERED PROPERTIES
Total
Number of Properties 261
Number of Units 76659
Avg. No. of Units/Property 294
Avg. No. of Square Feet/Unit 999
Turnover rate in % 63%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 10856 10.87 100.0%
Rent Revenue Collected 9279 9.29 85.5%
Losses to Vacancy 898 0.90 8.3%
Collection Losses 75 0.08 0.7%
Losses to Concessions 604 0.60 5.6%
Other Revenue 559 0.56 5.1%
Total Revenue 9838 9.85 90.6%
Operating Expenses
Salaries and Personnel 1003 1.00 9.2%
Insurance 206 0.21 1.9%
Taxes 1178 1.18 10.8%
Utilities 321 0.32 3.0%
Management Fees 299 0.30 2.8%
Administrative 174 0.17 1.6%
Marketing 190 0.19 1.8%
Contract Services 292 0.29 2.7%
Repair and Maintenance 316 0.32 2.9%
Total Operating Expenses 3980 3.98 36.7%
Net Operating Income 5858 5.86 54.0%
Capital Expenditures 564 0.56 5.2%
Garden
Number of Properties 245
Number of Units 72701
Avg. No. of Units/Property 297
Avg. No. of Square Feet/Unit 1003
Turnover rate in % 63%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 10697 10.66 100.0%
Rent Revenue Collected 9128 9.10 85.3%
Losses to Vacancy 877 0.87 8.2%
Collection Losses 75 0.08 0.7%
Losses to Concessions 617 0.62 5.8%
Other Revenue 563 0.56 5.3%
Total Revenue 9690 9.66 90.6%
Operating Expenses
Salaries and Personnel 993 1.99 9.3%
Insurance 204 0.20 1.9%
Taxes 1155 1.15 10.8%
Utilities 320 0.32 3.0%
Management Fees 296 0.29 2.8%
Administrative 160 0.16 1.5%
Marketing 187 0.19 1.7%
Contract Services 294 0.29 2.8%
Repair and Maintenance 300 0.30 2.8%
Total Operating Expenses 3909 3.90 36.5%
Net Operating Income 5782 5.76 54.0%
Capital Expenditures 565 0.56 5.3%
Mid & Hi Rise
Number of Properties 6
Number of Units 3958
Avg. No. of Units/Property 247
Avg. No. of Square Feet/Unit 924
Turnover rate in % 58%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 13777 14.91 100.0%
Rent Revenue Collected 12064 13.05 87.6%
Losses to Vacancy 1279 1.38 9.3%
Collection Losses 71 0.08 0.5%
Losses to Concessions 363 0.39 2.6%
Other Revenue 488 0.53 3.5%
Total Revenue 12552 13.58 91.1%
Operating Expenses
Salaries and Personnel 1172 1.27 8.5%
Insurance 246 0.27 1.8%
Taxes 1590 1.72 11.5%
Utilities 343 0.37 2.5%
Management Fees 368 0.40 2.7%
Administrative 444 0.48 3.2%
Marketing 253 0.27 1.8%
Contract Services 257 0.28 1.9%
Repair and Maintenance 611 0.66 4.4%
Total Operating Expenses 5285 5.72 38.4%
Net Operating Income 7267 7.86 52.7%
Capital Expenditures 549 0.59 4.0%
MASTER METERED PROPERTIES
Total
Number of Properties 29
Number of Units 6312
Avg. No. of Units/Property 218
Avg. No. of Square Feet/Unit 939
Turnover rate in % 38%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 10763 11.46 100.0%
Rent Revenue Collected 9495 10.11 88.2%
Losses to vacancy 781 0.83 7.3%
Collection Losses 108 0.12 1.0%
Losses to Concessions 379 0.40 3.5%
Other Revenue 337 0.36 3.1%
Total Revenue 9832 10.47 91.4%
Operating Expenses
Salaries and Personnel 1112 1.18 10.3%
Insurance 242 0.26 2.2%
Taxes 1144 1.22 10.6%
Utilities 938 1.00 8.7%
Management Fees 335 0.36 3.1%
Administrative 272 0.29 2.5%
Marketing 209 0.22 1.9%
Contract Services 354 0.38 3.3%
Repair and Maintenance 351 0.37 3.3%
Total Operating Expenses 4957 5.28 46.1%
Net Operating Income 4875 5.19 45.3%
Capital Expenditures 419 0.45 3.9%
Garden
Number of Properties 21
Number of Units 4852
Avg. No. of Units/Property 231
Avg. No. of Square Feet/Unit 950
Turnover rate in % 34%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 9659 10.16 100.0%
Rent Revenue Collected 8553 9.00 88.5%
Losses to vacancy 617 0.65 6.4%
Collection Losses 85 0.09 0.9%
Losses to Concessions 404 0.43 4.2%
Other Revenue 196 0.21 2.0%
Total Revenue 8749 9.21 90.6%
Operating Expenses
Salaries and Personnel 1021 1.07 10.6%
Insurance 225 0.24 2.3%
Taxes 850 0.89 8.8%
Utilities 925 0.97 9.6%
Management Fees 337 0.36 3.5%
Administrative 261 0.27 2.7%
Marketing 187 0.20 1.9%
Contract Services 351 0.37 3.6%
Repair and Maintenance 247 0.29 2.8%
Total Operating Expenses 4433 4.66 45.9%
Net Operating Income 4317 4.54 44.7%
Capital Expenditures 352 0.37 3.6%
Mid & Hi Rise
Number of Properties 8
Number of Units 1460
Avg. No. of Units/Property 183
Avg. No. of Square Feet/Unit 902
Turnover rate in % 53%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 14431 16.00 100.0%
Rent Revenue Collected 12625 14.00 87.5%
Losses to vacancy 1327 1.47 9.2%
Collection Losses 185 0.21 1.3%
Losses to Concessions 294 0.33 2.0%
Other Revenue 806 0.89 5.6%
Total Revenue 13431 14.90 93.1%
Operating Expenses
Salaries and Personnel 1414 1.57 9.8%
Insurance 299 0.33 2.1%
Taxes 2123 2.35 14.7%
Utilities 979 1.09 6.8%
Management Fees 327 0.36 2.3%
Administrative 309 0.34 2.1%
Marketing 284 0.31 2.0%
Contract Services 361 0.40 2.5%
Repair and Maintenance 604 0.67 4.2%
Total Operating Expenses 6699 7.43 46.4%
Net Operating Income 6732 7.47 48.6%
Capital Expenditures 641 0.71 4.4%
Source: National Apartment Association 2005 Survey of Operating Income
& Expenses in Rental Apartment Communities
[c] 2005 by National Apartment Association. This table may only be
used, copied, and/or distributed in accordance with the License
Agreement and may not be posted on the Internet.
OPERATING INCOME AND EXPENSES
MARKET RENT PROPERTIES 10 TO 19 YEAR OLD
INDIVIDUAL METERED PROPERTIES
Total
Number of Properties 808
Number of Units 201551
Avg. No. of Units/Property 249
Avg. No. of Square Feet/Unit 882
Turnover rate in % 64%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 9549 10.82 100.0%
Rent Revenue Collected 8389 9.51 87.9%
Losses to Vacancy 726 0.82 7.6%
Collection Losses 75 0.09 0.8%
Losses to Concessions 358 0.41 3.7%
Other Revenue 509 0.58 5.3%
Total Revenue 8898 10.08 93.2%
Operating Expenses
Salaries and Personnel 968 1.10 10.1%
Insurance 177 0.20 1.9%
Taxes 905 1.03 9.5%
Utilities 313 0.36 3.3%
Management Fees 295 0.33 3.1%
Administrative 137 0.16 1.4%
Marketing 157 0.18 1.6%
Contract Services 313 0.35 3.3%
Repair and Maintenance 329 0.37 3.4%
Total Operating Expenses 3594 4.07 37.6%
Net Operating Income 5304 6.01 55.5%
Capital Expenditures 869 0.98 9.1%
Garden
Number of Properties 787
Number of Units 196984
Avg. No. of Units/Property 250
Avg. No. of Square Feet/Unit 883
Turnover rate in % 64%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 9449 10.70 100.0%
Rent Revenue Collected 8302 9.40 87.9%
Losses to Vacancy 717 0.81 7.6%
Collection Losses 75 0.09 0.8%
Losses to Concessions 354 0.40 3.8%
Other Revenue 500 0.57 5.3%
Total Revenue 8803 9.97 93.2%
Operating Expenses
Salaries and Personnel 958 1.09 10.1%
Insurance 176 0.20 1.9%
Taxes 892 1.01 9.4%
Utilities 311 0.35 3.3%
Management Fees 291 0.33 3.1%
Administrative 135 0.15 1.4%
Marketing 155 0.18 1.6%
Contract Services 310 0.35 3.3%
Repair and Maintenance 326 0.37 3.4%
Total Operating Expenses 3556 4.03 37.6%
Net Operating Income 5047 5.94 55.5%
Capital Expenditures 870 0.99 9.2%
Mid & Hi Rise
Number of Properties 21
Number of Units 4567
Avg. No. of Units/Property 217
Avg. No. of Square Feet/Unit 868
Turnover rate in % 57%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 13864 15.98 100.0%
Rent Revenue Collected 12148 14.00 87.6%
Losses to Vacancy 1115 1.28 8.0%
Collection Losses 87 0.10 0.6%
Losses to Concessions 514 0.59 3.7%
Other Revenue 870 1.00 6.3%
Total Revenue 13018 15.01 93.9%
Operating Expenses
Salaries and Personnel 1380 1.49 10.0%
Insurance 220 0.25 1.6%
Taxes 1459 1.68 10.5%
Utilities 402 0.46 2.9%
Management Fees 454 0.52 3.3%
Administrative 212 0.24 1.5%
Marketing 231 0.27 1.7%
Contract Services 413 0.48 3.0%
Repair and Maintenance 480 0.55 3.5%
Total Operating Expenses 5251 6.05 37.9%
Net Operating Income 7767 8.95 56.0%
Capital Expenditures 797 0.92 5.7%
MASTER METERED PROPERTIES
Total
Number of Properties 56
Number of Units 13553
Avg. No. of Units/Property 242
Avg. No. of Square Feet/Unit 887
Turnover rate in % 55%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 13993 15.77 100.0%
Rent Revenue Collected 12662 14.27 90.5%
Losses to vacancy 884 1.00 6.3%
Collection Losses 78 0.09 0.6%
Losses to Concessions 370 0.42 2.6%
Other Revenue 659 0.74 4.7%
Total Revenue 13321 15.01 95.2%
Operating Expenses
Salaries and Personnel 1279 1.44 9.1%
Insurance 187 0.21 1.3%
Taxes 1110 1.25 7.9%
Utilities 931 1.05 6.7%
Management Fees 456 0.51 3.3%
Administrative 263 0.30 1.9%
Marketing 177 0.20 1.3%
Contract Services 454 0.51 3.2%
Repair and Maintenance 504 0.57 3.6%
Total Operating Expenses 5362 6.04 38.3%
Net Operating Income 7959 8.97 56.9%
Capital Expenditures 959 1.08 6.9%
Garden
Number of Properties 38
Number of Units 8787
Avg. No. of Units/Property 231
Avg. No. of Square Feet/Unit 897
Turnover rate in % 49%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 10235 11.41 100.0%
Rent Revenue Collected 9013 10.05 88.1%
Losses to vacancy 763 0.85 7.5%
Collection Losses 76 0.08 0.7%
Losses to Concessions 383 0.43 3.7%
Other Revenue 451 0.50 4.4%
Total Revenue 9465 10.56 92.5%
Operating Expenses
Salaries and Personnel 1100 1.23 10.7%
Insurance 203 0.23 2.0%
Taxes 748 0.83 7.3%
Utilities 849 0.95 8.3%
Management Fees 293 0.33 2.9%
Administrative 226 0.25 2.2%
Marketing 162 0.18 1.6%
Contract Services 343 0.38 3.4%
Repair and Maintenance 434 0.48 4.2%
Total Operating Expenses 4357 4.86 42.6%
Net Operating Income 5107 5.70 49.9%
Capital Expenditures 987 1.10 9.6%
Mid & Hi Rise
Number of Properties 18
Number of Units 4766
Avg. No. of Units/Property 265
Avg. No. of Square Feet/Unit 870
Turnover rate in % 65%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 20923 24.04 100.0%
Rent Revenue Collected 19388 22.27 92.7%
Losses to vacancy 1106 1.27 5.3%
Collection Losses 81 0.09 0.4%
Losses to Concessions 347 0.40 1.7%
Other Revenue 1043 1.20 5.0%
Total Revenue 20431 23.47 97.6%
Operating Expenses
Salaries and Personnel 1609 1.85 7.7%
Insurance 157 0.18 0.8%
Taxes 1776 2.04 8.5%
Utilities 1084 1.25 5.2%
Management Fees 758 0.87 3.6%
Administrative 331 0.38 1.6%
Marketing 205 0.24 1.0%
Contract Services 660 0.76 3.2%
Repair and Maintenance 634 0.73 3.0%
Total Operating Expenses 7213 8.29 34.5%
Net Operating Income 13218 15.19 63.2%
Capital Expenditures 907 1.04 4.3%
Source: National Apartment Association 2005 Survey of Operating Income
& Expenses in Rental Apartment Communities
[c] 2005 by National Apartment Association. This table may only be
used, copied, and/or distributed in accordance with the License
Agreement and may not be posted on the Internet.
OPERATING INCOME AND EXPENSES
MARKET RENT PROPERTIES 20 OR MORE YEARS OLD
INDIVIDUAL METERED PROPERTIES
Total
Number of Properties 1461
Number of Units 339301
Avg. No. of Units/Property 232
Avg. No. of Square Feet/Unit 846
Turnover rate in % 60%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 8003 9.46 100.0%
Rent Revenue Collected 6825 8.07 85.3%
Losses to Vacancy 767 0.91 9.6%
Collection Losses 75 0.09 0.9%
Losses to Concessions 337 0.40 4.2%
Other Revenue 490 0.58 6.1%
Total Revenue 7316 8.65 91.4%
Operating Expenses
Salaries and Personnel 925 1.09 11.6%
Insurance 197 0.23 2.5%
Taxes 706 1.83 8.8%
Utilities 362 0.43 4.5%
Management Fees 267 0.32 3.3%
Administrative 162 0.19 2.0%
Marketing 156 0.18 2.0%
Contract Services 286 0.34 3.6%
Repair and Maintenance 304 0.36 3.8%
Total Operating Expenses 3366 3.98 42.1%
Net Operating Income 3950 4.67 49.4%
Capital Expenditures 671 0.79 8.4%
Garden
Number of Properties 1434
Number of Units 332184
Avg. No. of Units/Property 232
Avg. No. of Square Feet/Unit 846
Turnover rate in % 60%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 7943 9.39 100.0%
Rent Revenue Collected 6773 8.01 85.3%
Losses to Vacancy 766 0.91 9.6%
Collection Losses 76 0.09 1.0%
Losses to Concessions 329 0.39 4.1%
Other Revenue 486 0.57 6.1%
Total Revenue 7259 5.58 91.4%
Operating Expenses
Salaries and Personnel 920 1.09 11.6%
Insurance 197 0.23 2.5%
Taxes 703 0.83 8.9%
Utilities 360 0.43 4.5%
Management Fees 263 0.31 3.3%
Administrative 161 0.19 2.0%
Marketing 155 0.18 2.0%
Contract Services 283 0.33 3.6%
Repair and Maintenance 303 0.36 3.8%
Total Operating Expenses 3345 3.95 42.1%
Net Operating Income 3913 4.63 49.3%
Capital Expenditures 668 0.79 8.4%
Mid & Hi Rise
Number of Properties 27
Number of Units 7117
Avg. No. of Units/Property 264
Avg. No. of Square Feet/Unit 838
Turnover rate in % 49%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 10822 12.91 100.0%
Rent Revenue Collected 9266 11.06 85.6%
Losses to Vacancy 810 0.97 7.5%
Collection Losses 47 0.06 0.4%
Losses to Concessions 699 0.83 6.5%
Other Revenue 705 0.84 6.5%
Total Revenue 9971 11.90 92.1%
Operating Expenses
Salaries and Personnel 1159 1.38 10.7%
Insurance 215 0.26 2.0%
Taxes 832 0.99 7.7%
Utilities 452 0.54 4.2%
Management Fees 446 0.53 4.1%
Administrative 221 0.26 2.0%
Marketing 217 0.26 2.0%
Contract Services 430 0.51 4.0%
Repair and Maintenance 335 0.40 3.1%
Total Operating Expenses 4308 5.14 39.8%
Net Operating Income 5663 6.76 52.3%
Capital Expenditures 780 0.93 7.2%
MASTER METERED PROPERTIES
Total
Number of Properties 361
Number of Units 98961
Avg. No. of Units/Property 274
Avg. No. of Square Feet/Unit 895
Turnover rate in % 49%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 11751 13.13 100.0%
Rent Revenue Collected 10375 11.59 88.3%
Losses to vacancy 898 1.00 7.6%
Collection Losses 103 0.12 0.9%
Losses to Concessions 372 0.42 3.2%
Other Revenue 590 0.66 5.0%
Total Revenue 10964 12.25 93.3%
Operating Expenses
Salaries and Personnel 1116 1.25 9.5%
Insurance 237 0.26 2.0%
Taxes 865 0.97 7.4%
Utilities 1089 1.22 9.3%
Management Fees 410 0.46 3.5%
Administrative 241 0.27 2.1%
Marketing 162 0.18 1.4%
Contract Services 413 0.46 3.5%
Repair and Maintenance 473 0.53 4.0%
Total Operating Expenses 5006 5.59 42.6%
Net Operating Income 5958 6.66 50.7%
Capital Expenditures 1063 1.19 9.0%
Garden
Number of Properties 281
Number of Units 73609
Avg. No. of Units/Property 262
Avg. No. of Square Feet/Unit 896
Turnover rate in % 53%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 10705 11.94 100.0%
Rent Revenue Collected 9302 10.38 86.9%
Losses to vacancy 909 1.01 8.5%
Collection Losses 112 0.13 1.0%
Losses to Concessions 385 0.43 3.6%
Other Revenue 508 0.57 4.7%
Total Revenue 9809 10.94 91.6%
Operating Expenses
Salaries and Personnel 1104 1.23 10.3%
Insurance 239 0.27 2.2%
Taxes 773 0.86 7.2%
Utilities 1057 1.18 9.9%
Management Fees 362 0.40 3.4%
Administrative 213 0.24 2.0%
Marketing 156 0.17 1.5%
Contract Services 365 0.41 3.4%
Repair and Maintenance 430 0.48 4.0%
Total Operating Expenses 4698 5.24 43.9%
Net Operating Income 5111 5.70 47.7%
Capital Expenditures 790 0.88 7.4%
Mid & Hi Rise
Number of Properties 80
Number of Units 25352
Avg. No. of Units/Property 317
Avg. No. of Square Feet/Unit 891
Turnover rate in % 40%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 14788 16.59 100.0%
Rent Revenue Collected 13489 15.14 91.2%
Losses to vacancy 867 0.97 5.9%
Collection Losses 77 0.09 0.5%
Losses to Concessions 335 0.38 2.3%
Other Revenue 829 0.93 5.6%
Total Revenue 14318 16.07 96.8%
Operating Expenses
Salaries and Personnel 1153 1.29 7.8%
Insurance 230 0.26 1.6%
Taxes 1130 1.27 7.6%
Utilities 1183 1.33 8.0%
Management Fees 549 0.62 3.7%
Administrative 323 0.36 2.2%
Marketing 179 0.20 1.2%
Contract Services 554 0.62 3.7%
Repair and Maintenance 598 0.67 4.0%
Total Operating Expenses 5899 6.62 39.9%
Net Operating Income 8420 9.45 56.9%
Capital Expenditures 1856 2.08 12.5%
Source: National Apartment Association 2005 Survey of Operating Income
& Expenses in Rental Apartment Communities
[c] 2005 by National Apartment Association. This table may only be
used, copied, and/or distributed in accordance with the License
Agreement and may not be posted on the Internet.
OPERATING INCOME AND EXPENSES
MARKET RENT PROPERTIES WITH LESS THAN 100 UNITS
INDIVIDUAL METERED PROPERTIES
Total
Number of Properties 451
Number of Units 31467
Avg No of Units/Property 70
Avg. No of Square Feet/Unit 685
Turnover rate in % 64%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 7014 10.24 100.0%
Rent Revenue Collected 6102 8.91 87.0%
Losses to Vacancy 606 0.88 8.6%
Collection Losses 75 0.11 1.1%
Losses to Concessions 231 0.34 3.3%
Other Revenue 395 0.58 5.6%
Total Revenue 6497 9.49 92.6%
Operating Expenses
Salaries and Personnel 881 1.29 12.6%
Insurance 147 0.21 2.1%
Taxes 572 0.84 8.2%
Utilities 255 0.37 3.6%
Management Fees 264 0.39 3.8%
Administrative 145 0.21 2.1%
Marketing 141 0.21 2.0%
Contract Services 292 0.43 4.2%
Repair and Maintenance 325 0.48 4.6%
Total Operating Expenses 3023 4.41 43.1%
Net Operating Income 3474 5.07 49.5%
Capital Expenditures 1038 1.52 14.8%
Garden
Number of Properties 437
Number of Units 30300
Avg No of Units/Property 69
Avg. No of Square Feet/Unit 682
Turnover rate in % 65%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 6830 10.01 100.0%
Rent Revenue Collected 5949 8.72 87.1%
Losses to Vacancy 594 0.87 8.7%
Collection Losses 71 0.10 1.0%
Losses to Concessions 217 0.32 3.2%
Other Revenue 385 0.56 5.6%
Total Revenue 6334 9.28 92.7%
Operating Expenses
Salaries and Personnel 866 1.27 12.7%
Insurance 141 0.21 2.1%
Taxes 555 0.81 8.1%
Utilities 246 0.36 3.6%
Management Fees 258 0.38 3.8%
Administrative 137 0.20 2.0%
Marketing 140 0.20 2.0%
Contract Services 293 0.43 4.3%
Repair and Maintenance 320 0.47 4.7%
Total Operating Expenses 2955 4.33 43.3%
Net Operating Income 3379 4.95 49.5%
Capital Expenditures 1052 1.54 15.4%
Mid & Hi Rise
Number of Properties 14
Number of Units 1167
Avg No of Units/Property 83
Avg. No of Square Feet/Unit 748
Turnover rate in % 55%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 1788 15.76 100.0%
Rent Revenue Collected 0090 13.49 85.6%
Losses to Vacancy 910 1.22 7.7%
Collection Losses 180 0.24 1.5%
Losses to Concessions 608 0.81 5.2%
Other Revenue 638 0.85 5.4%
Total Revenue 0728 14.34 91.0%
Operating Expenses
Salaries and Personnel 1289 1.72 10.9%
Insurance 302 0.40 2.6%
Taxes 1023 1.37 8.7%
Utilities 485 0.65 4.1%
Management Fees 410 0.55 3.5%
Administrative 347 0.46 2.9%
Marketing 178 0.24 1.5%
Contract Services 277 0.37 2.4%
Repair and Maintenance 468 0.63 4.0%
Total Operating Expenses 4780 6.39 40.5%
Net Operating Income 5948 7.95 50.5%
Capital Expenditures 672 0.90 5.7%
MASTER METERED PROPERTIES
Total
Number of Properties 54
Number of Units 4117
Avg. No. of Units/Property 76
Avg No. of Square Feet/Unit 866
Turnover rate in % 46%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 10519 12.15 100.0%
Rent Revenue Collected 9417 10.88 89.5%
Losses to Vacancy 764 0.88 7.3%
Collection Losses 68 0.08 0.6%
Losses to Concessions 270 0.31 2.6%
Other Revenue 371 0.43 3.5%
Total Revenue 9788 11.31 9.3%
Operating Expenses
Salaries and Personnel 1086 1.25 10.3%
Insurance 243 0.28 2.3%
Taxes 770 0.89 7.3%
Utilities 1035 1.20 9.8%
Management Fees 459 0.53 4.4%
Administrative 276 0.32 2.6%
Marketing 168 0.19 1.6%
Contract Services 390 0.45 3.7%
Repair and Maintenance 507 0.59 4.8%
Total Operating Expenses 4934 5.70 46.9%
Net Operating Income 4853 5.61 46.1%
Capital Expenditures 862 1.00 8.2%
Garden
Number of Properties 42
Number of Units 3142
Avg. No. of Units/Property 75
Avg No. of Square Feet/Unit 855
Turnover rate in % 46%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 10225 11.97 100.0%
Rent Revenue Collected 9102 10.65 89.0%
Losses to Vacancy 751 0.88 7.3%
Collection Losses 78 0.09 0.8%
Losses to Concessions 293 0.34 2.9%
Other Revenue 346 0.41 3.4%
Total Revenue 9449 11.06 92.4%
Operating Expenses
Salaries and Personnel 1055 1.27 10.6%
Insurance 227 0.27 2.2%
Taxes 718 0.84 7.0%
Utilities 1043 1.22 10.2%
Management Fees 437 0.51 4.3%
Administrative 258 0.30 2.5%
Marketing 172 0.20 1.7%
Contract Services 376 0.44 3.7%
Repair and Maintenance 477 0.56 4.7%
Total Operating Expenses 4792 5.61 46.9%
Net Operating Income 4656 5.45 45.5%
Capital Expenditures 856 1.00 8.4%
Mid & Hi Rise
Number of Properties 12
Number of Units 975
Avg. No. of Units/Property 81
Avg No. of Square Feet/Unit 901
Turnover rate in % 44%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 11467 12.73 100.0%
Rent Revenue Collected 10431 11.58 91.0%
Losses to Vacancy 805 0.89 7.0%
Collection Losses 36 0.04 0.3%
Losses to Concessions 194 0.22 1.7%
Other Revenue 449 0.50 3.9%
Total Revenue 10880 12.08 94.9%
Operating Expenses
Salaries and Personnel 1088 1.21 9.5%
Insurance 294 0.33 2.6%
Taxes 937 1.04 8.2%
Utilities 1011 1.12 8.8%
Management Fees 533 0.59 4.6%
Administrative 334 0.37 2.9%
Marketing 154 0.17 1.3%
Contract Services 437 0.48 3.8%
Repair and Maintenance 605 0.67 5.3%
Total Operating Expenses 5393 5.99 47.0%
Net Operating Income 5487 6.09 47.9%
Capital Expenditures 882 0.98 7.7%
Source: National Apartment Association 2005 Survey of Operating Income
& Expenses in Rental Apartment Communities
[c] 2005 by National Apartment Association. This table may only be
used, copied, and/or distributed in accordance with the License
Agreement and may not be posted on the Internet.
OPERATING INCOME AND EXPENSES
MARKET RENT PROPERTIES WITH 100 TO 249 UNITS
INDIVIDUAL METERED PROPERTIES
Total
Number of Properties 1036
Number of Units 184472
Avg. No. of Units/Property 178
Avg. No. of Square Feet/Unit 891
Turnover rate in % 62%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 8972 10.07 100.0%
Rent Revenue Collected 7722 8.67 86.1%
Losses to Vacancy 764 0.86 8.5%
Collection Losses 78 0.09 0.9%
Losses to Concessions 409 0.46 4.6%
Other Revenue 503 0.56 5.6%
Total Revenue 8225 9.23 91.7%
Operating Expenses
Salaries and Personnel 1003 1.13 11.2%
Insurance 201 0.23 2.2%
Taxes 799 0.90 8.9%
Utilities 359 0.40 4.0%
Management Fees 294 0.33 3.3%
Administrative 179 0.20 2.0%
Marketing 176 0.20 2.0%
Contract Services 308 0.35 3.4%
Repair and Maintenance 324 0.36 3.6%
Total Operating Expenses 3642 4.09 40.6%
Net Operating Income 4584 5.15 51.1%
Capital Expenditures 709 0.80 7.9%
Garden
Number of Properties 1007
Number of Units 179419
Avg. No. of Units/Property 178
Avg. No. of Square Feet/Unit 891
Turnover rate in % 62%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 8871 9.95 100.0%
Rent Revenue Collected 7627 8.56 86.0%
Losses to Vacancy 759 0.85 8.6%
Collection Losses 79 0.09 0.9%
Losses to Concessions 407 0.46 4.6%
Other Revenue 494 0.55 5.6%
Total Revenue 8121 9.11 91.6%
Operating Expenses
Salaries and Personnel 994 1.12 11.2%
Insurance 199 0.22 2.2%
Taxes 786 0.88 8.9%
Utilities 357 0.40 4.0%
Management Fees 290 0.33 3.3%
Administrative 176 0.20 2.0%
Marketing 174 0.20 2.0%
Contract Services 305 0.34 3.4%
Repair and Maintenance 322 0.36 3.6%
Total Operating Expenses 3602 4.04 40.6%
Net Operating Income 4519 5.07 50.9%
Capital Expenditures 712 0.80 8.0%
Mid & Hi Rise
Number of Properties 29
Number of Units 5053
Avg. No. of Units/Property 174
Avg. No. of Square Feet/Unit 876
Turnover rate in % 51%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 12557 14.34 100.0%
Rent Revenue Collected 11104 12.68 88.4%
Losses to Vacancy 937 1.07 7.5%
Collection Losses 45 0.05 0.4%
Losses to Concessions 471 0.54 3.8%
Other Revenue 813 0.93 6.5%
Total Revenue 11917 13.61 94.9%
Operating Expenses
Salaries and Personnel 1316 1.50 10.5%
Insurance 266 0.30 2.1%
Taxes 1263 1.44 10.1%
Utilities 434 0.50 3.5%
Management Fees 460 0.53 3.7%
Administrative 272 0.31 2.2%
Marketing 238 0.27 1.9%
Contract Services 413 0.47 3.3%
Repair and Maintenance 384 0.44 3.1%
Total Operating Expenses 5045 5.76 40.2%
Net Operating Income 6872 7.85 54.7%
Capital Expenditures 586 0.67 4.7%
MASTER METERED PROPERTIES
Total
Number of Properties 218
Number of Units 36738
Avg. No. of Units/Property 169
Avg No. of Square Feet/Unit 899
Turnover rate in % 54%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 11542 12.83 100.0%
Rent Revenue Collected 10127 11.26 87.7%
Losses to Vacancy 917 1.02 7.9%
Collection Losses 128 0.14 1.1%
Losses to Concessions 369 0.41 3.2%
Other Revenue 573 0.64 5.0%
Total Revenue 10700 11.90 92.7%
Operating Expenses
Salaries and Personnel 1246 1.39 10.8%
Insurance 250 0.28 2.2%
Taxes 914 1.02 7.9%
Utilities 1055 1.17 9.1%
Management Fees 392 0.44 3.4%
Administrative 248 0.28 2.2%
Marketing 180 0.20 1.6%
Contract Services 402 0.45 3.5%
Repair and Maintenance 496 0.55 4.3%
Total Operating Expenses 5184 5.76 44.9%
Net Operating Income 5516 6.13 47.8%
Capital Expenditures 1284 1.43 11.1%
Garden
Number of Properties 169
Number of Units 28265
Avg. No. of Units/Property 167
Avg No. of Square Feet/Unit 905
Turnover rate in % 56%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 10626 11.74 100.0%
Rent Revenue Collected 9153 10.11 86.1%
Losses to Vacancy 949 1.05 8.9%
Collection Losses 141 0.16 1.3%
Losses to Concessions 383 0.42 3.6%
Other Revenue 463 0.51 4.4%
Total Revenue 9616 10.62 90.5%
Operating Expenses
Salaries and Personnel 1207 1.33 11.4%
Insurance 255 0.28 2.4%
Taxes 826 0.91 7.8%
Utilities 1049 1.16 9.9%
Management Fees 354 0.39 3.3%
Administrative 226 0.25 2.1%
Marketing 169 0.19 1.6%
Contract Services 373 0.41 3.5%
Repair and Maintenance 471 0.52 4.4%
Total Operating Expenses 4931 5.45 46.4%
Net Operating Income 4685 5.17 44.1%
Capital Expenditures 787 0.87 7.4%
Mid & Hi Rise
Number of Properties 49
Number of Units 8473
Avg. No. of Units/Property 173
Avg No. of Square Feet/Unit 879
Turnover rate in % 48%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 14596 16.61 100.0%
Rent Revenue Collected 13377 15.22 91.7%
Losses to Vacancy 812 0.92 5.6%
Collection Losses 86 0.10 0.6%
Losses to Concessions 321 0.37 2.2%
Other Revenue 938 1.07 6.4%
Total Revenue 14315 16.29 98.1%
Operating Expenses
Salaries and Personnel 1376 1.57 9.4%
Insurance 235 0.27 1.6%
Taxes 1207 1.37 8.3%
Utilities 1076 1.22 7.4%
Management Fees 517 0.59 3.5%
Administrative 322 0.37 2.2%
Marketing 217 0.25 1.5%
Contract Services 497 0.57 3.4%
Repair and Maintenance 580 0.66 4.0%
Total Operating Expenses 6027 6.86 41.3%
Net Operating Income 8287 9.43 56.8%
Capital Expenditures 2943 3.35 20.2%
Source: National Apartment Association 2005 Survey of Operating Income
& Expenses in Rental Apartment Communities
[c] 2005 by National Apartment Association. This table may only be
used, copied, and/or distributed in accordance with the License
Agreement and may not be posted on the Internet.
OPERATING INCOME AND EXPENSES
MARKET RENT PROPERTIES WITH 250 TO 499 UNITS
INDIVIDUAL METERED PROPERTIES
Total
Number of Properties 1016
Number of Units 339156
Avg. No. of Units/Property 334
Avg. No. of Square Feet/Unit 897
Turnover rate in % 62%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 9214 10.27 100.0%
Rent Revenue Collected 7927 8.84 86.0%
Losses to Vacancy 798 0.89 8.7%
Collection Losses 74 0.08 0.8%
Losses to Concessions 415 0.46 4.5%
Other Revenue 530 0.59 5.7%
Total Revenue 8457 9.43 91.8%
Operating Expenses
Salaries and Personnel 945 1.05 10.3%
Insurance 195 0.22 2.1%
Taxes 884 0.99 9.6%
Utilities 339 0.38 3.7%
Management Fees 281 0.31 3.0%
Administrative 151 0.17 1.6%
Marketing 168 0.19 1.8%
Contract Services 290 0.32 3.1%
Repair and Maintenance 308 0.34 3.3%
Total Operating Expenses 3560 3.97 38.6%
Net Operating Income 4897 5.46 53.1%
Capital Expenditures 686 0.77 7.4%
Garden
Number of Properties 988
Number of Units 329686
Avg. No. of Units/Property 334
Avg. No. of Square Feet/Unit 897
Turnover rate in % 62%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 9088 10.13 100.0%
Rent Revenue Collected 7822 8.72 86.1%
Losses to Vacancy 787 0.88 8.7%
Collection Losses 75 0.08 0.8%
Losses to Concessions 405 0.45 4.5%
Other Revenue 525 0.59 5.8%
Total Revenue 83472 9.30 91.8%
Operating Expenses
Salaries and Personnel 937 1.04 10.3%
Insurance 195 0.22 2.1%
Taxes 873 0.97 9.6%
Utilities 338 0.38 3.7%
Management Fees 277 0.31 3.0%
Administrative 147 0.16 1.6%
Marketing 165 0.18 1.8%
Contract Services 288 0.32 3.2%
Repair and Maintenance 302 0.34 3.3%
Total Operating Expenses 3523 3.93 38.8%
Net Operating Income 4825 5.38 53.1%
Capital Expenditures 685 0.76 7.5%
Mid & Hi Rise
Number of Properties 28
Number of Units 9470
Avg. No. of Units/Property 338
Avg. No. of Square Feet/Unit 897
Turnover rate in % 56%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 13588 15.15 100.0%
Rent Revenue Collected 11575 12.91 85.2%
Losses to Vacancy 1174 1.31 8.6%
Collection Losses 71 0.08 0.5%
Losses to Concessions 768 0.86 5.7%
Other Revenue 696 0.78 5.1%
Total Revenue 12271 13.68 90.3%
Operating Expenses
Salaries and Personnel 1241 1.35 8.9%
Insurance 199 0.22 1.5%
Taxes 1274 1.42 9.4%
Utilities 389 0.43 2.9%
Management Fees 417 0.47 3.1%
Administrative 291 0.33 2.1%
Marketing 249 0.28 1.8%
Contract Services 340 0.38 2.5%
Repair and Maintenance 495 0.55 3.6%
Total Operating Expenses 4869 5.43 35.8%
Net Operating Income 7402 8.25 54.5%
Capital Expenditures 732 0.82 5.4%
MASTER METERED PROPERTIES
Total
Number of Properties 139
Number of Units 46497
Avg. No of Units/Property 335
Avg. No. of Square Feet/Unit 890
Turnover rate in % 49%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 11339 12.74 100.0%
Rent Revenue Collected 9989 11.22 88.1%
Losses to Vacancy 859 0.96 7.6%
Collection Losses 100 0.11 0.9%
Losses to Concessions 396 0.44 3.5%
Other Revenue 566 0.64 5.0%
Total Revenue 10554 11.86 93.1%
Operating Expenses
Salaries and Personnel 1110 1.25 9.8%
Insurance 244 0.27 2.2%
Taxes 856 0.96 7.6%
Utilities 973 1.09 8.6%
Management Fees 362 0.41 3.2%
Administrative 223 0.25 2.0%
Marketing 174 0.20 1.5%
Contract Services 374 0.42 3.3%
Repair and Maintenance 423 0.47 3.7%
Total Operating Expenses 4739 5.32 41.8%
Net Operating Income 5815 6.53 51.3%
Capital Expenditures 855 0.96 7.5%
Garden
Number of Properties 110
Number of Units 36448
Avg. No of Units/Property 331
Avg. No. of Square Feet/Unit 884
Turnover rate in % 50%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 9765 11.05 100.0%
Rent Revenue Collected 8398 9.50 86.0%
Losses to Vacancy 847 0.96 8.7%
Collection Losses 107 0.12 1.1%
Losses to Concessions 420 0.48 4.3%
Other Revenue 454 0.51 4.6%
Total Revenue 8851 10.01 90.6%
Operating Expenses
Salaries and Personnel 1061 1.20 10.9%
Insurance 241 0.27 2.5%
Taxes 721 0.82 7.4%
Utilities 922 1.04 9.4%
Management Fees 302 0.34 3.1%
Administrative 196 0.22 2.0%
Marketing 163 0.18 1.7%
Contract Services 321 0.36 3.3%
Repair and Maintenance 373 0.42 3.8%
Total Operating Expenses 4300 4.86 44.0%
Net Operating Income 4551 5.15 46.6%
Capital Expenditures 853 0.96 8.7%
Mid & Hi Rise
Number of Properties 29
Number of Units 10049
Avg. No of Units/Property 347
Avg. No. of Square Feet/Unit 913
Turnover rate in % 46%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 17047 18.68 100.0%
Rent Revenue Collected 15760 17.27 92.4%
Losses to Vacancy 901 0.99 5.3%
Collection Losses 77 0.08 0.5%
Losses to Concessions 309 0.34 1.8%
Other Revenue 972 1.06 5.7%
Total Revenue 16731 18.34 98.1%
Operating Expenses
Salaries and Personnel 1287 1.41 7.5%
Insurance 256 0.28 1.5%
Taxes 1349 1.48 7.9%
Utilities 1155 1.27 6.8%
Management Fees 576 0.63 3.4%
Administrative 323 0.35 1.9%
Marketing 216 0.24 1.3%
Contract Services 565 0.62 3.3%
Repair and Maintenance 602 0.66 3.5%
Total Operating Expenses 6329 6.94 37.1%
Net Operating Income 10402 11.40 61.0%
Capital Expenditures 865 0.95 5.1%
Source: National Apartment Association 2005 Survey of Operating Income
& Expenses in Rental Apartment Communities
[c] 2005 by National Apartment Association. This table may only be
used, copied, and/or distributed in accordance with the License
Agreement and may not be posted on the Internet.
OPERATING INCOME AND EXPENSES
MARKET RENT PROPERTIES WITH 500 OR MORE UNITS
INDIVIDUAL METERED PROPERTIES
Total
Number of Properties 133
Number of Units 90860
Avg No of Units/Property 683
Avg No of Square Feet/Unit 873
Turnover rate in % 58%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 8982 10.29 100.0%
Rent Revenue Collected 7699 8.82 85.7%
Losses to Vacancy 830 0.95 9.2%
Collection Losses 74 0.09 0.8%
Losses to Concessions 379 0.43 4.2%
Other Revenue 470 0.54 5.2%
Total Revenue 8169 9.36 90.9%
Operating Expenses
Salaries and Personnel 899 1.03 10.0%
Insurance 183 0.21 2.0%
Taxes 877 1.00 9.8%
Utilities 343 0.39 3.8%
Management Fees 269 0.31 3.0%
Administrative 145 0.17 1.6%
Marketing 143 0.16 1.6%
Contract Services 299 0.34 3.3%
Repair and Maintenance 303 0.35 3.4%
Total Operating Expenses 3460 3.96 38.5%
Net Operating Income 4709 5.40 52.4%
Capital Expenditures 619 0.71 6.9%
Garden
Number of Properties 131
Number of Units 89113
Avg No of Units/Property 680
Avg No of Square Feet/Unit 873
Turnover rate in % 58%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 8937 10.23 100.0%
Rent Revenue Collected 7650 8.76 85.6%
Losses to Vacancy 829 0.95 9.3%
Collection Losses 75 0..9 0.8%
Losses to Concessions 384 0.44 4.3%
Other Revenue 473 0.54 5.3%
Total Revenue 8123 9.30 90.9%
Operating Expenses
Salaries and Personnel 897 1.03 10.0%
Insurance 183 0.21 2.0%
Taxes 875 1.00 9.8%
Utilities 341 0.39 3.8%
Management Fees 265 0.30 3.0%
Administrative 145 0.17 1.6%
Marketing 143 0.16 1.6%
Contract Services 293 0.34 3.3%
Repair and Maintenance 303 0.35 3.4%
Total Operating Expenses 3444 3.94 38.5%
Net Operating Income 4679 5.36 52.4%
Capital Expenditures 616 0.71 6.9%
Mid & Hi Rise
Number of Properties 2
Number of Units 1747
Avg No of Units/Property 874
Avg No of Square Feet/Unit 834
Turnover rate in % 47%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 11266 13.52 100.0%
Rent Revenue Collected 10195 12.23 90.5%
Losses to Vacancy 877 1.05 7.8%
Collection Losses 40 0.05 0.4%
Losses to Concessions 154 0.18 1.4%
Other Revenue 327 0.39 2.9%
Total Revenue 10522 12.62 93.4%
Operating Expenses
Salaries and Personnel 1010 1.21 9.0%
Insurance 196 0.23 1.7%
Taxes 962 1.15 8.5%
Utilities 433 0.52 3.8%
Management Fees 462 0.55 4.1%
Administrative 168 0.20 1.5%
Marketing 148 0.18 1.3%
Contract Services 604 0.72 5.4%
Repair and Maintenance 304 0.36 2.7%
Total Operating Expenses 4287 5.14 38.0%
Net Operating Income 6236 7.48 55.3%
Capital Expenditures 780 0.94 6.9%
MASTER METERED PROPERTIES
Total
Number of Properties 46
Number of Units 34030
Avg No of Units/Property 740
Avg. No of Square Feet/Unit 928
Turnover rate in % 45%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 13645 14.70 100.0%
Rent Revenue Collected 12274 13.22 89.9%
Losses to Vacancy 919 0.99 6.7%
Collection Losses 74 0.08 0.5%
Losses to Concessions 364 0.39 2.7%
Other Revenue 632 0.68 4.6%
Total Revenue 12906 13.90 94.6%
Operating Expenses
Salaries and Personnel 1068 1.15 7.8%
Insurance 199 0.21 1.5%
Taxes 1029 1.11 7.5%
Utilities 1184 1.28 8.7%
Management Fees 493 0.53 3.6%
Administrative 264 0.28 1.9%
Marketing 145 0.16 1.1%
Contract Services 485 0.52 3.6%
Repair and Maintenance 492 0.53 3.6%
Total Operating Expenses 5359 5.77 39.3%
Net Operating Income 7547 8.13 55.3%
Capital Expenditures 940 1.01 6.9%
Garden
Number of Properties 27
Number of Units 21191
Avg No of Units/Property 785
Avg. No of Square Feet/Unit 935
Turnover rate in % 47%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 12124 12.97 100.0%
Rent Revenue Collected 10843 11.60 89.4%
Losses to Vacancy 863 0.92 7.1%
Collection Losses 63 0.07 0.5%
Losses to Concessions 355 0.38 2.9%
Other Revenue 564 0.60 4.6%
Total Revenue 11407 12.20 94.1%
Operating Expenses
Salaries and Personnel 1010 1.08 8.3%
Insurance 198 0.21 1.6%
Taxes 819 0.88 6.8%
Utilities 1172 1.25 9.7%
Management Fees 426 0.46 3.5%
Administrative 232 0.25 1.9%
Marketing 135 0.14 1.1%
Contract Services 413 0.44 3.4%
Repair and Maintenance 423 0.45 3.5%
Total Operating Expenses 4830 5.16 39.8%
Net Operating Income 6577 7.03 54.3%
Capital Expenditures 658 0.70 5.4%
Mid & Hi Rise
Number of Properties 19
Number of Units 12839
Avg No of Units/Property 676
Avg. No of Square Feet/Unit 917
Turnover rate in % 42%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 16156 17.62 100.0%
Rent Revenue Collected 14634 15.96 90.6%
Losses to Vacancy 1012 1.10 6.3%
Collection Losses 92 0.10 0.6%
Losses to Concessions 379 0.41 2.3%
Other Revenue 745 0.81 4.6%
Total Revenue 15380 16.77 95.2%
Operating Expenses
Salaries and Personnel 1163 1.27 7.2%
Insurance 201 0.22 1.2%
Taxes 1374 1.50 8.5%
Utilities 1205 1.31 7.5%
Management Fees 603 0.66 3.7%
Administrative 316 0.34 2.0%
Marketing 163 0.18 1.0%
Contract Services 604 0.66 3.7%
Repair and Maintenance 605 0.66 3.7%
Total Operating Expenses 6232 6.80 38.6%
Net Operating Income 9148 9.98 56.6%
Capital Expenditures 1406 1.53 8.7%
Source: National Apartment Association 2005 Survey of Operating Income
& Expenses in Rental Apartment Communities
[c] 2005 by National Apartment Association. This table may only be
used, copied, and/or distributed in accordance with the License
Agreement and may not be posted on the Internet.
ALL MARKET RENT PROPERTIES
OPERATING INCOME & EXPENSE DATA
INDIVIDUAL METERED PROPERTIES
Total
Number of Properties 2636
Number of Units 645955
Avg. No. of Units/Property 245
Avg. No. of Square Feet/Unit 882
Turnover rate in % 62%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 9005 10.22 100.0%
Rent Revenue Collected 7747 8.79 8.6%
Losses to Vacancy 783 0.89 8.7%
Collection Losses 76 0.09 0.8%
Losses to Concessions 399 0.45 4.4%
Other Revenue 507 0.58 5.6%
Total Revenue 8255 9.36 91.7%
Operating Expenses
Salaries and Personnel 952 1.08 10.6%
Insurance 193 0.22 2.1%
Taxes 844 0.96 9.4%
Utilities 341 0.39 3.8%
Management Fees 282 0.32 3.1%
Administrative 158 0.18 1.8%
Marketing 165 0.19 1.8%
Contract Services 296 0.34 3.3%
Repair and Maintenance 312 0.35 3.5%
Total Operating Expenses 3543 4.02 39.3%
Net Operating Income 4711 5.34 52.3%
Capital Expenditures 701 0.79 7.8%
Garden
Number of Properties 2563
Number of Units 628518
Avg. No. of Units/Property 245
Avg. No. of Square Feet/Unit 882
Turnover rate in % 62%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 8896 10.09 100.0%
Rent Revenue Collected 7652 8.68 8.6%
Losses to Vacancy 776 0.88 8.7%
Collection Losses 76 0.09 0.9%
Losses to Concessions 393 0.45 4.4%
Other Revenue 502 0.57 5.6%
Total Revenue 8154 9.25 91.7%
Operating Expenses
Salaries and Personnel 944 1.07 10.6%
Insurance 192 0.22 2.2%
Taxes 833 0.94 9.4%
Utilities 339 0.38 3.8%
Management Fees 278 0.32 3.1%
Administrative 155 0.18 1.7%
Marketing 163 0.19 1.8%
Contract Services 294 0.33 3.3%
Repair and Maintenance 309 0.35 3.5%
Total Operating Expenses 3507 3.98 39.4%
Net Operating Income 4647 5.27 52.2%
Capital Expenditures 701 0.79 7.9%
Mid & Hi Rise
Number of Properties 73
Number of Units 17437
Avg. No. of Units/Property 239
Avg. No. of Square Feet/Unit 874
Turnover rate in % 54%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 12936 14.79 100.0%
Rent Revenue Collected 11201 12.81 86.6%
Losses to Vacancy 1058 1.21 8.2%
Collection Losses 68 0.08 0.5%
Losses to Concessions 610 0.70 4.7%
Other Revenue 689 0.79 5.3%
Total Revenue 11890 13.60 91.9%
Operating Expenses
Salaries and Personnel 1228 1.40 9.5%
Insurance 225 0.26 1.7%
Taxes 1223 1.40 9.5%
Utilities 413 0.47 3.2%
Management Fees 434 0.50 3.4%
Administrative 277 0.32 2.1%
Marketing 231 0.26 1.8%
Contract Services 383 0.44 3.0%
Repair and Maintenance 442 0.51 3.4%
Total Operating Expenses 4856 5.55 37.5%
Net Operating Income 7034 8.04 54.4%
Capital Expenditures 691 0.79 5.3%
MASTER METERED PROPERTIES
Total
Number of Properties 457
Number of Units 121382
Avg. No. of Units/Property 266
Avg. No. of Square Feet/Unit 903
Turnover rate in % 49%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 12019 13.31 100.0%
Rent Revenue Collected 10652 11.80 88.6%
Losses to Vacancy 890 0.99 7.4%
Collection Losses 100 0.11 0.8%
Losses to Concessions 375 0.41 3.1%
Other Revenue 580 0.64 4.8%
Total Revenue 11232 12.44 93.4%
Operating Expenses
Salaries and Personnel 1138 1.26 9.5%
Insurance 233 0.26 1.9%
Taxes 919 1.02 7.6%
Utilities 1059 1.17 8.8%
Management Fees 411 0.46 3.4%
Administrative 244 0.27 2.0%
Marketing 168 0.19 1.4%
Contract Services 414 0.46 3.4%
Repair and Maintenance 467 0.52 3.9%
Total Operating Expenses 5054 5.60 42.0%
Net Operating Income 6178 6.84 51.4%
Capital Expenditures 1009 1.12 8.4%
MASTER METERED PROPERTIES
Garden
Number of Properties 348
Number of Units 89046
Avg. No. of Units/Property 256
Avg. No. of Square Feet/Unit 902
Turnover rate in % 51%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 10616 11.77 100.0%
Rent Revenue Collected 9244 10.25 87.1%
Losses to Vacancy 880 0.98 8.3%
Collection Losses 106 0.12 1.0%
Losses to Concessions 388 0.43 3.7%
Other Revenue 479 0.53 4.5%
Total Revenue 9723 10.78 91.6%
Operating Expenses
Salaries and Personnel 1096 1.22 10.3%
Insurance 235 0.26 2.2%
Taxes 778 0.86 7.3%
Utilities 1026 1.14 9.7%
Management Fees 353 0.39 3.3%
Administrative 216 0.24 2.0%
Marketing 158 0.18 1.5%
Contract Services 362 0.40 3.4%
Repair and Maintenance 420 0.47 4.0%
Total Operating Expenses 4644 5.15 43.7%
Net Operating Income 5079 5.63 47.8%
Capital Expenditures 786 0.87 7.4%
MASTER METERED PROPERTIES
Mid & Hi Rise
Number of Properties 109
Number of Units 32336
Avg. No. of Units/Property 297
Avg. No. of Square Feet/Unit 905
Turnover rate in % 45%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 15883 17.55 100.0%
Rent Revenue Collected 14528 16.05 91.5%
Losses to Vacancy 919 1.02 5.8%
Collection Losses 84 0.09 0.5%
Losses to Concessions 337 0.37 2.1%
Other Revenue 857 0.95 5.4%
Total Revenue 15385 17.00 96.9%
Operating Expenses
Salaries and Personnel 1255 1.39 7.9%
Insurance 230 0.25 1.4%
Taxes 1309 1.45 8.2%
Utilities 1150 1.27 7.2%
Management Fees 570 0.63 3.6%
Administrative 320 0.35 2.0%
Marketing 193 0.21 1.2%
Contract Services 559 0.62 3.5%
Repair and Maintenance 598 0.66 3.8%
Total Operating Expenses 6183 6.83 38.9%
Net Operating Income 9202 10.17 5.79%
Capital Expenditures 1625 1.80 10.2%
Source: National Apartment Association 2005 Survey of Operating Income
& Expenses in Rental Apartment Communities
[c] 2005 by National Apartment Association. This table may only be
used, copied, and/or distributed in accordance with the License
Agreement and may not be posted on the Internet.
MARKETING COSTS COMPONENTS, METROPOLITAN AREAS
MARKET RENT GARDEN PROPERTIES
DOLLARS PER UNIT
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
All Properties 1414 364384 914
REGION I 177 52056 908
BALTIMORE, MD MSA 32 7255 883
BOSTON, MA-NH MSA 25 8586 967
NEW HAVEN, CT MSA 10 1372 735
NORF-VA BEACH-NEWPRT NEWS, VA-NC MSA 18 5502 970
RICHMOND-PETERSBURGH VA MSA 18 4891 976
WASHINGTON, DC-MD-VA-WV MSA 36 8737 897
Other 38 15713 890
REGION II 497 139488 961
ATLANTA GA MSA 102 30328 993
CHARLOTTE, NC, MSA 22 5485 993
COLUMBIA, SC MSA 17 4394 984
GREENSBORO-WINSTON SALEM-HIGH 29 6432 929
POINT, NC MSA
GREENVILLE-SPARTANSBURG- 17 4269 930
ANDERSON, SC MSA
JACKSON, MS MSA 9 2130 981
JACKSONVILLE, FL MSA 35 9885 953
MEMPHIS, TN-AR MSA 17 7117 869
MIAMI-MIAMI BEACH-KENDALL, FL MD 12 2922 982
NASHVILLE TN MSA 21 6477 974
ORLANDO, FL MSA 39 10390 962
RALEIGH-DURHAM-CHAPEL HILL, NC MSA's 25 7731 953
TAMPA-ST. PETERSBURG-CLEARWATER, MSA 37 11775 938
other 115 30153 960
REGION III 171 44344 963
CHICAGO-NAPERVILLE-JOLIET, IL MSA 22 7741 885
CINCINNATI-MIDDLETON OH-KY-IN MSA 36 6793 1149
COLUMBUS, OH MSA 18 4949 918
DAYTON, OH MSA 10 1778 882
DETROIT-WARREN-LIVONIA, MI MSA 19 3604 885
INDIANAPOLIS, IN MSA 30 9306 908
other 36 10173 921
REGION IV 290 72773 851
AUSTIN-ROUND ROCK, TX MSA 38 9889 855
DALLAS-PLANO-IRVING, TX MD 84 21249 854
FT. WORTH-ARLINGTON, TX MD 38 8997 826
HOUSTON-BAYTOWN-SUGARLAND, TX VISA 73 19995 840
LITTLE ROCK-NORTH LITTLE ROCK, 10 2188 908
AR MSA
SAN ANTONIO, TX MSA 12 2961 822
other 35 7494 914
REGION V 127 28666 884
COLORADO SPRINGS, CO MSA 17 3388 847
DENVER-AURORA-BOULDER, CO MSA's 61 15423 914
other 49 9855 888
REGION VI 176 43831 845
LOS ANGELES-LONG BEACH-GLENDALE 12 2445 913
CA MD
PHOENIX-MESA-SCOTTSDALE, AZ MSA 47 13505 832
PORTLAND-VANCOUVER-BEAVERTON 9 2134 840
SALEM, OR-WA MSA
RIVERSIDE-SAN BERNARDINO, CA MSA 8 1910 782
SAN DIEGO-CARLSBAD-SAN MARCOS, 12 2443 913
CA MSA
SAN FRANCISCO-OAKLAND-SAN JOSE, 15 3227 878
CA MSA's
SANTA ANA-ANAHEIM-IRVINE, CA MD 33 9137 878
SEATTLE-TACOMA-BELLVUE, WA MSA 20 4254 909
TUCSON, AZ MSA 8 1583 745
other 12 3193 756
Net
Operating Economic
Turnover Income Losses
Rate NOI (1) as a %
All Properties 59% 61.9% 14.54%
REGION I 53% 64.8% 9.66%
BALTIMORE, MD MSA 52% 60.5% 8.36%
BOSTON, MA-NH MSA 45% 60.6% 11.91%
NEW HAVEN, CT MSA 47% 41.3% 8.50%
NORF-VA BEACH-NEWPRT NEWS, VA-NC MSA 62% 51.1% 5.33%
RICHMOND-PETERSBURGH VA MSA 65% 49.4% 7.96%
WASHINGTON, DC-MD-VA-WV MSA 50% 46.4% 10.13%
Other 44% 44.1% 10.02%
REGION II 57% 60.9% 13.48%
ATLANTA GA MSA 56% 52.3% 18.78%
CHARLOTTE, NC, MSA 57% 41.0% 12.37%
COLUMBIA, SC MSA 62% 53.1% 16.62%
GREENSBORO-WINSTON SALEM-HIGH 58% 57.0% 10.84%
POINT, NC MSA
GREENVILLE-SPARTANSBURG- 62% 55.0% 10.34%
ANDERSON, SC MSA
JACKSON, MS MSA 29% 52.1% 7.74%
JACKSONVILLE, FL MSA 50% 56.9% 11.00%
MEMPHIS, TN-AR MSA 32% 31.7% 16.51%
MIAMI-MIAMI BEACH-KENDALL, FL MD 53% 55.2% 8.77%
NASHVILLE TN MSA 50% 42.5% 10.70%
ORLANDO, FL MSA 67% 55.4% 11.94%
RALEIGH-DURHAM-CHAPEL HILL, NC MSA's 59% 40.5% 16.34%
TAMPA-ST. PETERSBURG-CLEARWATER, MSA 61% 56.6% 12.76%
other 54% 54.7% 8.16%
REGION III 53% 61.8% 15.76%
CHICAGO-NAPERVILLE-JOLIET, IL MSA 54% 47.8% 14.86%
CINCINNATI-MIDDLETON OH-KY-IN MSA 45% 58.2% 13.46%
COLUMBUS, OH MSA 57% 56.9% 11.01%
DAYTON, OH MSA 55% 56.8% 10.97%
DETROIT-WARREN-LIVONIA, MI MSA 54% 47.1% 17.69%
INDIANAPOLIS, IN MSA 54% 53.7% 17.59%
other 54% 50.4% 17.54%
REGION IV 57% 55.8% 17.32%
AUSTIN-ROUND ROCK, TX MSA 60% 49.0% 16.58%
DALLAS-PLANO-IRVING, TX MD 58% 57.0% 17.14%
FT. WORTH-ARLINGTON, TX MD 64% 47.5% 16.15%
HOUSTON-BAYTOWN-SUGARLAND, TX VISA 59% 46.0% 20.43%
LITTLE ROCK-NORTH LITTLE ROCK, 46% 55.6% 11.67%
AR MSA
SAN ANTONIO, TX MSA 55% 46.0% 20.43%
other 65% 47.6% 15.45%
REGION V 64% 55.8% 22.16%
COLORADO SPRINGS, CO MSA 72% 57.1% 25.18%
DENVER-AURORA-BOULDER, CO MSA's 64% 61.2% 23.71%
other 62% 54.1% 16.58%
REGION VI 60% 66.2% 13.74%
LOS ANGELES-LONG BEACH-GLENDALE 61% 64.8% 6.97%
CA MD
PHOENIX-MESA-SCOTTSDALE, AZ MSA 65% 53.9% 24.03%
PORTLAND-VANCOUVER-BEAVERTON 65% 56.8% 12.10%
SALEM, OR-WA MSA
RIVERSIDE-SAN BERNARDINO, CA MSA 58% 65.8% 9.09%
SAN DIEGO-CARLSBAD-SAN MARCOS, 56% 65.2% 9.09%
CA MSA
SAN FRANCISCO-OAKLAND-SAN JOSE, 59% 64.3% 11.35%
CA MSA's
SANTA ANA-ANAHEIM-IRVINE, CA MD 53% 67.6% 9.43%
SEATTLE-TACOMA-BELLVUE, WA MSA 70% 57.6% 16.21%
TUCSON, AZ MSA 62% 52.6% 18.11%
other 55% 61.4% 11.77%
Marketing Costs--Dollars
per Unit
Magazine Newspaper Web
All Properties 82 10 17
REGION I 44 21 20
BALTIMORE, MD MSA 47 19 23
BOSTON, MA-NH MSA 32 30 19
NEW HAVEN, CT MSA 66 65 28
NORF-VA BEACH-NEWPRT NEWS, VA-NC MSA 45 7 11
RICHMOND-PETERSBURGH VA MSA 44 5 9
WASHINGTON, DC-MD-VA-WV MSA 51 16 34
Other 29 17 13
REGION II 65 8 15
ATLANTA GA MSA 99 3 15
CHARLOTTE, NC, MSA 48 6 19
COLUMBIA, SC MSA 62 5 19
GREENSBORO-WINSTON SALEM-HIGH 59 2 16
POINT, NC MSA
GREENVILLE-SPARTANSBURG- 49 14 15
ANDERSON, SC MSA
JACKSON, MS MSA 24 4 21
JACKSONVILLE, FL MSA 67 14 13
MEMPHIS, TN-AR MSA 66 14 18
MIAMI-MIAMI BEACH-KENDALL, FL MD 40 1 11
NASHVILLE TN MSA 59 3 9
ORLANDO, FL MSA 97 5 15
RALEIGH-DURHAM-CHAPEL HILL, NC MSA's 55 8 16
TAMPA-ST. PETERSBURG-CLEARWATER, MSA 43 6 13
other 45 6 16
REGION III 56 16 15
CHICAGO-NAPERVILLE-JOLIET, IL MSA 65 5 27
CINCINNATI-MIDDLETON OH-KY-IN MSA 85 4 9
COLUMBUS, OH MSA 57 3 9
DAYTON, OH MSA 55 4 5
DETROIT-WARREN-LIVONIA, MI MSA 38 12 8
INDIANAPOLIS, IN MSA 54 4 15
other 16 55 13
REGION IV 44 5 16
AUSTIN-ROUND ROCK, TX MSA 53 2 23
DALLAS-PLANO-IRVING, TX MD 43 4 13
FT. WORTH-ARLINGTON, TX MD 37 6 12
HOUSTON-BAYTOWN-SUGARLAND, TX VISA 43 6 19
LITTLE ROCK-NORTH LITTLE ROCK, 37 4 28
AR MSA
SAN ANTONIO, TX MSA 57 1 33
other 45 5 11
REGION V 90 19 18
COLORADO SPRINGS, CO MSA 115 6 25
DENVER-AURORA-BOULDER, CO MSA's 105 13 19
other 57 35 13
REGION VI 81 12 21
LOS ANGELES-LONG BEACH-GLENDALE 209 9 32
CA MD
PHOENIX-MESA-SCOTTSDALE, AZ MSA 61 6 23
PORTLAND-VANCOUVER-BEAVERTON 115 11 26
SALEM, OR-WA MSA
RIVERSIDE-SAN BERNARDINO, CA MSA 61 8 13
SAN DIEGO-CARLSBAD-SAN MARCOS, 58 3 20
CA MSA
SAN FRANCISCO-OAKLAND-SAN JOSE, 37 32 14
CA MSA's
SANTA ANA-ANAHEIM-IRVINE, CA MD 73 19 9
SEATTLE-TACOMA-BELLVUE, WA MSA 144 18 33
TUCSON, AZ MSA 78 1 37
other 66 13 17
Marketing Costs--Dollars
per Unit
Mail Radio/TV Other Total
All Properties 1 0 95 196
REGION I 1 0 81 168
BALTIMORE, MD MSA 3 0 61 154
BOSTON, MA-NH MSA 0 0 142 224
NEW HAVEN, CT MSA 1 0 78 238
NORF-VA BEACH-NEWPRT NEWS, VA-NC MSA 0 0 25 88
RICHMOND-PETERSBURGH VA MSA 1 0 83 142
WASHINGTON, DC-MD-VA-WV MSA 1 0 80 182
Other 1 0 95 155
REGION II 1 1 81 170
ATLANTA GA MSA 1 1 123 243
CHARLOTTE, NC, MSA 0 0 58 131
COLUMBIA, SC MSA 1 0 44 132
GREENSBORO-WINSTON SALEM-HIGH 1 0 62 140
POINT, NC MSA
GREENVILLE-SPARTANSBURG- 6 4 39 128
ANDERSON, SC MSA
JACKSON, MS MSA 0 0 19 69
JACKSONVILLE, FL MSA 0 0 70 154
MEMPHIS, TN-AR MSA 0 7 34 139
MIAMI-MIAMI BEACH-KENDALL, FL MD 0 0 89 140
NASHVILLE TN MSA 1 0 72 145
ORLANDO, FL MSA 0 0 132 249
RALEIGH-DURHAM-CHAPEL HILL, NC MSA's 0 0 73 154
TAMPA-ST. PETERSBURG-CLEARWATER, MSA 0 0 84 146
other 1 0 68 135
REGION III 1 1 96 185
CHICAGO-NAPERVILLE-JOLIET, IL MSA 0 0 115 211
CINCINNATI-MIDDLETON OH-KY-IN MSA 3 0 107 208
COLUMBUS, OH MSA 0 1 68 135
DAYTON, OH MSA 2 1 82 116
DETROIT-WARREN-LIVONIA, MI MSA 1 1 91 151
INDIANAPOLIS, IN MSA 0 0 93 185
other 1 3 114 200
REGION IV 1 0 128 194
AUSTIN-ROUND ROCK, TX MSA 1 0 215 294
DALLAS-PLANO-IRVING, TX MD 4 1 109 173
FT. WORTH-ARLINGTON, TX MD 0 0 105 101
HOUSTON-BAYTOWN-SUGARLAND, TX VISA 0 0 147 212
LITTLE ROCK-NORTH LITTLE ROCK, 0 1 72 142
AR MSA
SAN ANTONIO, TX MSA 0 0 126 218
other 0 0 57 118
REGION V 3 1 107 236
COLORADO SPRINGS, CO MSA 0 0 140 286
DENVER-AURORA-BOULDER, CO MSA's 6 0 121 263
other 0 1 70 175
REGION VI 1 0 90 206
LOS ANGELES-LONG BEACH-GLENDALE 0 0 143 393
CA MD
PHOENIX-MESA-SCOTTSDALE, AZ MSA 0 0 98 188
PORTLAND-VANCOUVER-BEAVERTON 1 0 101 254
SALEM, OR-WA MSA
RIVERSIDE-SAN BERNARDINO, CA MSA 0 0 59 141
SAN DIEGO-CARLSBAD-SAN MARCOS, 7 0 90 177
CA MSA
SAN FRANCISCO-OAKLAND-SAN JOSE, 0 0 61 144
CA MSA's
SANTA ANA-ANAHEIM-IRVINE, CA MD 3 0 55 159
SEATTLE-TACOMA-BELLVUE, WA MSA 1 0 128 322
TUCSON, AZ MSA 0 0 148 254
other 0 0 68 183
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
All Properties 94 22912 884
REGION I 42 11459 849
BOSTON, MA-NH MSA 10 2495 817
WASHINGTON, DC-MD-VA-WV MSA--Mid & 17 3854 684
High--Rise
other 8 1923 823
REGION II 8 1459 992
REGION III 13 2550 969
REGION IV 7 2311 824
REGION V 12 2789 871
DENVER-AURORA-BOULDER, CO MSA's 10 2438 872
REGION VI 12 2244 978
Net
Operating Economic
Turnover Income Losses
Rate NOI (1) as a %
All Properties 52% 61.5% 12.11%
REGION I 47% 61.9% 10.92%
BOSTON, MA-NH MSA 47% 57.7% 10.18%
WASHINGTON, DC-MD-VA-WV MSA--Mid & 65% 44.0% 12.51%
High--Rise
other 58% 35.1% 5.33%
REGION II 58% 55.6% 7.38%
REGION III 44% 62.4% 13.36%
REGION IV 59% 54.9% 12.28%
REGION V 57% 63.6% 25.63%
DENVER-AURORA-BOULDER, CO MSA's 57% 52.4% 26.13%
REGION VI 67% 66.1% 8.76%
Marketing Costs--Dollars
per Unit
Magazine Newspaper Web
DOLLARS PER UNIT
All Properties 72 22 21
REGION I 53 27 18
BOSTON, MA-NH MSA 51 68 18
WASHINGTON, DC-MD-VA-WV MSA--Mid & 44 23 16
High--Rise
other 99 9 15
REGION II 70 17 14
REGION III 35 12 32
REGION IV 52 24 10
REGION V 158 9 24
DENVER-AURORA-BOULDER, CO MSA's 153 11 23
REGION VI 125 24 30
Marketing Costs--Dollars
per Unit
Mail Radio/TV Other Total
DOLLARS PER UNIT
All Properties 1 1 130 248
REGION I 0 0 130 228
BOSTON, MA-NH MSA 0 1 146 285
WASHINGTON, DC-MD-VA-WV MSA--Mid & 0 1 83 166
High--Rise
other 0 0 249 372
REGION II 3 0 123 228
REGION III 2 3 120 204
REGION IV 0 0 175 262
REGION V 5 0 99 295
DENVER-AURORA-BOULDER, CO MSA's 5 0 97 289
REGION VI 1 0 138 317
Source: National Apartment Association 2005 Survey of Operating
Income & Expenses in Rental Apartment Communities
[c] 2005 by National Apartment Association. This table may only be
used, copied, and/or distributed in accordance with the License
Agreement and may not be posted on the Internet.
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