2006 Survey of Operating Income and Expenses in Rental Apartment Communities.NAA has completed its Survey of Operating Income and Expenses in Rental Apartment Communities for 2006, based on data for 2005. Major findings in this survey of the professionally managed rental apartment industry show a distinct improvement of the economics in the market rent segment of the rental apartment market with NOI rising and the economic losses rate falling. A total of 3,730 properties containing 933,550 units are represented in this report. Reporting of the data comprises 3,335 market rent properties containing 855,639 units and 405 subsidized properties containing 77,861. Forms with partial data or apparent problems that could not be resolved and used were received for 221 more properties with 45,784 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 78 percent of the market rent properties and 43 percent of the subsidized properties. The analysis is, therefore, centered on the garden properties with individually metered utilities. Average sizes of the individually metered market rent garden properties are 256 units, and 216 units in subsidized units. Rentable floor area averaged 889 square feet for market rent apartments and 887 square feet for the subsidized units. The complete report (available online at www.naahq.org/06ies) contains detailed data summarized for six geographic regions and for metropolitan areas with at least 10 properties reported. Seventy metropolitan areas met the separate reporting requirement for market rout properties. Sufficient numbers of subsidized properties were submitted for 14 metropolitan areas. This report also includes tables for the "other" properties in states with at least eight properties located in metro areas that did not meet requirements for separate reporting and in non-metro areas. Tables for market rent properties are given for 16 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). Market Rent Properties Economic Losses. A measure of the health of the rental housing market 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 rout concessions. The economic loss rate in the survey for market rent individually metered garden properties improved significantly with a drop to 11.87 percent in the data for 2005 versus 13.99 percent for 2004. The decline in the economic loss rate last year was the first since 2000. Economic losses rates by region for individually metered garden properties were:
2005 2004 2003 2002 2001
All 11.87% 13.99% 13.35% 11.39% 9.69%
Region I 8.87% 10.02% 8.79% 8.21% 6.36%
Region II 11.35% 12.89% 13.31% 12.10% 10.44%
Region III 13.87% 15.54% 13.84% 10.85% 10.64%
Region IV 15.39% 16.23% 13.98% 11.53% 9.90%
Region V 15.14% 19.99% 16.33% 12.75% 9.16%
Region VI 8.57% 12.15% 13.21% 11.54% 9.79%
Net Operating Income and Revenues (NOI). NOI is another important measurement for evaluating the health of a property and the rental housing market. It is simply the difference between total revenue collected and total operating expenses. NOI represents the gross cash available for debt service, capital expenditures and profits. NOI in the survey also revealed the strengthening of the rental apartment market with an increase in NOI measured in percent of GPR terms in the data for 2005 to 55.9 percent from the 52.2 percent recorded in 2004. And it was the first time in five years that NOI rose. Last year's level is still well below the survey's historical peak of 58.9 percent in 1999. Regionally, NOIs in 2005 ranged from a high of 65.4 percent in the Pacific states (Region VI) to a low of 44.2 percent in the Southwest (Region IV). The Southwest states historically have had the lowest NOI among the regions. Average NOIs for last three survey data years of individually metered garden properties were:
Dollars per Unit Dollars per Sq. Ft.
2005 2004 2003 2005 2004 2003
All $5,098 $4,647 $4,627 $5.73 $5.27 $5.31
Region I $7,317 $6,868 $6,607 $8.38 $7.72 $7.48
Region II $4,763 $4,420 $4,401 $5.07 $4.75 $4.82
Region III $4,038 $3,975 $4,193 $4.65 $4.48 $4.84
Region IV $3,643 $3,450 $3,780 $4.35 $4.21 $4.61
Region V $4,812 $4,708 $4,745 $5.47 $5.35 $5.43
Region VI $7,780 $6,355 $6,073 $8.78 $7.30 $6.98
% of GPR
2005 2004 2003
All 53.9% 52.2% 53.1%
Region I 61.4% 60.2% 60.9%
Region II 53.7% 52.5% 52.7%
Region III 48.5% 48.7% 50.0%
Region IV 44.2% 44.4% 47.7%
Region V 53.4% 51.7% 55.6%
Region VI 63.4% 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 6.2 percent increase was recorded in average GPR for garden properties with individually metered utilities in the 2005 data from a year earlier. Average GPR was $9,450 per unit ($788 monthly) in this year's survey versus $8,896 per unit ($741 monthly) in the previous survey. Translated into per square foot of floor area, they were $10.63 ($0.89 per month) versus $10.09 ($0.84 per month). Median GPR in the current survey is $8,459 ($705 per month) versus $7,944 ($662 per month a year ago). The range in 2005 went from a high of $40,923 ($3,410 per month) to $3,600 ($300 per month) versus $39,952 ($3,329 per month) to $3,932 ($328 per month) in the 2004 data. [GRAPHICS OMITTED] 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 2004 data. Revenue Losses. Revenue losses dropped to 11.87 percent of GPR in 2005 data versus 13.99 percent of GPR for 2004 data. Data for revenue losses were reported in three categories: those caused by vacancies, collections and concessions. All three measures of revenue losses improved markedly. Vacancy losses for individually metered market rent garden properties averaged 7.1 percent of GPR in the current survey ($674 per unit, $0.76 per square foot) versus 8.7 percent of GPR ($776 per unit, $0.88 per square foot) a year ago. Collection losses averaged 0.7 percent of GPR ($70 per unit, $0.08 per square foot) in comparison to 0.9 percent of GPR ($76 per unit, $0.09 per square foot) for 2004 data. And losses from rent concessions averaged 4.0 percent of GPR ($377 per unit in the property, $0.42 per square foot) versus 4.4 percent of GPR ($339 per unit in the property, $0.39 per square foot). [GRAPHICS OMITTED] 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 averaged $545 per unit ($0.61 per square foot) for individually metered garden properties reported in the survey, up from the $502 per unit ($0.57 per square foot) a year earlier. Other non-rent operating revenues ranged from none to $9,374 per unit. Median other operating revenues were $434 per unit. Total Operating Expenses. Total operating expenses last year rose at the highest rate in the history of the survey. Total operating expenses for individually metered garden properties in the survey averaged $3,776 per unit ($4.25 per square foot) up 7.6 percent from the $3,507 per unit ($3.98 per square foot) in 2004. The total represented 40 percent of GPR versus 39.4 percent a year earlier. Operating expenses in 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 any reimbursements from residents), management fees, administration, marketing, contract services and repair and maintenance. (Non-recurring capital expenses were excluded and reported separately.) Almost all categories of operating costs increased markedly. The two largest increases were in repair and maintenance costs and real estate taxes. Repair and maintenance costs rose 23.3 percent to $381 per unit in the 2005 survey from $309 per unit in 2004 (4 percent of GPR versus 4.4 percent a year earlier). Real estate and related taxes increased 10.3 percent to $919 from $883 a year earlier. Property related insurance costs stabilized after falling a year ago. They dropped to $191 per unit ($0.21 per square foot) from $192 per unit ($0.22 per square foot). Management fees declined 1.1 percent to $275 per unit from $278. Turnover Rates. Turnover rates declined slightly to 61 per cent of total units among the individually metered garden apartment properties reported in the survey for 2005 from 62 percent in 2004. 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. Decreases in the turnover rates last year occurred in the Northeast (Region I) 53 percent versus 57 percent, Southeast (Region II), 60 percent versus 61 percent and the Mountain/South Midwest States (Region V) 61 percent versus 65 percent. They increased in the North Midwest (Region III) to 59 percent versus 56 percent. No changes were recorded in the Pacific (Region VI) at 65 percent and the Southwest (Region IV) at 64 percent. Age of Property. Operating expenses on a percentage of GPR basis rise as properties age. They were 36.8 percent of GPR in properties less than five years old and rose to 43.0 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 $3,575 per unit for properties 20 or more years old to $4,469 per unit for those less than five years old. GPR per unit increased from a low of $8,321 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 50 percent for those that were 20 or more years old. The other three categories of age properties had NOIs of approximately 57 percent. Measured in terms of dollars per unit, NOIs rose with age. The low was $4,160 per unit in properties that were 20 or more years old and the high was $6,913 for properties less than five years old. Spreads in rent levels account for most of the pattern of dollar levels per unit in NOIs. Economic losses continue to be the highest among the newest properties. Properties less than five years old reported the highest ratio of economic losses at 15.55 percent of GPR and the lowest in those that are 10 to 19 years old at 12.63 percent. Age of properties groupings show some distinct differences in the individual cost components of operating costs. The largest difference is in real estate and related property taxes and fees. They varied from a high average of $1,482 per unit ($1.54 per square foot) in those properties less than five years old to a low of $827 ($0.94 per square foot) for those aged 20 or more years. Capital expenditures were significantly lower for the newest properties. They averaged $469 per unit ($0.49 per square foot) for those properties less than five years old. The highest average was reported for properties 20 or more years old at $3,835 per unit ($4.34 per square foot). [GRAPHIC OMITTED] 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 42.5 percent of GPR in properties with less than 100 units to a low of 39.3 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 $3,021 per unit, were in the smallest properties--those with fewer than 100 units. The highest operating costs occurred in properties with 100 to 249 units at $3,916 per unit. Economic losses did not vary widely based on property size. They were highest with properties with 500 or more units at 12.51 percent of GPR and the lowest for properties with fewer than 100 units at 11.25 percent. Individually Versus Master Metered Utilities. Comparisons of individually versus master metered utilities market rent garden properties for selected data was done for the first time in this year's survey. It provides another perspective of the data. Tabulations were done for all properties, regions and 18 metro areas that had reporting of at least eight master metered garden properties. [GRAPHIC OMITTED] Master metered properties overall and in most regions and metro areas fared less well economically than individually metered properties. Master metered garden properties had a 13.3 percent economic losses rate versus 11.9 percent for those that are individually metered. The comparison for NOI was 44.1 percent of GPR versus 53.9 percent. The relative dollars per unit and per square foot showed the same relative patterns. These results occurred despite the fact that the master metered properties had higher rents. Significantly higher operating costs in almost all categories were the reason that NOI was lower for master metered properties. The utility costs were the most pronounced among the individual categories with an $1,018 average for master metered properties versus $360 for individually metered properties. Training Budgets. Training budget data was collected this year as the special survey topic. The question asked for training budget amounts for each property. Data were submitted for 994 properties by 166 firms. Another 101 firms reported that they did not have training budgets. One respondent reported that the firm budgeted $275 per associate for training, but did not give the number of employees at each community. Two series of tabulations were done with the data. One involved calculating ranges, medians and averages for all properties reporting and for individually metered garden properties. The second gives the same basic calculations for six groupings of numbers of units in the properties. There was not enough reporting of numbers of personnel working on properties to do calculations of budgets per employee. Reporting properties showed a wide range of amounts of training budgets. The range was $7 to $19,805 per property, with a median of $1,276 and an average of $2,221. The average on a per unit basis was $8.89, and the median was $5.46. The training budgets averaged 0.09 percent and had a median of 0.06 percent. Training budgets tended to increase, as would be expected, on a per property basis as the size grouping rose, and the reverse occurred on a per unit basis. Metro Area Detailed Operating Income and Expense Data Detailed tables in the report are presented for the 70 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-rise and high-rise building 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. Following are some highlights of the metropolitan area data. 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-unit basis ranged from $11,131 ($12.58 per square foot) in San Francisco-San Mateo-Redwood City metro area to a low of $2,941 ($3.15 per square foot) in the Memphis metro area. The Los Angeles-Long Beach-Glendale metro area, however, had the highest NOI on a per square foot basis at $12.88. Virginia Beach-Norfolk-Newport News had the high NOI when measured in percentage of GPR terms at 67.9 percent and Memphis, the low at 40.1 percent. * GPR averages were the highest in the San Francisco-San Mateo-Redwood City metro area at $17,307 per unit ($19.56 per square foot). A low of $6,417 per unit ($8.50 per square foot) was tabulated for properties reported from Dayton, Ohio. * Economic losses were lowest in Norfolk-Virginia Beach-Newport News metro area at 5.46 percent and Savannah, 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 at 25.26 percent and Denver-Boulder at 21.44 percent. * Total operating costs highs and lows vary among metro areas based on which measure is selected. Properties reporting from San Francisco-San Mateo-Redwood City metro area had the highest operating costs based on a per unit basis at $5,073 ($5.73 per square foot) followed by Boston-Cambridge-Quincy at $5,005 per unit ($5.45 per square foot). The highs measured on a square foot basis were New Haven-Milford at $5.89 and Los Angeles-Long Beach-Glendale at $5.83. A low of $2,566 per unit ($4.34 per square foot) in Cleveland-Elyria-Mentor and Dayton at $2,762 per unit ($4.13 per square foot). Measured on a square foot basis, the lows were $3.22 in Cincinnati-Middleton and Greensboro-Winston-Salem-High Point. * Real estate taxes increased significantly in many metro areas last year and did have an impact on the rankings for this category of costs. West Palm Beach-Boca Raton-Boynton Beach moved to the top of the list at $1,755 per unit followed by Chicago at $1,693 per unit. (Chicago was also second in the data for 2004.) The lowest averages were for properties located in the Louisville and Lexington, Ky., metro areas at $363 and $406, respectively. * Insurance costs on a per unit basis were the highest at $369 ($0.43 per square foot) in Cape Coral-Fort Myers, Fla., and $303 ($0.29 per square foot) in Sarasota-Bradenton-Venice, Fla. This is not surprising because these two metros are located in hurricane-prone areas. They were the lowest in Cleveland-Elyria-Mentor at $92 per unit ($0.16 per square foot) and Minneapolis-St. Paul at $122 per unit ($0.12 per square foot). * Salaries and personnel costs were the lowest in the Sarasota-Bradenton-Venice metro area at $805 per unit ($1.03 per square foot) and Chattanooga, Tenn., at $814 ($0.83 per square foot) Oakland-Freemont-Haywood, Calif., had the highest average at $1,444 per unit ($1.65 per square foot) followed by the $1,430 in San Francisco-San Mateo-Redwood City ($1.59 per square foot). * Cincinnati had the largest units among the metro areas reported separately in this report with an average of 1,086 square feet of floor area per unit. West Palm Beach-Boca Raton-Boynton Beach had the second-largest average size units at 1,038 square feet. Properties reporting from Cleveland had the low average at 591 square feet per unit. * Metropolitan areas with the most garden properties reporting that were individually metered were Dallas (219), Atlanta (196) and Houston (119). Subsidized Properties Income and Expense Summary Operating Income and Expense Summary. Data were received for 405 subsidized properties containing 77,861 units. Garden properties with individually metered utilities represent the largest subgroup of properties reporting, and analysis here will be limited to them. (Analysis of other subsidized properties can be found at www.naahq.org/06ies.) 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 market rent units. They contained an average of 216 units versus 256 units for market rent properties of the same type. These subsidized properties had an average of 887 square feet of floor area versus 889 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 versus $8,642 per unit ($10.27 per square foot) a year earlier. Rental revenues averaged $10,140 ($11.43 per square foot) versus $7,847 per unit ($9.33 per square foot). Other operating revenues averaged $323 per unit ($0.36 per square foot) in 2005 versus $489 per unit ($0.58 per square foot) for 2004. Much of the difference can be attributed to a significant change in the properties reported in this year's survey from a year ago. 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 $4,230 ($4.17 per square foot) in 2005 versus the $3,510 per unit ($4.17 per square foot) reported for responding properties in 2004. Net Operating Income. Subsidized properties reported in the survey had higher levels of NOI than the market rent properties in all three measures. NOI for subsidized properties in the survey averaged 56.4 percent of GPR versus 53.9 percent for the market rent properties. The other comparisons were $6,233 versus $5,098 on a dollars-per-unit basis, and $7.03 versus $5.73 on a per-square-foot-of-floor-area basis. Economic Losses. Economic losses tended to be lower in subsidized properties with their lower rents and relatively tight supply. An 8.29 percent average rate was calculated for the subsidized individually metered garden properties versus 11.87 percent for market rent units. The economic loss ratio in subsidized properties was under the 9.17 percent recorded a year earlier. Again, note that differences in the sample of subsidized properties reporting this year probably account for most of the differences from last year. 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 44 percent versus 61 percent for market rent units. 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 Thank You to Our Participating Companies A special note of appreciation goes to those 345 firms who donated their time to accumulate the data necessary to make this survey valuable. The following companies and their officers provided more than 20 properties for the 2006 Survey of Income and Expenses in Rental Apartment Communities: * Equity Residential * AIMCO * United Dominion Realty Trust * Alliance Residential * Simpson Property Group LP * Mid-America Apartment Communities * Westdale Asset Management * AvalonBay * AMLI Residential Properties Trust * Lincoln Property Group * BRE Properties * Gables Residential Services Inc. * Milestone Management/ Walden Management Company * Forest City Management * Gables Residential Services * Tarragon Corporation * LEDIC Management Group * Post Properties * Camden Property Trust * Shelter Group/UBS * Village Green * ALCO Management * SARES-REGIS Group * ZOM Management * HAI Management * Centrum Management & Keystone Management Group * Sawyer Realty * Jupiter * BNP Residential Properties 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 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 service costs typically provided on contract basis. GPR Commercial. Total potential rents for all commercial space if area would have been 100 percent occupied. GPR Residential. Total rents of all occupied units at 2005 lease rates and all vacant units at 2005 street/market rents (or fiscal year end). Heating/Cooling Fuel. Type of fuel used in apartment units. Insurance. Includes property hazard and liability and real property insurance and does not include payroll insurance. Marketing. Total media advertising, collateral 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 includes only finished space inside four perimeter walls of each unit. Common areas are excluded. Other Revenue. Total collections from laundry, vending, cable, deposit forfeitures, furniture, parking, amenity charges, etc. Does not include interest income. Does not include utility reimbursements (i.e., RUBS) in GPR or rental revenue. All utility reimbursements are subtracted from gross utility expense. Rent Controlled Property. A 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. Rental Revenue Commercial. Total rent collections for commercial space after vacancy, administrative, bad debt and discount or concession losses. Rental Revenue Residential. Total rent collections for residential units after vacancy, administrative, bad debt and discount or concession losses. Repair and Maintenance. Total of all general maintenance and repairs, cleaning, decorating, painting, plumbing, electrical, HVAC, etc. Nonrecurring capital expense not included. Revenue Losses to Collections. Amount of residential rents not received because of collection losses. Revenue Losses to Concessions. Amounts of gross potential residential rents not received because of concessions. Revenue Losses to Vacancies. Amount of rental income for residential units not collected because of vacancies and other use of units, such as models and offices. Salary and Personnel Costs. Gross salaries and wages paid to employees onsite. Includes value of employee apartment allowances, payroll taxes, group health/life insurance, workers' compensation, bonuses and lease commissions, employer 401(k) and/or retirement contributions and other cash benefits. Subsidized Property. A property has controlled rents through a government-subsidized program If subsidized, the program was listed (i.e., Section 236, Section 8). Taxes. Total real estate and personal property taxes only. Payroll or rendering fees related to property taxes were not included. Tax Exempt Bond or Housing Credit Property. A property that has received tax-exempt bond financing and/or is a low income tax credit property. Total Operating Expenses. Sum of all operating costs. The sum of all expense categories 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 or Submetered, Resident Pays. BY ROBERT J. SHEEHAN and ROLAND FREEMAN, CAPS, CRE, CPM Robert J. Sheehan, Regis J. Sheehan & Associates. McLean, Va., is NAA's Consulting Economist. Roland Freeman, CAPS, CRE, CPM, of Capital Consultants Realty Services, Inc., Dallas, was NAA Chairman of the Board in 1984. We would also like to thank Robert J Sheehan III, Programmer and Data Editor and ReData, the Data Entry Firm for helping with this survey.
All Market Rent Properties
OPERATING INCOME & EXPENSE DATA
INDIVIDUAL METERED PROPERTIES
Mid &
Total Garden Hi Rise
Number of Properties 2,768 2,609 159
Number of Units 705,897 667,951 37,946
Avg. No. of Units/Property 255 256 239
Avg. No. of Square Feet/Unit 889 889 893
Turnover rate in % 61% 61% 58%
Total
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 9,593 10.78 100.0%
Rent Revenue Collected 8,461 9.51 88.2%
Losses to Vacancy 681 0.77 7.1%
Collection Losses 70 0.08 0.7%
Losses to Concessions 381 0.43 4.0%
Other Revenue 549 0.62 5.7%
Total Revenue 9,009 10.13 93.9%
Operating Expenses
Salaries and Personnel 1,006 1.13 10.5%
Insurance 191 0.21 2.0%
Taxes 933 1.05 9.7%
Utilities 362 0.41 3.8%
Management Fees 277 0.31 2.9%
Administrative 171 0.19 1.8%
Marketing 178 0.20 1.9%
Contract Services 315 0.35 3.3%
Repair and Maintenance 382 0.43 4.0%
Total Operating Expenses 3,815 4.29 39.8%
Net Operating Income 5,194 5.84 54.1%
Capital Expenditures 1,414 1.59 14.7%
Garden
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 9,450 10.63 100.0%
Rent Revenue Collected 8,329 9.37 88.1%
Losses to Vacancy 674 0.76 7.1%
Collection Losses 70 0.08 0.7%
Losses to Concessions 377 0.42 4.0%
Other Revenue 545 0.61 5.8%
Total Revenue 8,874 9.98 93.9%
Operating Expenses
Salaries and Personnel 992 1.12 10.5%
Insurance 191 0.21 2.0%
Taxes 919 1.03 9.7%
Utilities 360 0.40 3.8%
Management Fees 275 0.31 2.9%
Administrative 168 0.19 1.8%
Marketing 174 0.20 1.8%
Contract Services 315 0.35 3.3%
Repair and Maintenance 381 0.43 4.0%
Total Operating Expenses 3,776 4.25 40.0%
Net Operating Income 5,098 5.73 53.9%
Capital Expenditures 1,440 1.62 15.2%
Mid & Hi Rise
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 12,099 13.54 100.0%
Rent Revenue Collected 10,785 12.07 89.1%
Losses to Vacancy 792 0.89 6.5%
Collection Losses 70 0.08 0.6%
Losses to Concessions 452 0.51 3.7%
Other Revenue 607 0.68 5.0%
Total Revenue 11,392 12.75 94.2%
Operating Expenses
Salaries and Personnel 1,244 1.39 10.3%
Insurance 193 0.22 1.6%
Taxes 1,168 1.31 9.7%
Utilities 404 0.45 3.3%
Management Fees 325 0.36 2.7%
Administrative 215 0.24 1.8%
Marketing 249 0.28 2.1%
Contract Services 310 0.35 2.6%
Repair and Maintenance 400 0.45 3.3%
Total Operating Expenses 4,509 5.05 37.3%
Net Operating Income 6,883 7.71 56.9%
Capital Expenditures 948 1.06 7.8%
MASTER METERED PROPERTIES
Mid &
Total Garden Hi Rise
Number of Properties 587 482 105
Number of Units 149,742 125,488 24,254
Avg. No. of Units/Property 255 260 231
Avg. No. of Square Feet/Unit 904 900 921
Turnover rate in % 53% 54% 50%
Total
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 11,418 12.64 100.0%
Rent Revenue Collected 9,977 11.04 87.4%
Losses to Vacancy 853 0.94 7.5%
Collection Losses 99 0.11 0.9%
Losses to Concessions 489 0.54 4.3%
Other Revenue 608 0.67 5.3%
Total Revenue 10,585 11.72 92.7%
Operating Expenses
Salaries and Personnel 1,182 1.31 10.4%
Insurance 251 0.28 2.2%
Taxes 1,002 1.11 8.8%
Utilities 1,069 1.18 9.4%
Management Fees 367 0.41 3.2%
Administrative 230 0.25 2.0%
Marketing 201 0.22 1.8%
Contract Services 415 0.46 3.6%
Repair and Maintenance 529 0.59 4.6%
Total Operating Expenses 5,244 5.80 45.9%
Net Operating Income 5,341 5.91 46.8%
Capital Expenditures 3,467 3.84 30.4%
Garden
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 10,202 11.33 100.0%
Rent Revenue Collected 8,841 9.82 86.7%
Losses to Vacancy 808 0.90 7.9%
Collection Losses 101 0.11 1.0%
Losses to Concessions 451 0.50 4.4%
Other Revenue 534 0.59 5.2%
Total Revenue 9,375 10.42 91.9%
Operating Expenses
Salaries and Personnel 1,094 1.22 10.7%
Insurance 240 0.27 2.4%
Taxes 879 0.98 8.6%
Utilities 1,018 1.13 10.0%
Management Fees 340 0.38 3.3%
Administrative 213 0.24 2.1%
Marketing 191 0.21 1.9%
Contract Services 393 0.44 3.9%
Repair and Maintenance 503 0.56 4.9%
Total Operating Expenses 4,871 5.41 47.8%
Net Operating Income 4,504 5.00 44.1%
Capital Expenditures 3,319 3.69 32.5%
Mid & Hi Rise
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 17,710 19.22 100.0%
Rent Revenue Collected 15,852 17.20 89.5%
Losses to Vacancy 1,085 1.18 6.1%
Collection Losses 89 0.10 0.5%
Losses to Concessions 683 0.74 3.9%
Other Revenue 993 1.08 5.6%
Total Revenue 16,846 18.28 95.1%
Operating Expenses
Salaries and Personnel 1,636 1.78 9.2%
Insurance 303 0.33 1.7%
Taxes 1,639 1.78 9.3%
Utilities 1,329 1.44 7.5%
Management Fees 508 0.55 2.9%
Administrative 317 0.34 1.8%
Marketing 250 0.27 1.4%
Contract Services 529 0.57 3.0%
Repair and Maintenance 661 0.72 3.7%
Total Operating Expenses 7,173 7.78 40.5%
Net Operating Income 9,673 10.50 54.6%
Capital Expenditures 4,233 4.59 23.9%
Source: National Apartment Association 2006 Survey of Operating
Income & Expenses in Rental Apartment Communities
[c] 2006 by National Apartment Association. This table may be used,
copied, and/or distributed only 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
Age of Property
Dollars Per Unit
Less than 5 years old $1,052 $225 $1,281
5 to 9 years old $1,055 $210 $1,281
10 to 19 years $1,012 $179 $973
20 or more years $959 $188 $738
Dollars Per Square Foot
Less than 5 years old $1.00 $0.21 $1.22
5 to 9 years old $1.06 $0.21 $1.28
10 to 19 years $1.11 $0.20 $1.07
20 or more years $1.15 $0.23 $0.89
Percent of Gross Potential Rent
Less than 5 years old 8.7% 1.9% 10.6%
5 to 9 years old 9.3% 1.8% 11.3%
10 to 19 years 10.1% 1.8% 9.7%
20 or more years 11.5% 2.3% 8.9%
Percent of Total Operating Costs
Less than 5 years old 23.5% 5.0% 28.8%
5 to 9 years old 24.9% 5.0% 30.3%
10 to 19 years 26.8% 4.7% 25.8%
20 or more years 26.8% 5.3% 20.6%
Size of Property
Dollars Per Unit
Less than 100 units $919 $151 $580
100 to 249 units $1,056 $202 $871
250 to 499 units $984 $191 $951
More than 500 units $944 $184 $975
Dollars Per Square Foot
Less than 100 units $1.28 $0.21 $0.81
100 to 249 units $1.19 $0.23 $0.98
250 to 499 units $1.08 $0.21 $1.05
More than 500 units $1.09 $0.21 $1.12
Percent of Gross Potential Rent
Less than 100 units 12.9% 2.1% 8.2%
100 to 249 units 11.1% 2.1% 9.1%
250 to 499 units 10.2% 2.0% 9.9%
More than 500 units 9.9% 1.9% 10.3%
Percent of Total Operating Costs
Less than 100 units 30.4% 5.0% 19.2%
100 to 249 units 27.0% 5.1% 22.3%
250 to 499 units 26.0% 5.0% 25.1%
More than 500 units 25.3% 4.9% 26.1%
Mgmt.
Utilities Fees Admin.
Age of Property
Dollars Per Unit
Less than 5 years old $358 $344 $220
5 to 9 years old $325 $286 $190
10 to 19 years $322 $278 $150
20 or more years $395 $266 $168
Dollars Per Square Foot
Less than 5 years old $0.34 $0.33 $0.21
5 to 9 years old $0.33 $0.29 $0.19
10 to 19 years $0.35 $0.31 $0.17
20 or more years $0.48 $0.32 $0.20
Percent of Gross Potential Rent
Less than 5 years old 3.0% 2.8% 1.8%
5 to 9 years old 2.9% 2.5% 1.7%
10 to 19 years 3.2% 2.8% 1.5%
20 or more years 4.7% 3.2% 2.0%
Percent of Total Operating Costs
Less than 5 years old 8.0% 7.7% 4.9%
5 to 9 years old 7.7% 6.8% 4.5%
10 to 19 years 8.5% 7.4% 4.0%
20 or more years 11.0% 7.4% 4.7%
Size of Property
Dollars Per Unit
Less than 100 units $208 $277 $153
100 to 249 units $382 $284 $195
250 to 499 units $361 $275 $160
More than 500 units $369 $261 $160
Dollars Per Square Foot
Less than 100 units $0.29 $0.39 $0.21
100 to 249 units $0.43 $0.32 $0.22
250 to 499 units $0.40 $0.30 $0.18
More than 500 units $0.43 $0.30 $0.18
Percent of Gross Potential Rent
Less than 100 units 2.9% 3.9% 2.2%
100 to 249 units 4.0% 3.0% 2.0%
250 to 499 units 3.8% 2.9% 1.7%
More than 500 units 3.9% 2.7% 1.7%
Percent of Total Operating Costs
Less than 100 units 6.9% 9.2% 5.1%
100 to 249 units 9.8% 7.3% 5.0%
250 to 499 units 9.5% 7.3% 4.2%
More than 500 units 9.9% 7.0% 4.3%
Repair
Contract &
Mrktg. Services Maint.
Age of Property
Dollars Per Unit
Less than 5 years old $331 $322 $329
5 to 9 years old $198 $346 $342
10 to 19 years $165 $309 $388
20 or more years $161 $307 $393
Dollars Per Square Foot
Less than 5 years old $0.31 $0.31 $0.31
5 to 9 years old $0.20 $0.35 $0.34
10 to 19 years $0.18 $0.34 $0.43
20 or more years $0.19 $0.37 $0.47
Percent of Gross Potential Rent
Less than 5 years old 2.7% 2.7% 2.7%
5 to 9 years old 1.7% 3.0% 3.0%
10 to 19 years 1.6% 3.1% 3.9%
20 or more years 1.9% 3.7% 4.7%
Percent of Total Operating Costs
Less than 5 years old 7.4% 7.2% 7.4%
5 to 9 years old 4.7% 8.2% 8.1%
10 to 19 years 4.4% 8.2% 10.3%
20 or more years 4.5% 8.6% 11.0%
Size of Property
Dollars Per Unit
Less than 100 units $121 $293 $318
100 to 249 units $186 $329 $411
250 to 499 units $178 $309 $375
More than 500 units $157 $316 $368
Dollars Per Square Foot
Less than 100 units $0.17 $0.41 $0.45
100 to 249 units $0.21 $0.37 $0.46
250 to 499 units $0.20 $0.34 $0.41
More than 500 units $0.18 $0.36 $0.42
Percent of Gross Potential Rent
Less than 100 units 1.7% 4.1% 4.5%
100 to 249 units 1.9% 3.4% 4.3%
250 to 499 units 1.9% 3.2% 3.9%
More than 500 units 1.6% 3.3% 3.9%
Percent of Total Operating Costs
Less than 100 units 4.0% 9.7% 10.5%
100 to 249 units 4.7% 8.4% 10.5%
250 to 499 units 4.7% 8.2% 9.9%
More than 500 units 4.2% 8.5% 9.9%
Total
Operating Capital
Expenses Expend.
Age of Property
Dollars Per Unit
Less than 5 years old $4,469 $432
5 to 9 years old $4,232 $503
10 to 19 years $3,777 $1,143
20 or more years $3,575 $1,975
Dollars Per Square Foot
Less than 5 years old $4.24 $0.41
5 to 9 years old $4.24 $0.50
10 to 19 years $4.16 $1.26
20 or more years $4.30 $2.38
Percent of Gross Potential Rent
Less than 5 years old 36.8% 0.0%
5 to 9 years old 37.2% 4.4%
10 to 19 years 37.6% 11.4%
20 or more years 43.0% 23.7%
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
Less than 100 units $3,021 $951
100 to 249 units $3,916 $1,546
250 to 499 units $3,784 $1,384
More than 500 units $3,733 $1,550
Dollars Per Square Foot
Less than 100 units $4.22 $1.33
100 to 249 units $4.40 $1.74
250 to 499 units $4.16 $1.52
More than 500 units $4.30 $1.79
Percent of Gross Potential Rent
Less than 100 units 42.5% 13.4%
100 to 249 units 41.0% 16.2%
250 to 499 units 39.3% 14.4%
More than 500 units 39.3% 16.3%
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 2006 Survey of Operating
Income & Expenses in Rental Apartment Communities
[c] 2006 by National Apartment Association. This table may be used,
copied, and/or distributed only 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 or
Than 5 to 9 to 19 more
Years Years Years Years
No. of Properties 85 367 700 1501
No. of Units 24,025 115,408 193,921 344,082
Avg. No. of Units/Property 283 314 277 229
Avg. No. of Square Feet/Unit 1,054 998 908 831
Turnover Rate in % 60% 64% 62% 60%
Gross Potential Rent $12,136 $11,370 $10,039 $8,321
Rent Revenue Collected $10,249 $10,096 $8,972 $7,262
Losses to Vacancies $957 $744 $656 $645
Losses to Collections $87 $53 $65 $78
Losses to Concessions $844 $478 $346 $336
Other Revenue Collected $1,134 $640 $539 $473
Total Revenue Collected $11,382 $10,735 $9,512 $7,735
Total Operating Expenses $4,469 $4,232 $3,777 $3,575
Net Operating Income $6,913 $6,503 $5,735 $4,160
Economic Vacancy Rates (%) 15.55% 11.21% 10.63% 12.73%
AGE OF PROPERTY Dollars Per Square Foot
Less 5 10 20 or
Than 5 to 9 to 19 more
Years Years Years Years
No. of Properties 85 367 700 1501
No. of Units 24,026 115,408 193,921 344,082
Avg. No. of Units/Property 283 314 277 229
Avg. No. of Square Feet/Unit 1,054 998 908 831
Turnover Rate in % 60% 64% 62% 60%
Gross Potential Rent $11.52 $11.39 $11.05 $10.02
Rent Revenue Collected $9.73 $10.11 $9.88 $8.74
Losses to Vacancies $0.91 $0.75 $0.72 $0.78
Losses to Collections $0.08 $0.05 $0.07 $0.09
Losses to Concessions $0.80 $0.48 $0.38 $0.40
Other Revenue Collected $1.08 $0.64 $0.59 $0.57
Total Revenue Collected $10.80 $10.75 $10.47 $9.31
Total Operating Expenses $4.24 $4.24 $4.16 $4.30
Net Operating Income $6.56 $6.51 $6.31 $5.01
Economic Vacancy Rates (%) 15.55% 11.21% 10.63% 12.73%
AGE OF PROPERTY Percent of Gross Potential Rent
Less 5 10 20 or
Than 5 to 9 to 19 more
Years Years Years Years
No. of Properties 85 367 700 1501
No. of Units 24,026 115,408 193,921 344,082
Avg. No. of Units/Property 283 314 277 229
Avg. No. of Square Feet/Unit 1,054 998 908 831
Turnover Rate in % 60% 64% 62% 60%
Gross Potential Rent 100.0% 100.0% 100.0% 100.0%
Rent Revenue Collected 84.4% 88.8% 89.4% 87.3%
Losses to Vacancies 7.9% 6.5% 6.5% 7.8%
Losses to Collections 0.7% 0.5% 0.6% 0.9%
Losses to Concessions 7.0% 4.2% 3.4% 4.0%
Other Revenue Collected 9.3% 5.6% 5.4% 5.7%
Total Revenue Collected 93.8% 94.4% 94.7% 93.0%
Total Operating Expenses 36.8% 37.2% 37.6% 43.0%
Net Operating Income 57.0% 57.2% 57.1% 50.0%
Economic Vacancy Rates (%) 15.55% 11.21% 10.63% 12.73%
SIZE OF PROPERTY Dollars Per Unit
Less 100 250 500
than 100 to 249 to 499 or more
units units units units
No. of Properties 437 983 1081 152
No. of Units 30,604 176,622 369,125 101,086
Avg. No. of Units/Property 70 180 341 665
Avg. No. of Square Feet/Unit 715 889 910 867
Turnover Rate in % 63% 62% 62% 60%
Gross Potential Rent $7,108 $9,544 $9,617 $9,502
Rent Revenue Collected $6,309 $8,440 $8,468 $8,313
Losses to Vacancies $527 $653 $676 $762
Losses to Collections $79 $82 $68 $57
Losses to Concessions $194 $369 $405 $370
Other Revenue Collected $411 $533 $584 $455
Total Revenue Collected $6,720 $8,973 $9,053 $8,768
Total Operating Expenses $3,021 $3,916 $3,784 $3,733
Net Operating Income $3,699 $5,057 $5,268 $5,035
Economic Vacancy Rates (%) 11.25% 11.57% 11.94% 12.51%
SIZE OF PROPERTY Dollars Per Square Foot
Less 100 250 500
than 100 to 249 to 499 or more
units units units units
No. of Properties 437 1007 988 131
No. of Units 30,300 179,419 329,686 89,113
Avg. No. of Units/Property 69 178 334 680
Avg. No. of Square Feet/Unit 682 891 897 873
Turnover Rate in % 65% 62% 62% 58%
Gross Potential Rent $9.94 $10.73 $10.95 $10.23
Rent Revenue Collected $8.82 $9.49 $9.58 $8.76
Losses to Vacancies $0.74 $0.73 $0.88 $0.95
Losses to Collections $0.11 $0.09 $0.07 $0.09
Losses to Concessions $0.27 $0.42 $0.43 $0.44
Other Revenue Collected $0.57 $0.60 $0.52 $0.54
Total Revenue Collected $9.39 $10.09 $10.11 $9.30
Total Operating Expenses $4.22 $4.40 $4.30 $3.94
Net Operating Income $5.17 $5.69 $5.79 $5.80
Economic Vacancy Rates (%) 11.25% 11.57% 12.51% 14.41%
SIZE OF PROPERTY Percent of Gross Potential Rent
Less 100 250 500
than 100 to 249 to 499 or more
units units units units
No. of Properties 437 1007 988 131
No. of Units 30,300 179,419 329,686 89,113
Avg. No. of Units/Property 69 178 334 680
Avg. No. of Square Feet/Unit 682 891 897 873
Turnover Rate in % 65% 62% 62% 58%
Gross Potential Rent 100.0% 100.0% 100.0% 100.0%
Rent Revenue Collected 88.7% 88.4% 88.1% 87.5%
Losses to Vacancies 7.4% 6.8% 7.0% 8.0%
Losses to Collections 1.1% 0.9% 0.7% 0.6%
Losses to Concessions 2.7% 3.9% 4.2% 3.9%
Other Revenue Collected 5.8% 5.6% 61.0% 4.8%
Total Revenue Collected 94.5% 94.0% 94.1% 92.3%
Total Operating Expenses 42.5% 41.0% 39.3% 39.3%
Net Operating Income 52.0% 53.0% 54.8% 53.0%
Economic Vacancy Rates (%) 11.25% 11.57% 11.94% 12.51%
Source: National Apartment Association 2006 Survey of Operating
Income & Expenses in Rental Apartment Communities
[c] 2006 by National Apartment Association. This table may be used,
copied, and/or distributed only in accordance with the License
Agreement and may not be posted on the Internet.
Economic Vacancy Rates--NOI--Turnover
METROPOLITAN AREAS
INDIVIDUALLY METERED MARKET RENT GARDEN PROPERTIES
2006 Survey
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
TOTAL MARKET RENT 2,609 667,951 889
REGION I 195 43,996 873
BALTIMORE-TOWSON, MD 40 8,242 787
BOSTON-CAMBRIDGE-QUINCY, MA-NH 12 2,869 918
HARTFORD-WEST HARTFORD-EAST 3 825 1,027
HARTFORD, CT
NEW HAVEN-MILFORD, CT 16 2,294 781
NEW YORK, NY 6 1,829 849
NORTHERN NEW JERSEY MSA'S 3 1,250 947
PHILADELPHIA-CAMDEN-WILMINGTON, 4 776 781
PA-NJ-DE-MD
PITTSBURGH, PA 11 1,258 810
RICHMOND, VA 16 5,194 846
VIRGINIA BEACH-NORFOLK-NEWPORT 10 2,703 954
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, 45 12,549 895
DC-MD-VA-WV
OTHER 29 4,207 972
REGION II 936 235,517 939
ATLANTA-SANDY SPRINGS-MARIETTA, GA 196 57,586 1,013
CAPE CORAL-FORT MYERS, FL 10 1,993 861
CHARLOTTE-GASTONIO-CONCORD, NC-SC 52 12,304 962
CHATTANOOGA, TN-GA 10 1,670 979
COLUMBIA, SC 17 4,981 806
DAYTONA, FL 12 1,196 743
FT. LAUDERDALE-POMPA. 10 3,749 865
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 29 6,323 938
POINT, NC
GREENVILLE, SC 16 3,496 949
JACKSONVILLE, FL MSA 50 14,050 923
KNOXVILLE, TN 10 1,684 923
LEXINGTON-FAYETTE, KY 18 3,327 834
LOUISVILLE, KY-IN 17 2,620 801
MACON, GA 15 1,983 925
MEMPHIS, TN-AR 48 14,020 933
MIAMI-MIAMI BEACH-KENDALL, FL 29 6,909 953
NASHVILLE, TN 37 11,228 861
ORLANDO, FL 69 18,539 954
RALEIGH-DURHAM, NC MSA's 50 13,968 921
SARASOTA-BRADENTON-VENICE, FL 12 2,429 780
SAVANNAH, GA 10 1,423 863
TALLAHASSEE, FL 11 2,170 841
TAMPA-ST. PETERSBURG-CLEARWATER, 51 14,031 891
FL
WEST PALM BEACH-BOCA RATON-BOYNTON 31 7,171 1,038
BEACH, FL
OTHER 126 26,667 905
REGION III 307 54,898 869
BLOOMINGTON, IN 6 623 660
CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI 33 11,423 976
CINCINNATI-MIDDLETON, OH-KY-IN 23 3,883 1,086
CLEVELAND-ELYRIA-MENTOR, OH 10 832 591
COLUMBUS, OH 52 6,410 750
DAYTON, OH 17 1,407 669
DETROIT-WARREN-LIVONIA, MI 39 4,715 774
INDIANAPOLIS, IN 55 11,550 799
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 13 2,782 994
MN-WI
OTHER 59 11,273 890
REGION IV 612 174,901 837
AUSTIN-ROUND ROCK, TX 84 23,214 842
DALLAS-PLANO-IRVING, TX 219 67,026 851
FT. WORTH-ARLINGTON, TX 76 21,770 828
HOUSTON-BAYTOWN-SUGARLAND, TX 119 36,595 830
LITTLE ROCK-NORTH LITTLE ROCK, AR 18 3,899 877
SAN ANTONIO, TX 48 12,095 787
TULSA, OK 14 3,709 794
OTHER 34 6,593 845
REGION V 145 44,284 880
ALBUQUERQUE, NM 11 2,364 862
COLORADO SPRINGS, CO 7 1,606 851
DENVER-AURORA-BOULDER, CO 74 23,177 903
KANSAS CITY, MO-KS 13 4,488 914
SALT LAKE CITY 8 3,003 767
ST. LOUIS, MO-IL 16 6,263 869
OTHER 16 3,383 821
REGION VI 414 114,355 886
LOS ANGELES-LONG BEACH-GLENDALE, 40 9,752 849
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA 23 5,758 853
PHOENIX-MESA 79 24,112 909
PORTLAND-VANCOUVER-BEAVERTON, 28 7,959 966
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, 18 5,284 808
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, 11 3,084 902
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 38 10,816 869
SAN FRANCISCO-SAN MATEO-REDWOOD 19 4,992 885
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, 8 1,964 887
CA
SANTA ANA-ANAHEIM-IRVINE, CA 56 17,173 878
SEATTLE-TACOMA-BELLEVUE, WA 64 16,425 914
OTHER 30 7,036 832
2006 Survey
Net
Operating Economic
Turnover Income Losses
Rate NOI (1) as a %
TOTAL MARKET RENT 61% 53.9% 11.87%
REGION I 53% 61.4% 8.87%
BALTIMORE-TOWSON, MD 35% 59.5% 7.32%
BOSTON-CAMBRIDGE-QUINCY, MA-NH 63% 57.7% 11.97%
HARTFORD-WEST HARTFORD-EAST 48% 52.4% 10.28%
HARTFORD, CT
NEW HAVEN-MILFORD, CT 55% 53.2% 10.02%
NEW YORK, NY 52% 58.7% 7.17%
NORTHERN NEW JERSEY MSA'S 55% 65.3% 6.20%
PHILADELPHIA-CAMDEN-WILMINGTON, 51% 55.9% 8.94%
PA-NJ-DE-MD
PITTSBURGH, PA 47% 57.1% 11.79%
RICHMOND, VA 56% 56.6% 11.78%
VIRGINIA BEACH-NORFOLK-NEWPORT 64% 67.9% 6.17%
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, 56% 65.0% 8.56%
DC-MD-VA-WV
OTHER 59% 63.9% 9.70%
REGION II 60% 53.7% 11.35%
ATLANTA-SANDY SPRINGS-MARIETTA, GA 61% 51.9% 14.87%
CAPE CORAL-FORT MYERS, FL 67% 55.9% 6.04%
CHARLOTTE-GASTONIO-CONCORD, NC-SC 60% 55.0% 10.79%
CHATTANOOGA, TN-GA 46% 61.5% 13.37%
COLUMBIA, SC 67% 49.9% 10.61%
DAYTONA, FL 65% 50.7% 11.04%
FT. LAUDERDALE-POMPA. 57% 65.8% 7.34%
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 59% 56.3% 10.97%
POINT, NC
GREENVILLE, SC 59% 47.3% 14.06%
JACKSONVILLE, FL MSA 58% 54.6% 9.99%
KNOXVILLE, TN 59% 64.9% 10.20%
LEXINGTON-FAYETTE, KY 55% 51.7% 13.33%
LOUISVILLE, KY-IN 59% 50.5% 18.03%
MACON, GA 57% 48.1% 10.48%
MEMPHIS, TN-AR 51% 40.1% 15.49%
MIAMI-MIAMI BEACH-KENDALL, FL 60% 58.4% 6.02%
NASHVILLE, TN 64% 54.4% 11.29%
ORLANDO, FL 65% 58.6% 7.27%
RALEIGH-DURHAM, NC MSA's 58% 50.3% 13.57%
SARASOTA-BRADENTON-VENICE, FL 70% 57.7% 8.02%
SAVANNAH, GA 74% 55.5% 11.72%
TALLAHASSEE, FL 68% 51.8% 14.56%
TAMPA-ST. PETERSBURG-CLEARWATER, 63% 58.0% 7.14%
FL
WEST PALM BEACH-BOCA RATON-BOYNTON 64% 59.1% 7.28%
BEACH, FL
OTHER 59% 52.9% 9.89%
REGION III 59% 48.5% 13.87%
BLOOMINGTON, IN 70% 64.6% 13.00%
CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI 59% 53.0% 13.08%
CINCINNATI-MIDDLETON, OH-KY-IN 51% 47.3% 13.54%
CLEVELAND-ELYRIA-MENTOR, OH 61% 54.0% 14.03%
COLUMBUS, OH 61% 47.2% 14.43%
DAYTON, OH 67% 50.1% 12.81%
DETROIT-WARREN-LIVONIA, MI 50% 46.1% 14.05%
INDIANAPOLIS, IN 62% 47.7% 12.81%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 59% 51.6% 14.60%
MN-WI
OTHER 59% 41.1% 15.97%
REGION IV 64% 44.2% 15.39%
AUSTIN-ROUND ROCK, TX 64% 44.8% 12.32%
DALLAS-PLANO-IRVING, TX 62% 44.0% 17.46%
FT. WORTH-ARLINGTON, TX 68% 44.4% 15.33%
HOUSTON-BAYTOWN-SUGARLAND, TX 62% 43.5% 14.81%
LITTLE ROCK-NORTH LITTLE ROCK, AR 57% 49.1% 9.79%
SAN ANTONIO, TX 71% 42.2% 14.45%
TULSA, OK 73% 51.2% 11.53%
OTHER 65% 45.8% 13.50%
REGION V 61% 53.4% 15.14%
ALBUQUERQUE, NM 67% 56.0% 9.03%
COLORADO SPRINGS, CO 73% 47.0% 21.91%
DENVER-AURORA-BOULDER, CO 64% 54.4% 16.03%
KANSAS CITY, MO-KS 59% 58.0% 10.13%
SALT LAKE CITY 48% 51.3% 9.34%
ST. LOUIS, MO-IL 61% 50.9% 17.36%
OTHER 47% 44.8% 14.41%
REGION VI 65% 63.4% 8.57%
LOS ANGELES-LONG BEACH-GLENDALE, 60% 66.7% 6.74%
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA 60% 63.6% 6.37%
PHOENIX-MESA 67% 59.1% 11.23%
PORTLAND-VANCOUVER-BEAVERTON, 69% 58.6% 9.19%
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, 65% 59.9% 9.83%
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, 66% 62.7% 8.69%
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 66% 66.8% 7.58%
SAN FRANCISCO-SAN MATEO-REDWOOD 59% 64.3% 8.00%
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, 63% 63.7% 7.17%
CA
SANTA ANA-ANAHEIM-IRVINE, CA 61% 66.6% 8.45%
SEATTLE-TACOMA-BELLEVUE, WA 69% 60.7% 8.70%
OTHER 64% 61.3% 9.41%
2005 Survey
Net
Economic Operating
Losses Income Turnover
as a % NOI (1) Rate
TOTAL MARKET RENT 13.99% 52.2% 62%
REGION I 10.03% 60.2% 57%
BALTIMORE-TOWSON, MD 9.55% 60.6% 55%
BOSTON-CAMBRIDGE-QUINCY, MA-NH 12.83% 55.9% 54%
HARTFORD-WEST HARTFORD-EAST 10.55% 59.5% 50%
HARTFORD, CT
NEW HAVEN-MILFORD, CT 8.46% 55.7% 50%
NEW YORK, NY N/A N/A N/A
NORTHERN NEW JERSEY MSA'S 10.32% 62.5% 52%
PHILADELPHIA-CAMDEN-WILMINGTON, 10.58% 62.5% 43%
PA-NJ-DE-MD
PITTSBURGH, PA 9.26% 57.0% 49%
RICHMOND, VA 10.63% 53.5% 60%
VIRGINIA BEACH-NORFOLK-NEWPORT 5.46% 66.0% 63%
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, 10.11% 62.8% 57%
DC-MD-VA-WV
OTHER 10.72% 57.9% 62%
REGION II 12.99% 52.5% 61%
ATLANTA-SANDY SPRINGS-MARIETTA, GA 16.79% 49.7% 61%
CAPE CORAL-FORT MYERS, FL N/A N/A N/A
CHARLOTTE-GASTONIO-CONCORD, NC-SC 13.16% 50.5% 63%
CHATTANOOGA, TN-GA N/A N/A N/A
COLUMBIA, SC 14.92% 47.6% 67%
DAYTONA, FL 8.42% 56.1% 63%
FT. LAUDERDALE-POMPA. 9.97% 57.6% 59%
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 12.88% 51.9% 57%
POINT, NC
GREENVILLE, SC 12.03% 50.2% 63%
JACKSONVILLE, FL MSA 11.46% 55.8% 60%
KNOXVILLE, TN 16.66% 40.0% 59%
LEXINGTON-FAYETTE, KY 15.06% 57.7% 51%
LOUISVILLE, KY-IN 18.18% 51.0% 59%
MACON, GA 9.48% 51.5% 55%
MEMPHIS, TN-AR 17.52% 39.9% 39%
MIAMI-MIAMI BEACH-KENDALL, FL 9.16% 56.7% 58%
NASHVILLE, TN 11.27% 57.0% 65%
ORLANDO, FL 11.35% 55.2% 67%
RALEIGH-DURHAM, NC MSA's 15.13% 49.7% 61%
SARASOTA-BRADENTON-VENICE, FL 11.63% 54.5% 66%
SAVANNAH, GA 6.76% 61.8% 75%
TALLAHASSEE, FL N/A N/A N/A
TAMPA-ST. PETERSBURG-CLEARWATER, 10.36% 55.6% 64%
FL
WEST PALM BEACH-BOCA RATON-BOYNTON 11.26% 57.5% 64%
BEACH, FL
OTHER 11.80% 51.3% 55%
REGION III 15.64% 48.7% 56%
BLOOMINGTON, IN N/A N/A N/A
CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI 13.65% 54.5% 54%
CINCINNATI-MIDDLETON, OH-KY-IN 15.73% 47.8% 49%
CLEVELAND-ELYRIA-MENTOR, OH 14.67% 53.6% 60%
COLUMBUS, OH 14.78% 47.8% 59%
DAYTON, OH 11.30% 54.1% 56%
DETROIT-WARREN-LIVONIA, MI 15.65% 49.2% 54%
INDIANAPOLIS, IN 17.07% 48.5% 56%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 18.08% 45.5% 62%
MN-WI
OTHER 16.62% 43.1% 58%
REGION IV 16.23% 44.4% 64%
AUSTIN-ROUND ROCK, TX 15.05% 46.8% 67%
DALLAS-PLANO-IRVING, TX 16.68% 43.3% 62%
FT. WORTH-ARLINGTON, TX 16.15% 42.5% 69%
HOUSTON-BAYTOWN-SUGARLAND, TX 17.64% 43.9% 63%
LITTLE ROCK-NORTH LITTLE ROCK, AR 11.21% 53.0% 45%
SAN ANTONIO, TX 13.54% 48.4% 66%
TULSA, OK 12.02% 50.5% 73%
OTHER 13.33% 44.7% 66%
REGION V 19.99% 51.7% 65%
ALBUQUERQUE, NM N/A N/A N/A
COLORADO SPRINGS, CO 25.26% 46.1% 76%
DENVER-AURORA-BOULDER, CO 21.44% 52.7% 65%
KANSAS CITY, MO-KS 16.59% 55.5% 55%
SALT LAKE CITY N/A N/A N/A
ST. LOUIS, MO-IL 16.27% 50.4% 66%
OTHER 16.08% 50.3% 63%
REGION VI 12.15% 58.7% 65%
LOS ANGELES-LONG BEACH-GLENDALE, 8.20% 64.8% 63%
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA N/A N/A N/A
PHOENIX-MESA 17.34% 51.2% 71%
PORTLAND-VANCOUVER-BEAVERTON, 12.86% 53.3% 72%
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, 6.93% 65.1% 62%
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, N/A N/A N/A
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 7.65% 66.1% 58%
SAN FRANCISCO-SAN MATEO-REDWOOD 10.77% 61.3% 59%
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, N/A N/A N/A
CA
SANTA ANA-ANAHEIM-IRVINE, CA 8.75% 64.8% 57%
SEATTLE-TACOMA-BELLEVUE, WA 16.43% 53.1% 72%
OTHER 10.05% 60.8% 70%
2005 Survey
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
TOTAL MARKET RENT 2,563 628,518 882
REGION I 198 48,788 890
BALTIMORE-TOWSON, MD 29 6,265 854
BOSTON-CAMBRIDGE-QUINCY, MA-NH 11 3,030 951
HARTFORD-WEST HARTFORD-EAST 9 1,794 951
HARTFORD, CT
NEW HAVEN-MILFORD, CT 12 1,480 694
NEW YORK, NY N/A N/A N/A
NORTHERN NEW JERSEY MSA'S 8 3,168 725
PHILADELPHIA-CAMDEN-WILMINGTON, 3 748 831
PA-NJ-DE-MD
PITTSBURGH, PA 9 833 754
RICHMOND, VA 22 7,012 902
VIRGINIA BEACH-NORFOLK-NEWPORT 13 4,446 980
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, 52 14,508 893
DC-MD-VA-WV
OTHER 21 3,596 975
REGION II 883 211,866 931
ATLANTA-SANDY SPRINGS-MARIETTA, GA 140 37,651 1,000
CAPE CORAL-FORT MYERS, FL N/A N/A N/A
CHARLOTTE-GASTONIO-CONCORD, NC-SC 47 12,724 947
CHATTANOOGA, TN-GA N/A N/A N/A
COLUMBIA, SC 21 5,636 940
DAYTONA, FL 12 1,196 743
FT. LAUDERDALE-POMPA. 9 3,315 937
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 42 9,119 924
POINT, NC
GREENVILLE, SC 24 5,579 907
JACKSONVILLE, FL MSA 58 15,446 917
KNOXVILLE, TN 11 2,049 919
LEXINGTON-FAYETTE, KY 16 2,313 816
LOUISVILLE, KY-IN 17 2,996 830
MACON, GA 14 1,850 918
MEMPHIS, TN-AR 22 8,669 877
MIAMI-MIAMI BEACH-KENDALL, FL 33 7,117 941
NASHVILLE, TN 33 10,303 914
ORLANDO, FL 67 17,373 950
RALEIGH-DURHAM, NC MSA's 51 13,560 924
SARASOTA-BRADENTON-VENICE, FL 10 1,924 932
SAVANNAH, GA 9 1,348 860
TALLAHASSEE, FL N/A N/A N/A
TAMPA-ST. PETERSBURG-CLEARWATER, 61 16,121 883
FL
WEST PALM BEACH-BOCA RATON-BOYNTON 26 5,472 957
BEACH, FL
OTHER 95 17,707 922
REGION III 364 65,461 886
BLOOMINGTON, IN N/A N/A N/A
CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI 27 8,972 915
CINCINNATI-MIDDLETON, OH-KY-IN 39 6,897 1,087
CLEVELAND-ELYRIA-MENTOR, OH 12 802 591
COLUMBUS, OH 64 8,651 838
DAYTON, OH 24 2,766 765
DETROIT-WARREN-LIVONIA, MI 40 6,799 817
INDIANAPOLIS, IN 63 12,197 837
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 17 3,819 1,047
MN-WI
OTHER 59 11,728 877
REGION IV 575 159,414 820
AUSTIN-ROUND ROCK, TX 66 17,977 835
DALLAS-PLANO-IRVING, TX 178 51,084 824
FT. WORTH-ARLINGTON, TX 80 21,985 805
HOUSTON-BAYTOWN-SUGARLAND, TX 145 42,685 821
LITTLE ROCK-NORTH LITTLE ROCK, AR 9 2,048 897
SAN ANTONIO, TX 25 6,411 777
TULSA, OK 13 3,772 715
OTHER 36 7,814 844
REGION V 167 42,281 880
ALBUQUERQUE, NM N/A N/A N/A
COLORADO SPRINGS, CO 16 3,276 853
DENVER-AURORA-BOULDER, CO 85 22,357 873
KANSAS CITY, MO-KS 10 2,866 953
SALT LAKE CITY N/A N/A N/A
ST. LOUIS, MO-IL 15 4,217 902
OTHER 41 9,565 876
REGION VI 376 100,708 870
LOS ANGELES-LONG BEACH-GLENDALE, 30 7,890 867
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA N/A N/A N/A
PHOENIX-MESA 101 28,384 872
PORTLAND-VANCOUVER-BEAVERTON, 20 5,991 962
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, 12 3,404 785
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, N/A N/A N/A
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 25 6,456 894
SAN FRANCISCO-SAN MATEO-REDWOOD 37 9,247 844
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, N/A N/A N/A
CA
SANTA ANA-ANAHEIM-IRVINE, CA 48 14,499 890
SEATTLE-TACOMA-BELLEVUE, WA 51 17,774 878
OTHER 20 3,834 931
Source: National Apartment Association 2006 Survey of Operating
Income & Expenses in Rental Apartment Communities
[c] 2006 by National Apartment Association. This table may be used,
copied, and/or distributed only in accordance with the License
Agreement and may not be posted on the Internet.
Gross Potential Rent
BY REGION AND METROPOLITAN AREA
INDIVIDUALLY METERED MARKET RENT GARDEN PROPERTIES
2006
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
TOTAL MARKET RENT 2,609 667,951 889
REGION I 195 43,996 873
BALTIMORE-TOWSON, MD 40 8,242 787
BOSTON-CAMBRIDGE-QUINCY, MA-NH 12 2,869 918
HARTFORD-WEST HARTFORD-EAST 3 825 1,027
HARTFORD, CT
NEW HAVEN-MILFORD, CT 16 2,294 781
NEW YORK, NY 6 1,829 849
NORTHERN NEW JERSEY MSA'S 3 1,250 947
PHILADELPHIA-CAMDEN-WILMINGTON, 4 776 781
PA-NJ-DE-MD
PITTSBURGH, PA 11 1,258 810
RICHMOND, VA 16 5,194 846
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, 10 2,703 954
VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, 45 12,549 895
DC-MD-VA-WV
OTHER 29 4,207 972
REGION II 936 235,517 939
ATLANTA-SANDY SPRINGS-MARIETTA, GA 196 57,586 1,013
CAPE CORAL-FORT MYERS, FL 10 1,993 861
CHARLOTTE-GASTONIO-CONCORD, NC-SC 52 12,304 962
CHATTANOOGA, TN-GA 10 1,670 979
COLUMBIA, SC 17 4,981 806
DAYTONA, FL 12 1,196 743
FT. LAUDERDALE-POMPA. 10 3,749 865
BEACH-DEERFIELD BEACH, FL MD
GREENSBORO-WINSTON-SALEM-HIGH POINT, 29 6,323 938
NC
GREENVILLE, SC 16 3,496 949
JACKSONVILLE, FL MSA 50 14,050 923
KNOXVILLE, TN 10 1,684 923
LEXINGTON-FAYETTE, KY 18 3,327 834
LOUISVILLE, KY-IN 17 2,620 801
MACON, GA 15 1,983 925
MEMPHIS, TN-AR 48 14,020 933
MIAMI-MIAMI BEACH-KENDALL, FL 29 6,909 953
NASHVILLE, TN 37 11,228 861
ORLANDO, FL 69 18,539 954
RALEIGH DURHAM, NC MSA's 50 13,968 921
SARASOTA-BRADENTON-VENICE, FL 12 2,429 780
SAVANNAH, GA 10 1,423 863
TALLAHASSEE, FL 11 2,170 841
TAMPA-ST. PETERSBURG-CLEARWATER, FL 51 14,031 891
WEST PALM BEACH-BOCA RATON-BOYNTON 31 7,171 1,038
BEACH, FL
OTHER 126 26,667 905
REGION III 307 54,898 869
BLOOMINGTON, IN 6 623 660
CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI 33 11,423 976
CINCINNATI-MIDDLETON, OH-KY-IN 23 3,883 1,086
CLEVELAND-ELYRIA-MENTOR, OH 10 832 591
COLUMBUS, OH 52 6,410 750
DAYTON, OH 17 1,407 669
DETROIT-WARREN-LIVONIA, MI 39 4,715 774
INDIANAPOLIS, IN 55 11,550 799
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 13 2,782 994
MN-WI
OTHER 59 11,273 890
REGION IV 612 174,901 837
AUSTIN-ROUND ROCK, TX 84 23,214 842
DALLAS-PLANO-IRVING, TX 219 67,026 851
FT. WORTH-ARLINGTON, TX 76 21,770 828
HOUSTON-BAYTOWN-SUGARLAND, TX 119 36,595 830
LITTLE ROCK-NORTH LITTLE ROCK, AR 18 3,899 877
SAN ANTONIO, TX 48 12,095 787
TULSA, OK 14 3,709 794
OTHER 34 6,593 845
REGION V 145 44,284 880
ALBUQUERQUE, NM 11 2,364 862
COLORADO SPRINGS, CO 7 1,606 851
DENVER-AURORA-BOULDER, CO 74 23,177 903
KANSAS CITY, MO-KS 13 4,488 914
SALT LAKE CITY 8 3,003 767
ST. LOUIS, MO-IL 16 6,263 869
OTHER 16 3,383 821
REGION VI 414 114,355 886
LOS ANGELES-LONG BEACH-GLENDALE, CA 40 9,752 849
OAKLAND-FREEMONT-HAYWOOD, CA MSA 23 5,758 853
PHOENIX-MESA 79 24,112 909
PORTLAND-VANCOUVER-BEAVERTON, OR-WA 28 7,959 966
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 18 5,284 808
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, 11 3,084 902
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 38 10,816 869
SAN FRANCISCO-SAN MATEO-REDWOOD 19 4,992 885
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, CA 8 1,964 887
SANTA ANA-ANAHEIM-IRVINE, CA 56 17,173 878
SEATTLE-TACOMA-BELLEVUE, WA 64 16,425 914
OTHER 30 7,036 832
2006
Gross Potential
Rent Revenue
$'s Per Unit
Annual Monthly
TOTAL MARKET RENT $9,450 $788
REGION I $11,914 $993
BALTIMORE-TOWSON, MD $10,153 $846
BOSTON-CAMBRIDGE-QUINCY, MA-NH $14,783 $1,232
HARTFORD-WEST HARTFORD-EAST $10,564 $880
HARTFORD, CT
NEW HAVEN-MILFORD, CT $11,153 $929
NEW YORK, NY $16,964 $1,414
NORTHERN NEW JERSEY MSA'S $18,824 $1,569
PHILADELPHIA-CAMDEN-WILMINGTON, $12,960 $1,080
PA-NJ-DE-MD
PITTSBURGH, PA $9,730 $811
RICHMOND, VA $8,289 $691
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, $11,090 $924
VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, $13,154 $1,096
DC-MD-VA-WV
OTHER $11,607 $967
REGION II $8,864 $739
ATLANTA-SANDY SPRINGS-MARIETTA, GA $9,607 $801
CAPE CORAL-FORT MYERS, FL $9,589 $799
CHARLOTTE-GASTONIO-CONCORD, NC-SC $8,346 $696
CHATTANOOGA, TN-GA $7,225 $602
COLUMBIA, SC $6,870 $572
DAYTONA, FL $7,959 $663
FT. LAUDERDALE-POMPA. $11,381 $948
BEACH-DEERFIELD BEACH, FL MD
GREENSBORO-WINSTON-SALEM-HIGH POINT, $7,702 $642
NC
GREENVILLE, SC $7,605 $634
JACKSONVILLE, FL MSA $8,948 $746
KNOXVILLE, TN $7,471 $623
LEXINGTON-FAYETTE, KY $7,739 $645
LOUISVILLE, KY-IN $7,915 $660
MACON, GA $7,342 $612
MEMPHIS, TN-AR $7,329 $611
MIAMI-MIAMI BEACH-KENDALL, FL $11,862 $989
NASHVILLE, TN $8,434 $703
ORLANDO, FL $9,042 $754
RALEIGH DURHAM, NC MSA's $8,081 $673
SARASOTA-BRADENTON-VENICE, FL $9,143 $762
SAVANNAH, GA $8,426 $702
TALLAHASSEE, FL $9,436 $786
TAMPA-ST. PETERSBURG-CLEARWATER, FL $9,115 $760
WEST PALM BEACH-BOCA RATON-BOYNTON $12,453 $1,038
BEACH, FL
OTHER $7,786 $649
REGION III $8,329 $694
BLOOMINGTON, IN $6,325 $527
CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI $11,868 $989
CINCINNATI-MIDDLETON, OH-KY-IN $8,279 $690
CLEVELAND-ELYRIA-MENTOR, OH $6,586 $549
COLUMBUS, OH $6,852 $571
DAYTON, OH $6,417 $535
DETROIT-WARREN-LIVONIA, MI $8,567 $714
INDIANAPOLIS, IN $6,970 $581
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, $10,904 $909
MN-WI
OTHER $6,738 $561
REGION IV $8,236 $686
AUSTIN-ROUND ROCK, TX $8,642 $720
DALLAS-PLANO-IRVING, TX $8,880 $740
FT. WORTH-ARLINGTON, TX $7,872 $656
HOUSTON-BAYTOWN-SUGARLAND, TX $7,720 $643
LITTLE ROCK-NORTH LITTLE ROCK, AR $7,676 $640
SAN ANTONIO, TX $7,381 $615
TULSA, OK $7,538 $628
OTHER $6,605 $550
REGION V $9,009 $751
ALBUQUERQUE, NM $8,052 $671
COLORADO SPRINGS, CO $9,417 $785
DENVER-AURORA-BOULDER, CO $10,086 $840
KANSAS CITY, MO-KS $8,059 $672
SALT LAKE CITY $6,579 $548
ST. LOUIS, MO-IL $8,554 $713
OTHER $6,360 $530
REGION VI $12,277 $1,023
LOS ANGELES-LONG BEACH-GLENDALE, CA $16,411 $1,368
OAKLAND-FREEMONT-HAYWOOD, CA MSA $14,936 $1,245
PHOENIX-MESA $8,825 $735
PORTLAND-VANCOUVER-BEAVERTON, OR-WA $8,898 $742
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA $11,434 $953
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, $11,061 $922
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA $15,274 $1,273
SAN FRANCISCO-SAN MATEO-REDWOOD $17,307 $1,442
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, CA $16,125 $1,344
SANTA ANA-ANAHEIM-IRVINE, CA $15,379 $1,282
SEATTLE-TACOMA-BELLEVUE, WA $10,097 $841
OTHER $9,454 $788
2006
Gross Potential
Rent Revenue
$'s Per Sq. Foot
Annual Monthly
TOTAL MARKET RENT $10.63 $0.89
REGION I $13.65 $1.14
BALTIMORE-TOWSON, MD $12.90 $1.07
BOSTON-CAMBRIDGE-QUINCY, MA-NH $16.10 $1.34
HARTFORD-WEST HARTFORD-EAST $10.28 $0.86
HARTFORD, CT
NEW HAVEN-MILFORD, CT $14.29 $1.19
NEW YORK, NY $19.97 $1.66
NORTHERN NEW JERSEY MSA'S $19.87 $1.66
PHILADELPHIA-CAMDEN-WILMINGTON, $16.60 $1.38
PA-NJ-DE-MD
PITTSBURGH, PA $12.01 $1.00
RICHMOND, VA $9.80 $0.82
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, $11.62 $0.97
VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, $14.70 $1.22
DC-MD-VA-WV
OTHER $11.95 $1.00
REGION II $9.44 $0.79
ATLANTA-SANDY SPRINGS-MARIETTA, GA $9.48 $0.79
CAPE CORAL-FORT MYERS, FL $11.14 $0.93
CHARLOTTE-GASTONIO-CONCORD, NC-SC $8.67 $0.72
CHATTANOOGA, TN-GA $7.38 $0.62
COLUMBIA, SC $8.52 $0.71
DAYTONA, FL $10.71 $0.89
FT. LAUDERDALE-POMPA. $13.16 $1.10
BEACH-DEERFIELD BEACH, FL MD
GREENSBORO-WINSTON-SALEM-HIGH POINT, $8.21 $0.68
NC
GREENVILLE, SC $8.01 $0.67
JACKSONVILLE, FL MSA $9.69 $0.81
KNOXVILLE, TN $8.09 $0.67
LEXINGTON-FAYETTE, KY $9.28 $0.77
LOUISVILLE, KY-IN $9.88 $0.82
MACON, GA $7.94 $0.66
MEMPHIS, TN-AR $7.86 $0.65
MIAMI-MIAMI BEACH-KENDALL, FL $12.45 $1.04
NASHVILLE, TN $9.79 $0.82
ORLANDO, FL $9.48 $0.79
RALEIGH DURHAM, NC MSA's $8.77 $0.73
SARASOTA-BRADENTON-VENICE, FL $11.72 $0.98
SAVANNAH, GA $9.76 $0.81
TALLAHASSEE, FL $11.22 $0.93
TAMPA-ST. PETERSBURG-CLEARWATER, FL $10.24 $0.85
WEST PALM BEACH-BOCA RATON-BOYNTON $12.00 $1.00
BEACH, FL
OTHER $8.61 $0.72
REGION III $9.59 $0.80
BLOOMINGTON, IN $9.59 $0.80
CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI $12.16 $1.01
CINCINNATI-MIDDLETON, OH-KY-IN $7.62 $0.64
CLEVELAND-ELYRIA-MENTOR, OH $11.15 $0.93
COLUMBUS, OH $9.13 $0.76
DAYTON, OH $9.60 $0.80
DETROIT-WARREN-LIVONIA, MI $11.07 $0.92
INDIANAPOLIS, IN $8.73 $0.73
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, $10.97 $0.91
MN-WI
OTHER $7.57 $0.63
REGION IV $9.84 $0.82
AUSTIN-ROUND ROCK, TX $10.26 $0.85
DALLAS-PLANO-IRVING, TX $10.44 $0.87
FT. WORTH-ARLINGTON, TX $9.50 $0.79
HOUSTON-BAYTOWN-SUGARLAND, TX $9.30 $0.78
LITTLE ROCK-NORTH LITTLE ROCK, AR $8.75 $0.73
SAN ANTONIO, TX $9.38 $0.78
TULSA, OK $9.49 $0.79
OTHER $7.81 $0.65
REGION V $10.24 $0.85
ALBUQUERQUE, NM $9.34 $0.78
COLORADO SPRINGS, CO $11.06 $0.92
DENVER-AURORA-BOULDER, CO $11.16 $0.93
KANSAS CITY, MO-KS $8.81 $0.73
SALT LAKE CITY $8.58 $0.71
ST. LOUIS, MO-IL $9.84 $0.82
OTHER $7.74 $0.65
REGION VI $13.85 $1.15
LOS ANGELES-LONG BEACH-GLENDALE, CA $19.33 $1.61
OAKLAND-FREEMONT-HAYWOOD, CA MSA $17.51 $1.46
PHOENIX-MESA $9.70 $0.81
PORTLAND-VANCOUVER-BEAVERTON, OR-WA $9.21 $0.77
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA $14.15 $1.18
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, $12.26 $1.02
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA $17.57 $1.46
SAN FRANCISCO-SAN MATEO-REDWOOD $19.56 $1.63
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, CA $18.17 $1.51
SANTA ANA-ANAHEIM-IRVINE, CA $17.53 $1.46
SEATTLE-TACOMA-BELLEVUE, WA $11.04 $0.92
OTHER $11.36 $0.95
2005
Gross Potential
Rent Revenue
$'s Per Sq. Foot
Monthly Annual
TOTAL MARKET RENT $0.84 $10.09
REGION I $1.07 $12.81
BALTIMORE-TOWSON, MD $1.08 $12.95
BOSTON-CAMBRIDGE-QUINCY, MA-NH $1.21 $14.50
HARTFORD-WEST HARTFORD-EAST $0.94 $11.24
HARTFORD, CT
NEW HAVEN-MILFORD, CT $1.21 $14.56
NEW YORK, NY N/A N/A
NORTHERN NEW JERSEY MSA'S $1.47 $17.64
PHILADELPHIA-CAMDEN-WILMINGTON, $1.38 $16.57
PA-NJ-DE-MD
PITTSBURGH, PA $0.87 $10.42
RICHMOND, VA $0.77 $9.22
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, $0.83 $9.91
VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, $1.21 $14.51
DC-MD-VA-WV
OTHER $0.87 $10.41
REGION II $0.75 $9.05
ATLANTA-SANDY SPRINGS-MARIETTA, GA $0.76 $9.18
CAPE CORAL-FORT MYERS, FL N/A N/A
CHARLOTTE-GASTONIO-CONCORD, NC-SC $0.69 $8.23
CHATTANOOGA, TN-GA N/A N/A
COLUMBIA, SC $0.65 $7.83
DAYTONA, FL $0.83 $10.00
FT. LAUDERDALE-POMPA. $1.06 $12.70
BEACH-DEERFIELD BEACH, FL MD
GREENSBORO-WINSTON-SALEM-HIGH POINT, $0.67 $8.06
NC
GREENVILLE, SC $0.64 $7.69
JACKSONVILLE, FL MSA $0.80 $9.57
KNOXVILLE, TN $0.62 $7.41
LEXINGTON-FAYETTE, KY $0.77 $9.20
LOUISVILLE, KY-IN $0.82 $9.88
MACON, GA $0.64 $7.69
MEMPHIS, TN-AR $0.71 $8.50
MIAMI-MIAMI BEACH-KENDALL, FL $0.97 $11.61
NASHVILLE, TN $0.73 $8.79
ORLANDO, FL $0.78 $9.39
RALEIGH DURHAM, NC MSA's $0.71 $8.56
SARASOTA-BRADENTON-VENICE, FL $0.78 $9.37
SAVANNAH, GA $0.79 $9.49
TALLAHASSEE, FL N/A N/A
TAMPA-ST. PETERSBURG-CLEARWATER, FL $0.80 $9.55
WEST PALM BEACH-BOCA RATON-BOYNTON $0.91 $10.88
BEACH, FL
OTHER $0.70 $8.38
REGION III $0.77 $9.21
BLOOMINGTON, IN N/A N/A
CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI $1.07 $12.87
CINCINNATI-MIDDLETON, OH-KY-IN $0.62 $7.42
CLEVELAND-ELYRIA-MENTOR, OH $0.92 $11.09
COLUMBUS, OH $0.69 $8.23
DAYTON, OH $0.74 $8.84
DETROIT-WARREN-LIVONIA, MI $0.83 $9.99
INDIANAPOLIS, IN $0.67 $8.03
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, $0.91 $10.96
MN-WI
OTHER $0.70 $8.40
REGION IV $0.79 $9.48
AUSTIN-ROUND ROCK, TX $0.86 $10.36
DALLAS-PLANO-IRVING, TX $0.82 $9.81
FT. WORTH-ARLINGTON, TX $0.78 $9.31
HOUSTON-BAYTOWN-SUGARLAND, TX $0.77 $9.27
LITTLE ROCK-NORTH LITTLE ROCK, AR $0.73 $8.80
SAN ANTONIO, TX $0.77 $9.25
TULSA, OK $0.71 $8.57
OTHER $0.70 $8.43
REGION V $0.86 $10.35
ALBUQUERQUE, NM N/A N/A
COLORADO SPRINGS, CO $0.90 $10.85
DENVER-AURORA-BOULDER, CO $0.96 $11.57
KANSAS CITY, MO-KS $0.70 $8.45
SALT LAKE CITY N/A N/A
ST. LOUIS, MO-IL $0.84 $10.09
OTHER $0.67 $8.08
REGION VI $1.04 $12.45
LOS ANGELES-LONG BEACH-GLENDALE, CA $1.64 $19.65
OAKLAND-FREEMONT-HAYWOOD, CA MSA N/A N/A
PHOENIX-MESA $0.79 $9.49
PORTLAND-VANCOUVER-BEAVERTON, OR-WA $0.76 $9.10
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA $1.11 $13.31
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, N/A N/A
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA $1.26 $15.16
SAN FRANCISCO-SAN MATEO-REDWOOD $1.38 $16.54
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, CA N/A N/A
SANTA ANA-ANAHEIM-IRVINE, CA $1.19 $14.33
SEATTLE-TACOMA-BELLEVUE, WA $0.96 $11.51
OTHER $0.92 $11.01
2005
Gross Potential
Rent Revenue
$'s Per Unit
Monthly Annual
TOTAL MARKET RENT $741 $8,896
REGION I $950 $11,400
BALTIMORE-TOWSON, MD $922 $11,068
BOSTON-CAMBRIDGE-QUINCY, MA-NH $1,148 $13,778
HARTFORD-WEST HARTFORD-EAST $891 $10,695
HARTFORD, CT
NEW HAVEN-MILFORD, CT $842 $10,102
NEW YORK, NY N/A N/A
NORTHERN NEW JERSEY MSA'S $1,065 $12,784
PHILADELPHIA-CAMDEN-WILMINGTON, $1,148 $13,773
PA-NJ-DE-MD
PITTSBURGH, PA $655 $7,858
RICHMOND, VA $693 $8,313
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, $809 $9,706
VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, $1,079 $12,951
DC-MD-VA-WV
OTHER $846 $10,147
REGION II $702 $8,424
ATLANTA-SANDY SPRINGS-MARIETTA, GA $765 $9,178
CAPE CORAL-FORT MYERS, FL N/A N/A
CHARLOTTE-GASTONIO-CONCORD, NC-SC $650 $7,796
CHATTANOOGA, TN-GA N/A N/A
COLUMBIA, SC $614 $7,365
DAYTONA, FL $619 $7,426
FT. LAUDERDALE-POMPA. $992 $11,907
BEACH-DEERFIELD BEACH, FL MD
GREENSBORO-WINSTON-SALEM-HIGH POINT, $621 $7,449
NC
GREENVILLE, SC $582 $6,981
JACKSONVILLE, FL MSA $731 $8,767
KNOXVILLE, TN $567 $6,802
LEXINGTON-FAYETTE, KY $625 $7,500
LOUISVILLE, KY-IN $683 $8,200
MACON, GA $588 $7,052
MEMPHIS, TN-AR $621 $7,457
MIAMI-MIAMI BEACH-KENDALL, FL $910 $10,919
NASHVILLE, TN $669 $8,029
ORLANDO, FL $744 $8,923
RALEIGH DURHAM, NC MSA's $659 $7,911
SARASOTA-BRADENTON-VENICE, FL $728 $8,733
SAVANNAH, GA $680 $8,161
TALLAHASSEE, FL N/A N/A
TAMPA-ST. PETERSBURG-CLEARWATER, FL $703 $8,437
WEST PALM BEACH-BOCA RATON-BOYNTON $868 $10,415
BEACH, FL
OTHER $644 $7,726
REGION III $680 $8,161
BLOOMINGTON, IN N/A N/A
CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI $981 $11,774
CINCINNATI-MIDDLETON, OH-KY-IN $672 $8,062
CLEVELAND-ELYRIA-MENTOR, OH $546 $6,552
COLUMBUS, OH $575 $6,900
DAYTON, OH $563 $6,760
DETROIT-WARREN-LIVONIA, MI $680 $8,160
INDIANAPOLIS, IN $560 $6,724
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, $956 $11,475
MN-WI
OTHER $614 $7,374
REGION IV $648 $7,778
AUSTIN-ROUND ROCK, TX $721 $8,651
DALLAS-PLANO-IRVING, TX $674 $8,087
FT. WORTH-ARLINGTON, TX $624 $7,491
HOUSTON-BAYTOWN-SUGARLAND, TX $634 $7,614
LITTLE ROCK-NORTH LITTLE ROCK, AR $658 $7,890
SAN ANTONIO, TX $599 $7,193
TULSA, OK $511 $6,128
OTHER $593 $7,120
REGION V $759 $9,109
ALBUQUERQUE, NM N/A N/A
COLORADO SPRINGS, CO $772 $9,261
DENVER-AURORA-BOULDER, CO $841 $10,094
KANSAS CITY, MO-KS $671 $8,050
SALT LAKE CITY N/A N/A
ST. LOUIS, MO-IL $759 $9,103
OTHER $590 $7,074
REGION VI $903 $10,835
LOS ANGELES-LONG BEACH-GLENDALE, CA $1,420 $17,040
OAKLAND-FREEMONT-HAYWOOD, CA MSA N/A N/A
PHOENIX-MESA $690 $8,278
PORTLAND-VANCOUVER-BEAVERTON, OR-WA $730 $8,757
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA $871 $10,453
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, N/A N/A
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA $1,129 $13,549
SAN FRANCISCO-SAN MATEO-REDWOOD $1,163 $13,958
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, CA N/A N/A
SANTA ANA-ANAHEIM-IRVINE, CA $1,062 $12,747
SEATTLE-TACOMA-BELLEVUE, WA $843 $10,111
OTHER $854 $10,248
2005
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
TOTAL MARKET RENT 2,563 628,518 882
REGION I 198 49,788 890
BALTIMORE-TOWSON, MD 29 6,265 854
BOSTON-CAMBRIDGE-QUINCY, MA-NH 11 3,030 951
HARTFORD-WEST HARTFORD-EAST 9 1,794 951
HARTFORD, CT
NEW HAVEN-MILFORD, CT 12 1,480 694
NEW YORK, NY N/A N/A N/A
NORTHERN NEW JERSEY MSA'S 8 3,168 725
PHILADELPHIA-CAMDEN-WILMINGTON, 3 748 831
PA-NJ-DE-MD
PITTSBURGH, PA 9 833 754
RICHMOND, VA 22 7,012 902
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, 13 4,446 980
VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, 52 14,508 893
DC-MD-VA-WV
OTHER 21 3,596 975
REGION II 883 211,866 931
ATLANTA-SANDY SPRINGS-MARIETTA, GA 140 37,651 1,000
CAPE CORAL-FORT MYERS, FL N/A N/A N/A
CHARLOTTE-GASTONIO-CONCORD, NC-SC 47 12,724 947
CHATTANOOGA, TN-GA N/A N/A N/A
COLUMBIA, SC 21 5,636 940
DAYTONA, FL 12 1,196 743
FT. LAUDERDALE-POMPA. 9 3,315 937
BEACH-DEERFIELD BEACH, FL MD
GREENSBORO-WINSTON-SALEM-HIGH POINT, 42 9,119 924
NC
GREENVILLE, SC 24 5,579 907
JACKSONVILLE, FL MSA 58 15,446 917
KNOXVILLE, TN 11 2,049 919
LEXINGTON-FAYETTE, KY 16 2,313 816
LOUISVILLE, KY-IN 17 2,996 830
MACON, GA 14 1,850 918
MEMPHIS, TN-AR 22 8,669 877
MIAMI-MIAMI BEACH-KENDALL, FL 33 7,117 941
NASHVILLE, TN 33 10,303 914
ORLANDO, FL 67 17,373 950
RALEIGH DURHAM, NC MSA's 51 13,560 924
SARASOTA-BRADENTON-VENICE, FL 10 1,924 932
SAVANNAH, GA 9 1,348 860
TALLAHASSEE, FL N/A N/A N/A
TAMPA-ST. PETERSBURG-CLEARWATER, FL 61 16,121 883
WEST PALM BEACH-BOCA RATON-BOYNTON 26 5,472 957
BEACH, FL
OTHER 95 17,707 922
REGION III 364 65,461 886
BLOOMINGTON, IN N/A N/A N/A
CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI 27 8,972 915
CINCINNATI-MIDDLETON, OH-KY-IN 39 6,897 1,087
CLEVELAND-ELYRIA-MENTOR, OH 12 802 591
COLUMBUS, OH 64 8,651 838
DAYTON, OH 24 2,766 765
DETROIT-WARREN-LIVONIA, MI 40 6,799 817
INDIANAPOLIS, IN 63 12,197 837
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 17 3,819 1,047
MN-WI
OTHER 59 11,728 877
REGION IV 575 159,414 820
AUSTIN-ROUND ROCK, TX 66 17,977 835
DALLAS-PLANO-IRVING, TX 178 51,084 824
FT. WORTH-ARLINGTON, TX 80 21,985 805
HOUSTON-BAYTOWN-SUGARLAND, TX 145 42,685 821
LITTLE ROCK-NORTH LITTLE ROCK, AR 9 2,048 897
SAN ANTONIO, TX 25 6,411 777
TULSA, OK 13 3,772 715
OTHER 36 7,814 844
REGION V 167 42,281 880
ALBUQUERQUE, NM N/A N/A N/A
COLORADO SPRINGS, CO 16 3,276 853
DENVER-AURORA-BOULDER, CO 85 22,357 873
KANSAS CITY, MO-KS 10 2,866 953
SALT LAKE CITY N/A N/A N/A
ST. LOUIS, MO-IL 15 4,217 902
OTHER 41 9,565 876
REGION VI 376 100,708 870
LOS ANGELES-LONG BEACH-GLENDALE, CA 30 7,890 867
OAKLAND-FREEMONT-HAYWOOD, CA MSA N/A N/A N/A
PHOENIX-MESA 101 28,384 872
PORTLAND-VANCOUVER-BEAVERTON, OR-WA 20 5,991 962
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 12 3,404 785
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, N/A N/A N/A
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 25 6,456 894
SAN FRANCISCO-SAN MATEO-REDWOOD 37 9,247 844
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, CA N/A N/A N/A
SANTA ANA-ANAHEIM-IRVINE, CA 48 14,499 890
SEATTLE-TACOMA-BELLEVUE, WA 51 11,774 878
OTHER 20 3,834 931
Source: National Apartment Association 2006 Survey of Operating
Income & Expenses in Rental Apartment Communities
[c] 2006 by National Apartment Association. This table may be used,
copied, and/or distributed only in accordance with the License
Agreement and may not be posted on the Internet.
Operating Expenses
BY REGION AND METROPOLITAN AREA
INDIVIDUALLY METERED MARKET RENT GARDEN PROPERTIES
DOLLARS PER UNIT
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
TOTAL MARKET RENT 2,609 667,951 889
REGION I 195 43,996 873
BALTIMORE-TOWSON, MD 40 8,242 787
BOSTON-CAMBRIDGE-QUINCY, MA-NH 12 2,869 918
HARTFORD-WEST HARTFORD-EAST 3 825 1,027
HARTFORD, CT
NEW HAVEN-MILFORD, CT 16 2,294 781
NEW YORK, NY 6 1,829 849
NORTHERN NEW JERSEY MSA'S 3 1,250 947
PHILADELPHIA-CAMDEN-WILMINGTON, 4 776 781
PA-NJ-DE-MD
PITTSBURGH, PA 11 1,258 810
RICHMOND, VA 16 5,194 846
VIRGINIA BEACH-NORFOLK-NEWPORT 10 2,703 954
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, 45 12,549 895
DC-MD-VA-WV
OTHER 29 4,207 972
REGION II 936 235,517 939
ATLANTA-SANDY SPRINGS-MARIETTA, 196 57,586 1,013
GA
CAPE CORAL-FORT MYERS, FL 10 1,993 861
CHARLOTTE-GASTONIO-CONCORD, 52 12,304 962
NC-SC
CHATTANOOGA, TN-GA 10 1,670 979
COLUMBIA, SC 17 4,981 806
DAYTONA, FL 12 1,196 743
FT. LAUDERDALE-POMPANO 10 3,749 865
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 29 6,323 938
POINT, NC
GREENVILLE, SC 16 3,496 949
JACKSONVILLE, FL MSA 50 14,050 923
KNOXVILLE, TN 10 1,684 923
LEXINGTON-FAYETTE, KY 18 3,327 834
LOUISVILLE, KY-IN 17 2,620 801
MACON, GA 15 1,983 925
MEMPHIS, TN-AR 48 14,020 933
MIAMI-MIAMI BEACH-KENDALL, FL 29 6,909 953
NASHVILLE, TN 37 11,228 861
ORLANDO, FL 69 18,539 954
RALEIGH-DURHAM, NC MSA's 50 13,968 921
SARASOTA-BRADENTON-VENICE, FL 12 2,429 780
SAVANNAH, GA 10 1,423 863
TALLAHASSEE, FL 11 2,170 841
TAMPA-ST. PETERSBURG-CLEARWATER, 51 14,031 891
FL
WEST PALM BEACH-BOCA 31 7,171 1,038
RATON-BOYNTON BEACH, FL
OTHER 126 26,667 905
REGION III 307 54,898 869
BLOOMINGTON, IN 6 623 660
CHICAGO-NAPERVILLE-JOLIET, 33 11,423 976
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN 23 3,883 1,086
CLEVELAND-ELYRIA-MENTOR, OH 10 832 591
COLUMBUS, OH 52 6,410 750
DAYTON, OH 17 1,407 669
DETROIT-WARREN-LIVONIA, MI 39 4,715 774
INDIANAPOLIS, IN 55 11,550 799
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 13 2,782 994
MN-WI
OTHER 59 11,273 890
REGION IV 612 174,901 837
AUSTIN-ROUND ROCK, TX 84 23,214 842
DALLAS-PLANO-IRVING, TX 219 67,026 851
FT. WORTH-ARLINGTON, TX 76 21,770 828
HOUSTON-BAYTOWN-SUGARLAND, TX 119 36,595 830
LITTLE ROCK-NORTH LITTLE ROCK, AR 18 3,899 877
SAN ANTONIO, TX 48 12,095 787
TULSA, OK 14 3,709 794
OTHER 34 6,593 845
REGION V 145 44,284 880
ALBUQUERQUE, NM 11 2364 862
COLORADO SPRINGS, CO 7 1606 851
DENVER-AURORA-BOULDER, CO 74 23177 903
KANSAS CITY, MO-KS 13 4488 914
SALT LAKE CITY 8 3003 767
ST. LOUIS, MO-IL 16 6263 869
OTHER 16 3383 821
REGION VI 414 114,355 886
LOS ANGELES-LONG BEACH-GLENDALE, 40 9,752 849
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA 23 5,758 853
PHOENIX-MESA 79 24,112 909
PORTLAND-VANCOUVER-BEAVERTON, 28 7,959 966
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, 18 5,284 808
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, 11 3,084 902
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 38 10,816 869
SAN FRANCISCO-SAN MATEO-REDWOOD 19 4,992 885
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, 8 1,964 887
CA
SANTA ANA-ANAHEIM-IRVINE, CA 56 17,173 878
SEATTLE-TACOMA-BELLEVUE, WA 64 16,425 914
OTHER 30 7,036 832
Salary &
Personnel
Costs Insurance Taxes
TOTAL MARKET RENT $992 $191 $919
REGION I $1,051 $184 $1,037
BALTIMORE-TOWSON, MD $1,024 $214 $702
BOSTON-CAMBRIDGE-QUINCY, MA-NH $1,302 $165 $1,217
HARTFORD-WEST HARTFORD-EAST $1,081 $142 $1,030
HARTFORD, CT
NEW HAVEN-MILFORD, CT $1,224 $144 $1,182
NEW YORK, NY $1,014 $262 $2,873
NORTHERN NEW JERSEY MSA'S $1,163 $155 $2,578
PHILADELPHIA-CAMDEN-WILMINGTON, $1,202 $256 $1,381
PA-NJ-DE-MD
PITTSBURGH, PA $1,039 $155 $920
RICHMOND, VA $945 $185 $600
VIRGINIA BEACH-NORFOLK-NEWPORT $846 $269 $848
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, $1,039 $150 $1,028
DC-MD-VA-WV
OTHER $1,088 $182 $892
REGION II $962 $210 $817
ATLANTA-SANDY SPRINGS-MARIETTA, $1,037 $178 $811
GA
CAPE CORAL-FORT MYERS, FL $949 $369 $963
CHARLOTTE-GASTONIO-CONCORD, $997 $172 $660
NC-SC
CHATTANOOGA, TN-GA $814 $245 $671
COLUMBIA, SC $857 $176 $686
DAYTONA, FL $909 $188 $812
FT. LAUDERDALE-POMPANO $962 $265 $1,590
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $910 $154 $587
POINT, NC
GREENVILLE, SC $1,002 $216 $604
JACKSONVILLE, FL MSA $910 $257 $837
KNOXVILLE, TN $931 $180 $526
LEXINGTON-FAYETTE, KY $996 $225 $406
LOUISVILLE, KY-IN $1,000 $182 $363
MACON, GA $988 $252 $494
MEMPHIS, TN-AR $935 $270 $740
MIAMI-MIAMI BEACH-KENDALL, FL $1,048 $269 $1,676
NASHVILLE, TN $947 $187 $699
ORLANDO, FL $923 $168 $825
RALEIGH-DURHAM, NC MSA's $998 $166 $645
SARASOTA-BRADENTON-VENICE, FL $805 $303 $915
SAVANNAH, GA $859 $213 $654
TALLAHASSEE, FL $899 $245 $926
TAMPA-ST. PETERSBURG-CLEARWATER, $888 $215 $1,129
FL
WEST PALM BEACH-BOCA $1,046 $265 $1,755
RATON-BOYNTON BEACH, FL
OTHER $894 $242 $553
REGION III $911 $166 $945
BLOOMINGTON, IN $785 $154 $647
CHICAGO-NAPERVILLE-JOLIET, $1,033 $189 $1,693
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN $834 $210 $642
CLEVELAND-ELYRIA-MENTOR, OH $910 $92 $531
COLUMBUS, OH $860 $138 $742
DAYTON, OH $897 $122 $630
DETROIT-WARREN-LIVONIA, MI $1,016 $177 $916
INDIANAPOLIS, IN $837 $159 $724
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, $1,153 $122 $1,060
MN-WI
OTHER $825 $169 $701
REGION IV $943 $181 $1,082
AUSTIN-ROUND ROCK, TX $1,055 $179 $1,343
DALLAS-PLANO-IRVING, TX $964 $173 $1,174
FT. WORTH-ARLINGTON, TX $918 $168 $1,072
HOUSTON-BAYTOWN-SUGARLAND, TX $905 $188 $1,017
LITTLE ROCK-NORTH LITTLE ROCK, AR $942 $247 $540
SAN ANTONIO, TX $900 $188 $949
TULSA, OK $977 $190 $444
OTHER $687 $216 $563
REGION V $,1034 $168 $563
ALBUQUERQUE, NM $1,092 $172 $442
COLORADO SPRINGS, CO $1,112 $197 $523
DENVER-AURORA-BOULDER, CO $1,115 $148 $599
KANSAS CITY, MO-KS $874 $198 $665
SALT LAKE CITY $814 $156 $352
ST. LOUIS, MO-IL $953 $216 $633
OTHER $955 $173 $349
REGION VI $1,130 $189 $961
LOS ANGELES-LONG BEACH-GLENDALE, $1,254 $224 $1,432
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA $1,405 $228 $1,444
PHOENIX-MESA $1,060 $143 $554
PORTLAND-VANCOUVER-BEAVERTON, $1,013 $123 $858
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, $972 $186 $876
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, $1,033 $143 $764
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA $1,111 $227 $1,177
SAN FRANCISCO-SAN MATEO-REDWOOD $1,406 $272 $1,430
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, $1,237 $323 $1,545
CA
SANTA ANA-ANAHEIM-IRVINE, CA $1,191 $217 $1,123
SEATTLE-TACOMA-BELLEVUE, WA $1,088 $158 $866
OTHER $1,025 $208 $579
Mgmt.
Utilities Fees Admin.
TOTAL MARKET RENT $360 $275 $168
REGION I $353 $345 $223
BALTIMORE-TOWSON, MD $388 $331 $212
BOSTON-CAMBRIDGE-QUINCY, MA-NH $398 $519 $170
HARTFORD-WEST HARTFORD-EAST $370 $370 $721
HARTFORD, CT
NEW HAVEN-MILFORD, CT $304 $362 $603
NEW YORK, NY $486 $451 $244
NORTHERN NEW JERSEY MSA'S $207 $517 $286
PHILADELPHIA-CAMDEN-WILMINGTON, $388 $461 $218
PA-NJ-DE-MD
PITTSBURGH, PA $384 $344 $141
RICHMOND, VA $413 $166 $170
VIRGINIA BEACH-NORFOLK-NEWPORT $452 $204 $201
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, $256 $383 $182
DC-MD-VA-WV
OTHER $396 $318 $172
REGION II $342 $251 $165
ATLANTA-SANDY SPRINGS-MARIETTA, $308 $250 $159
GA
CAPE CORAL-FORT MYERS, FL $475 $412 $209
CHARLOTTE-GASTONIO-CONCORD, $345 $178 $167
NC-SC
CHATTANOOGA, TN-GA $491 $292 $177
COLUMBIA, SC $551 $205 $187
DAYTONA, FL $332 $233 $160
FT. LAUDERDALE-POMPANO $291 $387 $179
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $353 $88 $161
POINT, NC
GREENVILLE, SC $440 $263 $157
JACKSONVILLE, FL MSA $275 $308 $126
KNOXVILLE, TN $456 $315 $151
LEXINGTON-FAYETTE, KY $273 $234 $164
LOUISVILLE, KY-IN $361 $124 $218
MACON, GA $378 $244 $215
MEMPHIS, TN-AR $340 $250 $184
MIAMI-MIAMI BEACH-KENDALL, FL $294 $402 $184
NASHVILLE, TN $400 $240 $131
ORLANDO, FL $330 $270 $162
RALEIGH-DURHAM, NC MSA's $333 $197 $159
SARASOTA-BRADENTON-VENICE, FL $226 $370 $121
SAVANNAH, GA $249 $303 $151
TALLAHASSEE, FL $279 $399 $153
TAMPA-ST. PETERSBURG-CLEARWATER, $361 $215 $183
FL
WEST PALM BEACH-BOCA $281 $353 $179
RATON-BOYNTON BEACH, FL
OTHER $411 $227 $179
REGION III $324 $296 $142
BLOOMINGTON, IN $81 $228 $85
CHICAGO-NAPERVILLE-JOLIET, $365 $388 $145
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN $401 $304 $154
CLEVELAND-ELYRIA-MENTOR, OH $109 $253 $116
COLUMBUS, OH $245 $186 $134
DAYTON, OH $165 $207 $134
DETROIT-WARREN-LIVONIA, MI $352 $333 $227
INDIANAPOLIS, IN $315 $260 $120
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, $441 $384 $103
MN-WI
OTHER $316 $282 $144
REGION IV $403 $240 $154
AUSTIN-ROUND ROCK, TX $370 $257 $151
DALLAS-PLANO-IRVING, TX $394 $255 $158
FT. WORTH-ARLINGTON, TX $441 $230 $149
HOUSTON-BAYTOWN-SUGARLAND, TX $426 $199 $140
LITTLE ROCK-NORTH LITTLE ROCK, AR $391 $281 $202
SAN ANTONIO, TX $389 $249 $162
TULSA, OK $266 $297 $160
OTHER $477 $227 $173
REGION V $335 $292 $205
ALBUQUERQUE, NM $387 $272 $143
COLORADO SPRINGS, CO $492 $318 $191
DENVER-AURORA-BOULDER, CO $325 $337 $211
KANSAS CITY, MO-KS $288 $261 $188
SALT LAKE CITY $366 $293 $124
ST. LOUIS, MO-IL $318 $201 $300
OTHER $356 $200 $132
REGION VI $361 $332 $174
LOS ANGELES-LONG BEACH-GLENDALE, $358 $435 $295
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA $392 $320 $159
PHOENIX-MESA $295 $300 $141
PORTLAND-VANCOUVER-BEAVERTON, $275 $290 $114
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, $379 $288 $177
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, $553 $200 $139
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA $449 $419 $179
SAN FRANCISCO-SAN MATEO-REDWOOD $434 $290 $187
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, $414 $35 $311
CA
SANTA ANA-ANAHEIM-IRVINE, CA $428 $418 $208
SEATTLE-TACOMA-BELLEVUE, WA $254 $292 $134
OTHER $452 $315 $177
Repair
Contract &
Mrktg. Services Maint.
TOTAL MARKET RENT $174 $315 $381
REGION I $139 $351 $403
BALTIMORE-TOWSON, MD $127 $348 $430
BOSTON-CAMBRIDGE-QUINCY, MA-NH $181 $574 $479
HARTFORD-WEST HARTFORD-EAST $147 $440 $268
HARTFORD, CT
NEW HAVEN-MILFORD, CT $207 $308 $263
NEW YORK, NY $139 $541 $404
NORTHERN NEW JERSEY MSA'S $113 $617 $397
PHILADELPHIA-CAMDEN-WILMINGTON, $126 $336 $618
PA-NJ-DE-MD
PITTSBURGH, PA $134 $289 $173
RICHMOND, VA $150 $265 $287
VIRGINIA BEACH-NORFOLK-NEWPORT $155 $268 $416
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, $116 $304 $473
DC-MD-VA-WV
OTHER $150 $375 $354
REGION II $166 $319 $390
ATLANTA-SANDY SPRINGS-MARIETTA, $224 $299 $411
GA
CAPE CORAL-FORT MYERS, FL $171 $286 $541
CHARLOTTE-GASTONIO-CONCORD, $134 $299 $402
NC-SC
CHATTANOOGA, TN-GA $64 $246 $375
COLUMBIA, SC $151 $206 $296
DAYTONA, FL $134 $352 $390
FT. LAUDERDALE-POMPANO $212 $431 $493
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $145 $323 $303
POINT, NC
GREENVILLE, SC $142 $373 $353
JACKSONVILLE, FL MSA $162 $310 $409
KNOXVILLE, TN $71 $254 $355
LEXINGTON-FAYETTE, KY $155 $290 $334
LOUISVILLE, KY-IN $147 $248 $368
MACON, GA $115 $296 $314
MEMPHIS, TN-AR $128 $361 $500
MIAMI-MIAMI BEACH-KENDALL, FL $167 $387 $425
NASHVILLE, TN $132 $250 $314
ORLANDO, FL $188 $355 $399
RALEIGH-DURHAM, NC MSA's $147 $294 $379
SARASOTA-BRADENTON-VENICE, FL $151 $419 $343
SAVANNAH, GA $166 $299 $429
TALLAHASSEE, FL $136 $415 $254
TAMPA-ST. PETERSBURG-CLEARWATER, $127 $354 $371
FL
WEST PALM BEACH-BOCA $203 $330 $486
RATON-BOYNTON BEACH, FL
OTHER $124 $334 $328
REGION III $163 $296 $383
BLOOMINGTON, IN $184 $284 $281
CHICAGO-NAPERVILLE-JOLIET, $184 $325 $417
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN $184 $324 $442
CLEVELAND-ELYRIA-MENTOR, OH $111 $230 $215
COLUMBUS, OH $151 $254 $308
DAYTON, OH $128 $232 $247
DETROIT-WARREN-LIVONIA, MI $143 $303 $405
INDIANAPOLIS, IN $140 $287 $390
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, $214 $276 $477
MN-WI
OTHER $167 $307 $368
REGION IV $192 $283 $354
AUSTIN-ROUND ROCK, TX $247 $278 $380
DALLAS-PLANO-IRVING, TX $198 $333 $340
FT. WORTH-ARLINGTON, TX $150 $261 $343
HOUSTON-BAYTOWN-SUGARLAND, TX $191 $229 $326
LITTLE ROCK-NORTH LITTLE ROCK, AR $135 $295 $411
SAN ANTONIO, TX $179 $258 $472
TULSA, OK $185 $253 $343
OTHER $134 $233 $346
REGION V $197 $271 $328
ALBUQUERQUE, NM $191 $310 $260
COLORADO SPRINGS, CO $325 $237 $265
DENVER-AURORA-BOULDER, CO $225 $289 $331
KANSAS CITY, MO-KS $173 $274 $273
SALT LAKE CITY $193 $423 $341
ST. LOUIS, MO-IL $115 $180 $366
OTHER $142 $170 $382
REGION VI $173 $368 $415
LOS ANGELES-LONG BEACH-GLENDALE, $132 $414 $409
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA $155 $459 $366
PHOENIX-MESA $170 $275 $374
PORTLAND-VANCOUVER-BEAVERTON, $200 $319 $288
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, $146 $355 $579
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, $167 $351 $370
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA $197 $407 $477
SAN FRANCISCO-SAN MATEO-REDWOOD $151 $450 $454
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, $129 $466 $273
CA
SANTA ANA-ANAHEIM-IRVINE, CA $170 $396 $569
SEATTLE-TACOMA-BELLEVUE, WA $207 $391 $352
OTHER $166 $346 $327
Total
Operating Capital
Expenses Expend.
TOTAL MARKET RENT $3,776 $1,440
REGION I $4,085 $2,251
BALTIMORE-TOWSON, MD $3,775 $1,996
BOSTON-CAMBRIDGE-QUINCY, MA-NH $5,005 $2,761
HARTFORD-WEST HARTFORD-EAST $4,569 $1,021
HARTFORD, CT
NEW HAVEN-MILFORD, CT $4,597 $1,048
NEW YORK, NY $6,412 $7,415
NORTHERN NEW JERSEY MSA'S $6,033 $1,966
PHILADELPHIA-CAMDEN-WILMINGTON, $4,987 $2,565
PA-NJ-DE-MD
PITTSBURGH, PA $3,578 $990
RICHMOND, VA $3,181 $2,319
VIRGINIA BEACH-NORFOLK-NEWPORT $3,659 $3,121
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, $3,932 $2,079
DC-MD-VA-WV
OTHER $3,928 $1,335
REGION II $3,622 $1,334
ATLANTA-SANDY SPRINGS-MARIETTA, $3,677 $1,010
GA
CAPE CORAL-FORT MYERS, FL $4,374 $747
CHARLOTTE-GASTONIO-CONCORD, $3,353 $947
NC-SC
CHATTANOOGA, TN-GA $3,375 $654
COLUMBIA, SC $3,316 $1,804
DAYTONA, FL $3,510 $1,360
FT. LAUDERDALE-POMPANO $4,810 $1,823
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $3,024 $805
POINT, NC
GREENVILLE, SC $3,551 $1,283
JACKSONVILLE, FL MSA $3,593 $1,198
KNOXVILLE, TN $3,241 $505
LEXINGTON-FAYETTE, KY $3,076 $625
LOUISVILLE, KY-IN $3,011 $895
MACON, GA $3,296 $591
MEMPHIS, TN-AR $3,708 $1,028
MIAMI-MIAMI BEACH-KENDALL, FL $4,852 $1,631
NASHVILLE, TN $3,301 $1,369
ORLANDO, FL $3,639 $2,183
RALEIGH-DURHAM, NC MSA's $3,318 $2,042
SARASOTA-BRADENTON-VENICE, FL $3,652 $1,889
SAVANNAH, GA $3,324 $2,747
TALLAHASSEE, FL $3,706 $695
TAMPA-ST. PETERSBURG-CLEARWATER, $3,843 $2,083
FL
WEST PALM BEACH-BOCA $4,898 $1,567
RATON-BOYNTON BEACH, FL
OTHER $3,292 $1,158
REGION III $3,627 $2,202
BLOOMINGTON, IN $2,728 $499
CHICAGO-NAPERVILLE-JOLIET, $4,741 $1,551
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN $3,496 $2,401
CLEVELAND-ELYRIA-MENTOR, OH $2,566 $963
COLUMBUS, OH $3,018 $2,153
DAYTON, OH $2,762 $708
DETROIT-WARREN-LIVONIA, MI $3,871 $1,162
INDIANAPOLIS, IN $3,234 $3,099
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, $4,231 $776
MN-WI
OTHER $3,280 $3,063
REGION IV $3,834 $1,277
AUSTIN-ROUND ROCK, TX $4,261 $1,399
DALLAS-PLANO-IRVING, TX $3,990 $850
FT. WORTH-ARLINGTON, TX $3,730 $1,166
HOUSTON-BAYTOWN-SUGARLAND, TX $3,621 $1,959
LITTLE ROCK-NORTH LITTLE ROCK, AR $3,443 $2,984
SAN ANTONIO, TX $3,746 $1,336
TULSA, OK $3,116 $476
OTHER $3,055 $1,092
REGION V $3,394 $1,302
ALBUQUERQUE, NM $3,269 $1,487
COLORADO SPRINGS, CO $3,659 $1,054
DENVER-AURORA-BOULDER, CO $3,580 $962
KANSAS CITY, MO-KS $3,195 $434
SALT LAKE CITY $3,061 $4,744
ST. LOUIS, MO-IL $3,281 $669
OTHER $2,859 $2,889
REGION VI $4,103 $1,284
LOS ANGELES-LONG BEACH-GLENDALE, $4,952 $1,065
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA $4,928 $988
PHOENIX-MESA $3,310 $2,153
PORTLAND-VANCOUVER-BEAVERTON, $3,480 $799
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, $3,958 $935
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, $3,720 $2,635
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA $4,642 $1,134
SAN FRANCISCO-SAN MATEO-REDWOOD $5,073 $1,212
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, $4,732 $904
CA
SANTA ANA-ANAHEIM-IRVINE, CA $4,720 $749
SEATTLE-TACOMA-BELLEVUE, WA $3,742 $657
OTHER $3,595 $2,232
Source: National Apartment Association 2006 Survey of Operating
Income & Expenses in Rental Apartment Communities
[c] 2006 by National Apartment Association. This table may be used,
copied, and/or distributed only in accordance with the License
Agreement and may not be posted on the Internet.
Operating Expenses
BY REGION AND METROPOLITAN AREA
INDIVIDUALLY METERED MARKET RENT GARDEN PROPERTIES
DOLLARS PER SQUARE FOOT
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
TOTAL MARKET RENT 2,609 667,951 889
REGION I 195 43,996 873
BALTIMORE-TOWSON, MD 40 8,242 787
BOSTON-CAMBRIDGE-QUINCY, MA-NH 12 2,869 918
HARTFORD-WEST HARTFORD-EAST 3 825 1,027
HARTFORD, CT
NEW HAVEN-MILFORD, CT 16 2,294 781
NEW YORK, NY 6 1,829 849
NORTHERN NEW JERSEY MSA'S 3 1,250 947
PHILADELPHIA-CAMDEN-WILMINGTON, 4 776 781
PA-NJ-DE-MD
PITTSBURGH, PA 11 1,258 810
RICHMOND, VA 16 5,194 846
VIRGINIA BEACH-NORFOLK-NEWPORT 10 2,703 954
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, 45 12,549 895
DC-MD-VA-WV
OTHER 29 4,207 972
REGION II 936 215,517 939
ATLANTA-SANDY SPRINGS-MARIETTA, GA 196 57,586 1,013
CAPE CORAL-FORT MYERS, FL 10 1,993 861
CHARLOTTE-GASTONIA-CONCORD, NC-SC 52 12,304 962
CHATTANOOGA, TN-GA 10 1,670 979
COLUMBIA, SC 17 4,981 806
DAYTONA, FL 12 1,196 743
FT. LAUDERDALE-POMPANO 10 3,749 865
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 29 6,323 938
POINT, NC
GREENVILLE, SC 16 3,496 949
JACKSONVILLE, FL MSA 50 14,050 923
KNOXVILLE, TN 10 1,684 923
LEXINGTON-FAYETTE, KY 18 3,327 834
LOUISVILLE, KY-IN 17 2,620 801
MACON, GA 15 1,983 925
MEMPHIS, TN-AR 48 14,020 933
MIAMI-MIAMI BEACH-KENDALL, FL 29 6,909 953
NASHVILLE, TN 37 11,228 861
ORLANDO, FL 69 18,539 954
RALEIGH-DURHAM, NC MSA's 50 13,968 921
SARASOTA-BRADENTON-VENICE, FL 12 2,429 780
SAVANNAH, GA 10 1,423 863
TALLAHASSEE, FL 11 2,170 841
TAMPA-ST. PETERSBURG-CLEARWATER, 51 14,031 891
FL
WEST PALM BEACH-BOCA RATON-BOYNTON 31 7,171 1,038
BEACH, FL
OTHER 126 26,667 905
REGION III 307 54,898 869
BLOOMINGTON, IN 6 623 660
CHICAGO-NAPERVILLE-JOLIET, 33 11,423 976
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN 23 3,883 1,086
CLEVELAND-ELYRIA-MENTOR, OH 10 832 591
COLUMBUS, OH 52 6,410 750
DAYTON, OH 17 1,407 669
DETROIT-WARREN-LIVONIA, MI 39 4,715 774
INDIANAPOLIS, IN 55 11,550 799
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 13 2,782 994
MN-WI
OTHER 59 11,273 890
REGION IV 612 174,901 837
AUSTIN-ROUND ROCK, TX 84 23,214 842
DALLAS-PLANO-IRVING, TX 219 67,026 851
FT. WORTH-ARLINGTON, TX 76 21,770 828
HOUSTON-BAYTOWN-SUGARLAND, TX 119 36,595 830
LITTLE ROCK-NORTH LITTLE ROCK, AR 18 3,899 877
SAN ANTONIO, TX 48 12,095 787
TULSA, OK 14 3,709 794
OTHER 34 6,593 845
REGION V 145 44,284 880
ALBUQUERQUE, NM 11 2,364 862
COLORADO SPRINGS, CO 7 1,606 851
DENVER-AURORA-BOULDER, CO 74 23,177 903
KANSAS CITY, MO-KS 13 4,488 914
SALT LAKE CITY 8 3,003 767
ST. LOUIS, MO-IL 16 6,263 869
OTHER 16 3,383 821
REGION VI 414 114,355 886
LOS ANGELES-LONG BEACH-GLENDALE, 40 9,752 849
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA 23 5,758 853
PHOENIX-MESA 79 24,112 909
PORTLAND-VANCOUVER-BEAVERTON, 28 7,959 966
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, 18 5,284 808
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, 11 3,084 902
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 38 10,816 869
SAN FRANCISCO-SAN MATEO-REDWOOD 19 4,992 885
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, 8 1,964 887
CA
SANTA ANA-ANAHEIM-IRVINE, CA 56 17,173 878
SEATTLE-TACOMA-BELLEVUE, WA 64 16,425 914
OTHER 30 7,036 832
Salary &
Personnel
Costs Insurance Taxes
TOTAL MARKET RENT $1.12 $0.21 $1.03
REGION I $1.20 $0.21 $1.19
BALTIMORE-TOWSON, MD $1.30 $0.27 $0.89
BOSTON-CAMBRIDGE-QUINCY, MA-NH $1.42 $0.18 $1.33
HARTFORD-WEST HARTFORD-EAST $1.05 $0.14 $1.00
HARTFORD, CT
NEW HAVEN-MILFORD, CT $1.57 $0.18 $1.51
NEW YORK, NY $1.19 $0.31 $3.38
NORTHERN NEW JERSEY MSA'S $1.23 $0.16 $2.72
PHILADELPHIA-CAMDEN-WILMINGTON, $1.54 $0.33 $1.77
PA-NJ-DE-MD
PITTSBURGH, PA $1.28 $0.19 $1.14
RICHMOND, VA $1.12 $0.22 $0.71
VIRGINIA BEACH-NORFOLK-NEWPORT $0.89 $0.28 $0.89
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, $1.16 $0.17 $1.15
DC-MD-VA-WV
OTHER $1.12 $0.19 $0.92
REGION II $1.03 $0.22 $0.87
ATLANTA-SANDY SPRINGS-MARIETTA, GA $1.02 $0.18 $0.80
CAPE CORAL-FORT MYERS, FL $1.10 $0.43 $1.12
CHARLOTTE-GASTONIA-CONCORD, NC-SC $1.04 $0.18 $0.69
CHATTANOOGA, TN-GA $0.83 $0.25 $0.69
COLUMBIA, SC $1.06 $0.22 $0.85
DAYTONA, FL $1.22 $0.25 $1.09
FT. LAUDERDALE-POMPANO $1.11 $0.31 $1.84
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $0.97 $0.16 $0.63
POINT, NC
GREENVILLE, SC $1.06 $0.23 $0.64
JACKSONVILLE, FL MSA $0.99 $0.28 $0.91
KNOXVILLE, TN $1.01 $0.20 $0.57
LEXINGTON-FAYETTE, KY $1.19 $0.27 $0.49
LOUISVILLE, KY-IN $1.25 $0.23 $0.45
MACON, GA $1.07 $0.27 $0.53
MEMPHIS, TN-AR $1.00 $0.29 $0.79
MIAMI-MIAMI BEACH-KENDALL, FL $1.10 $0.28 $1.76
NASHVILLE, TN $1.10 $0.22 $0.81
ORLANDO, FL $0.97 $0.20 $0.86
RALEIGH-DURHAM, NC MSA's $1.08 $0.18 $0.70
SARASOTA-BRADENTON-VENICE, FL $1.03 $0.39 $1.17
SAVANNAH, GA $1.00 $0.25 $0.76
TALLAHASSEE, FL $1.07 $0.29 $1.10
TAMPA-ST. PETERSBURG-CLEARWATER, $1.00 $0.24 $1.27
FL
WEST PALM BEACH-BOCA RATON-BOYNTON $1.01 $0.26 $1.69
BEACH, FL
OTHER $0.99 $0.27 $0.61
REGION III $1.05 $0.19 $1.09
BLOOMINGTON, IN $1.19 $0.23 $0.98
CHICAGO-NAPERVILLE-JOLIET, $1.06 $0.19 $1.73
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN $0.77 $0.19 $0.59
CLEVELAND-ELYRIA-MENTOR, OH $1.54 $0.16 $0.90
COLUMBUS, OH $1.15 $0.18 $0.99
DAYTON, OH $1.34 $0.18 $0.94
DETROIT-WARREN-LIVONIA, MI $1.31 $0.23 $1.18
INDIANAPOLIS, IN $1.05 $0.20 $0.91
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, $1.16 $0.12 $1.07
MN-WI
OTHER $0.93 $0.19 $0.79
REGION IV $1.13 $0.22 $1.29
AUSTIN-ROUND ROCK, TX $1.25 $0.21 $1.59
DALLAS-PLANO-IRVING, TX $1.13 $0.20 $1.38
FT. WORTH-ARLINGTON, TX $1.11 $0.20 $1.29
HOUSTON-BAYTOWN-SUGARLAND, TX $1.09 $0.23 $1.23
LITTLE ROCK-NORTH LITTLE ROCK, AR $1.07 $0.28 $0.62
SAN ANTONIO, TX $1.14 $0.24 $1.21
TULSA, OK $1.23 $0.24 $0.56
OTHER $0.81 $0.26 $0.67
REGION V $1.17 $0.19 $0.64
ALBUQUERQUE, NM $1.27 $0.20 $0.51
COLORADO SPRINGS, CO $1.31 $0.23 $0.61
DENVER-AURORA-BOULDER, CO $1.23 $0.16 $0.66
KANSAS CITY, MO-KS $0.96 $0.22 $0.73
SALT LAKE CITY $1.06 $0.20 $0.46
ST. LOUIS, MO-IL $1.10 $0.25 $0.73
OTHER $1.16 $0.21 $0.42
REGION VI $1.27 $0.21 $1.08
LOS ANGELES-LONG BEACH-GLENDALE, $1.48 $0.26 $1.69
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA $1.65 $0.27 $1.69
PHOENIX-MESA $1.17 $0.16 $0.61
PORTLAND-VANCOUVER-BEAVERTON, $1.05 $0.13 $0.89
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, $1.20 $0.23 $1.08
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, $1.15 $0.16 $0.85
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA $1.28 $0.26 $1.35
SAN FRANCISCO-SAN MATEO-REDWOOD $1.59 $0.31 $1.62
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, $1.39 $0.36 $1.74
CA
SANTA ANA-ANAHEIM-IRVINE, CA $1.36 $0.25 $1.28
SEATTLE-TACOMA-BELLEVUE, WA $1.19 $0.17 $0.95
OTHER $1.23 $0.25 $0.70
Mgmt.
Utilities Fees Admin.
TOTAL MARKET RENT $0.40 $0.31 $0.19
REGION I $0.40 $0.39 $0.26
BALTIMORE-TOWSON, MD $0.49 $0.42 $0.27
BOSTON-CAMBRIDGE-QUINCY, MA-NH $0.43 $0.57 $0.18
HARTFORD-WEST HARTFORD-EAST $0.36 $0.36 $0.70
HARTFORD, CT
NEW HAVEN-MILFORD, CT $0.39 $0.46 $0.77
NEW YORK, NY $0.57 $0.53 $0.29
NORTHERN NEW JERSEY MSA'S $0.22 $0.55 $0.30
PHILADELPHIA-CAMDEN-WILMINGTON, $0.50 $0.59 $0.28
PA-NJ-DE-MD
PITTSBURGH, PA $0.47 $0.42 $0.17
RICHMOND, VA $0.49 $0.20 $0.20
VIRGINIA BEACH-NORFOLK-NEWPORT $0.47 $0.21 $0.21
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, $0.29 $0.43 $0.20
DC-MD-VA-WV
OTHER $0.41 $0.33 $0.18
REGION II $0.36 $0.27 $0.18
ATLANTA-SANDY SPRINGS-MARIETTA, GA $0.30 $0.25 $0.16
CAPE CORAL-FORT MYERS, FL $0.55 $0.48 $0.24
CHARLOTTE-GASTONIA-CONCORD, NC-SC $0.36 $0.18 $0.17
CHATTANOOGA, TN-GA $0.50 $0.30 $0.18
COLUMBIA, SC $0.68 $0.25 $0.23
DAYTONA, FL $0.45 $0.31 $0.22
FT. LAUDERDALE-POMPANO $0.34 $0.45 $0.21
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $0.38 $0.09 $0.17
POINT, NC
GREENVILLE, SC $0.46 $0.28 $0.17
JACKSONVILLE, FL MSA $0.30 $0.33 $0.14
KNOXVILLE, TN $0.49 $0.34 $0.16
LEXINGTON-FAYETTE, KY $0.33 $0.28 $0.20
LOUISVILLE, KY-IN $0.45 $0.15 $0.27
MACON, GA $0.41 $0.26 $0.23
MEMPHIS, TN-AR $0.36 $0.27 $0.20
MIAMI-MIAMI BEACH-KENDALL, FL $0.31 $0.42 $0.19
NASHVILLE, TN $0.46 $0.28 $0.15
ORLANDO, FL $0.35 $0.28 $0.17
RALEIGH-DURHAM, NC MSA's $0.36 $0.21 $0.17
SARASOTA-BRADENTON-VENICE, FL $0.29 $0.47 $0.16
SAVANNAH, GA $0.29 $0.35 $0.18
TALLAHASSEE, FL $0.33 $0.47 $0.18
TAMPA-ST. PETERSBURG-CLEARWATER, $0.41 $0.24 $0.21
FL
WEST PALM BEACH-BOCA RATON-BOYNTON $0.27 $0.34 $0.17
BEACH, FL
OTHER $0.45 $0.25 $0.20
REGION III $0.37 $0.34 $0.16
BLOOMINGTON, IN $0.12 $0.35 $0.13
CHICAGO-NAPERVILLE-JOLIET, $0.37 $0.40 $0.15
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN $0.37 $0.28 $0.14
CLEVELAND-ELYRIA-MENTOR, OH $0.18 $0.43 $0.20
COLUMBUS, OH $0.33 $0.25 $0.18
DAYTON, OH $0.25 $0.31 $0.20
DETROIT-WARREN-LIVONIA, MI $0.45 $0.43 $0.29
INDIANAPOLIS, IN $0.39 $0.33 $0.15
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, $0.44 $0.39 $0.10
MN-WI
OTHER $0.36 $0.32 $0.16
REGION IV $0.48 $0.29 $0.18
AUSTIN-ROUND ROCK, TX $0.44 $0.30 $0.18
DALLAS-PLANO-IRVING, TX $0.46 $0.30 $0.19
FT. WORTH-ARLINGTON, TX $0.53 $0.28 $0.18
HOUSTON-BAYTOWN-SUGARLAND, TX $0.51 $0.24 $0.17
LITTLE ROCK-NORTH LITTLE ROCK, AR $0.45 $0.32 $0.23
SAN ANTONIO, TX $0.49 $0.32 $0.21
TULSA, OK $0.33 $0.37 $0.20
OTHER $0.56 $0.27 $0.20
REGION V $0.38 $0.33 $0.23
ALBUQUERQUE, NM $0.45 $0.32 $0.17
COLORADO SPRINGS, CO $0.58 $0.37 $0.22
DENVER-AURORA-BOULDER, CO $0.36 $0.37 $0.23
KANSAS CITY, MO-KS $0.32 $0.29 $0.21
SALT LAKE CITY $0.48 $0.38 $0.16
ST. LOUIS, MO-IL $0.37 $0.23 $0.35
OTHER $0.43 $0.24 $0.16
REGION VI $0.41 $0.37 $0.20
LOS ANGELES-LONG BEACH-GLENDALE, $0.42 $0.51 $0.35
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA $0.46 $0.38 $0.19
PHOENIX-MESA $0.32 $0.33 $0.15
PORTLAND-VANCOUVER-BEAVERTON, $0.29 $0.30 $0.12
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, $0.47 $0.36 $0.22
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, $0.61 $0.22 $0.15
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA $0.52 $0.48 $0.21
SAN FRANCISCO-SAN MATEO-REDWOOD $0.49 $0.33 $0.21
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, $0.47 $0.04 $0.35
CA
SANTA ANA-ANAHEIM-IRVINE, CA $0.49 $0.48 $0.24
SEATTLE-TACOMA-BELLEVUE, WA $0.28 $0.32 $0.15
OTHER $0.54 $0.38 $0.21
Repair
Contract &
Mrktg. Services Maint.
TOTAL MARKET RENT $0.20 $0.35 $0.43
REGION I $0.16 $0.40 $0.46
BALTIMORE-TOWSON, MD $0.16 $0.44 $0.55
BOSTON-CAMBRIDGE-QUINCY, MA-NH $0.20 $0.62 $0.52
HARTFORD-WEST HARTFORD-EAST $0.14 $0.43 $0.26
HARTFORD, CT
NEW HAVEN-MILFORD, CT $0.27 $0.39 $0.34
NEW YORK, NY $0.16 $0.64 $0.48
NORTHERN NEW JERSEY MSA'S $0.12 $0.65 $0.42
PHILADELPHIA-CAMDEN-WILMINGTON, $0.16 $0.43 $0.79
PA-NJ-DE-MD
PITTSBURGH, PA $0.16 $0.36 $0.21
RICHMOND, VA $0.18 $0.31 $0.34
VIRGINIA BEACH-NORFOLK-NEWPORT $0.16 $0.28 $0.44
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, $0.13 $0.34 $0.53
DC-MD-VA-WV
OTHER $0.15 $0.39 $0.36
REGION II $0.18 $0.34 $0.42
ATLANTA-SANDY SPRINGS-MARIETTA, GA $0.22 $0.30 $0.41
CAPE CORAL-FORT MYERS, FL $0.20 $0.33 $0.63
CHARLOTTE-GASTONIA-CONCORD, NC-SC $0.14 $0.31 $0.42
CHATTANOOGA, TN-GA $0.07 $0.25 $0.38
COLUMBIA, SC $0.19 $0.26 $0.37
DAYTONA, FL $0.18 $0.47 $0.52
FT. LAUDERDALE-POMPANO $0.25 $0.50 $0.57
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $0.15 $0.34 $0.32
POINT, NC
GREENVILLE, SC $0.15 $0.39 $0.37
JACKSONVILLE, FL MSA $0.18 $0.34 $0.44
KNOXVILLE, TN $0.08 $0.28 $0.38
LEXINGTON-FAYETTE, KY $0.19 $0.35 $0.40
LOUISVILLE, KY-IN $0.18 $0.31 $0.46
MACON, GA $0.12 $0.32 $0.34
MEMPHIS, TN-AR $0.14 $0.39 $0.54
MIAMI-MIAMI BEACH-KENDALL, FL $0.18 $0.41 $0.45
NASHVILLE, TN $0.15 $0.29 $0.36
ORLANDO, FL $0.20 $0.37 $0.42
RALEIGH-DURHAM, NC MSA's $0.16 $0.32 $0.41
SARASOTA-BRADENTON-VENICE, FL $0.19 $0.54 $0.44
SAVANNAH, GA $0.19 $0.35 $0.50
TALLAHASSEE, FL $0.16 $0.49 $0.30
TAMPA-ST. PETERSBURG-CLEARWATER, $0.14 $0.40 $0.42
FL
WEST PALM BEACH-BOCA RATON-BOYNTON $0.20 $0.32 $0.47
BEACH, FL
OTHER $0.14 $0.37 $0.36
REGION III $0.19 $0.34 $0.44
BLOOMINGTON, IN $0.28 $0.43 $0.43
CHICAGO-NAPERVILLE-JOLIET, $0.19 $0.33 $0.43
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN $0.17 $0.30 $0.41
CLEVELAND-ELYRIA-MENTOR, OH $0.19 $0.39 $0.36
COLUMBUS, OH $0.20 $0.34 $0.41
DAYTON, OH $0.19 $0.35 $0.37
DETROIT-WARREN-LIVONIA, MI $0.19 $0.39 $0.52
INDIANAPOLIS, IN $0.18 $0.36 $0.49
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, $0.22 $0.28 $0.48
MN-WI
OTHER $0.19 $0.34 $0.41
REGION IV $0.23 $0.34 $0.42
AUSTIN-ROUND ROCK, TX $0.29 $0.33 $0.45
DALLAS-PLANO-IRVING, TX $0.23 $0.39 $0.40
FT. WORTH-ARLINGTON, TX $0.18 $0.31 $0.41
HOUSTON-BAYTOWN-SUGARLAND, TX $0.23 $0.28 $0.39
LITTLE ROCK-NORTH LITTLE ROCK, AR $0.15 $0.34 $0.47
SAN ANTONIO, TX $0.23 $0.33 $0.60
TULSA, OK $0.23 $0.32 $0.43
OTHER $0.16 $0.28 $0.41
REGION V $0.22 $0.31 $0.37
ALBUQUERQUE, NM $0.22 $0.36 $0.30
COLORADO SPRINGS, CO $0.38 $0.28 $0.31
DENVER-AURORA-BOULDER, CO $0.25 $0.32 $0.37
KANSAS CITY, MO-KS $0.19 $0.30 $0.30
SALT LAKE CITY $0.25 $0.55 $0.44
ST. LOUIS, MO-IL $0.13 $0.21 $0.42
OTHER $0.17 $0.21 $0.46
REGION VI $0.20 $0.41 $0.47
LOS ANGELES-LONG BEACH-GLENDALE, $0.16 $0.49 $0.48
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA $0.18 $0.54 $0.43
PHOENIX-MESA $0.19 $0.30 $0.41
PORTLAND-VANCOUVER-BEAVERTON, $0.21 $0.33 $0.30
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, $0.18 $0.44 $0.72
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, $0.18 $0.39 $0.41
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA $0.23 $0.47 $0.55
SAN FRANCISCO-SAN MATEO-REDWOOD $0.17 $0.51 $0.51
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, $0.15 $0.52 $0.31
CA
SANTA ANA-ANAHEIM-IRVINE, CA $0.19 $0.45 $0.65
SEATTLE-TACOMA-BELLEVUE, WA $0.23 $0.43 $0.39
OTHER $0.20 $0.42 $0.39
Total
Operating Capital
Expenses Expend.
TOTAL MARKET RENT $4.25 $1.62
REGION I $4.68 $2.58
BALTIMORE-TOWSON, MD $4.79 $2.54
BOSTON-CAMBRIDGE-QUINCY, MA-NH $5.45 $3.01
HARTFORD-WEST HARTFORD-EAST $4.45 $0.99
HARTFORD, CT
NEW HAVEN-MILFORD, CT $5.89 $1.34
NEW YORK, NY $7.55 $8.73
NORTHERN NEW JERSEY MSA'S $6.37 $2.08
PHILADELPHIA-CAMDEN-WILMINGTON, $6.39 $3.28
PA-NJ-DE-MD
PITTSBURGH, PA $4.42 $1.22
RICHMOND, VA $3.76 $2.74
VIRGINIA BEACH-NORFOLK-NEWPORT $3.84 $3.27
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, $4.39 $2.32
DC-MD-VA-WV
OTHER $4.04 $1.37
REGION II $3.86 $1.42
ATLANTA-SANDY SPRINGS-MARIETTA, GA $3.63 $1.00
CAPE CORAL-FORT MYERS, FL $5.08 $0.87
CHARLOTTE-GASTONIA-CONCORD, NC-SC $3.48 $0.98
CHATTANOOGA, TN-GA $3.45 $0.67
COLUMBIA, SC $4.11 $2.24
DAYTONA, FL $4.72 $1.83
FT. LAUDERDALE-POMPANO $5.56 $2.11
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $3.22 $0.86
POINT, NC
GREENVILLE, SC $3.74 $1.35
JACKSONVILLE, FL MSA $3.89 $1.30
KNOXVILLE, TN $3.51 $0.55
LEXINGTON-FAYETTE, KY $3.69 $0.75
LOUISVILLE, KY-IN $3.76 $1.12
MACON, GA $3.56 $0.64
MEMPHIS, TN-AR $3.97 $1.10
MIAMI-MIAMI BEACH-KENDALL, FL $5.09 $1.71
NASHVILLE, TN $3.83 $1.59
ORLANDO, FL $3.81 $2.29
RALEIGH-DURHAM, NC MSA's $3.60 $2.22
SARASOTA-BRADENTON-VENICE, FL $4.68 $2.42
SAVANNAH, GA $3.85 $3.18
TALLAHASSEE, FL $4.41 $0.83
TAMPA-ST. PETERSBURG-CLEARWATER, $4.32 $2.34
FL
WEST PALM BEACH-BOCA RATON-BOYNTON $4.72 $1.51
BEACH, FL
OTHER $3.64 $1.28
REGION III $4.18 $2.53
BLOOMINGTON, IN $4.14 $0.76
CHICAGO-NAPERVILLE-JOLIET, $4.86 $1.59
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN $3.22 $2.21
CLEVELAND-ELYRIA-MENTOR, OH $4.34 $1.63
COLUMBUS, OH $4.02 $2.87
DAYTON, OH $4.13 $1.06
DETROIT-WARREN-LIVONIA, MI $5.00 $1.50
INDIANAPOLIS, IN $4.05 $3.88
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, $4.25 $0.78
MN-WI
OTHER $3.68 $3.44
REGION IV $4.58 $1.52
AUSTIN-ROUND ROCK, TX $5.06 $1.66
DALLAS-PLANO-IRVING, TX $4.69 $1.00
FT. WORTH-ARLINGTON, TX $4.50 $1.41
HOUSTON-BAYTOWN-SUGARLAND, TX $4.36 $2.36
LITTLE ROCK-NORTH LITTLE ROCK, AR $3.93 $3.40
SAN ANTONIO, TX $4.76 $1.70
TULSA, OK $3.92 $0.60
OTHER $3.61 $1.29
REGION V $3.86 $1.48
ALBUQUERQUE, NM $3.79 $1.72
COLORADO SPRINGS, CO $4.30 $1.24
DENVER-AURORA-BOULDER, CO $3.96 $1.06
KANSAS CITY, MO-KS $3.49 $0.47
SALT LAKE CITY $3.99 $6.18
ST. LOUIS, MO-IL $3.78 $0.77
OTHER $3.48 $3.52
REGION VI $4.63 $1.45
LOS ANGELES-LONG BEACH-GLENDALE, $5.83 $1.25
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA $5.78 $1.16
PHOENIX-MESA $3.64 $2.37
PORTLAND-VANCOUVER-BEAVERTON, $3.60 $0.83
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, $4.90 $1.16
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, $4.12 $2.92
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA $5.34 $1.30
SAN FRANCISCO-SAN MATEO-REDWOOD $5.73 $1.37
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, $5.33 $1.02
CA
SANTA ANA-ANAHEIM-IRVINE, CA $5.38 $0.85
SEATTLE-TACOMA-BELLEVUE, WA $4.09 $0.72
OTHER $4.32 $2.68
Source: National Apartment Association 2006 Survey of Operating
Income & Expenses in Rental Apartment Communities
[c] 2006 by National Apartment Association. This table may be used,
copied, and/or distributed only in accordance with the License
Agreement and may not be posted on the Internet.
Operating Expenses
BY REGION AND METROPOLITAN AREA
INDIVIDUALLY METERED MARKET RENT GARDEN PROPERTIES
PERCENTAGE OF GROSS POTENTIAL RENT
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
TOTAL MARKET RENT 2,609 667,951 889
REGION I 195 43,996 873
BALTIMORE-TOWSON, MD 40 8,242 787
BOSTON-CAMBRIDGE-QUINCY, MA-NH 12 2,869 918
HARTFORD-WEST HARTFORD-EAST 3 825 1,027
HARTFORD, CT
NEW HAVEN-MILFORD, CT 16 2,294 781
NEW YORK, NY 6 1,829 849
NORTHERN NEW JERSEY MSA'S 3 1,250 947
PHILADELPHIA-CAMDEN-WILMINGTON, 4 776 781
PA-NJ-DE-MD
PITTSBURGH, PA 11 1,258 810
RICHMOND, VA 16 5,194 846
VIRGINIA BEACH-NORFOLK-NEWPORT 10 2,703 954
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, 45 12,549 895
DC-MD-VA-WV
OTHER 29 4,207 972
REGION II 936 235,517 939
ATLANTA-SANDY SPRINGS-MARIETTA, GA 196 57,586 1,013
CAPE CORAL-FORT MYERS, FL 10 1,993 861
CHARLOTTE-GASTONIO-CONCORD, NC-SC 52 12,304 962
CHATTANOOGA, TN-GA 10 1,670 979
COLUMBIA, SC 17 4,981 806
DAYTONA, FL 12 1,196 743
FT. LAUDERDALE-POMPANO 10 3,749 865
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 29 6,323 938
POINT, NC
GREENVILLE, SC 16 3,496 949
JACKSONVILLE, FL MSA 50 14,050 923
KNOXVILLE, TN 10 1,684 923
LEXINGTON-FAYETTE, KY 18 3,327 834
LOUISVILLE, KY-IN 17 2,620 801
MACON, GA 15 1,983 925
MEMPHIS, TN-AR 48 14,020 933
MIAMI-MIAMI BEACH-KENDALL, FL 29 6,909 953
NASHVILLE, TN 37 11,228 861
ORLANDO, FL 69 18,539 954
RALEIGH-DURHAM, NC MSA's 50 13,968 921
SARASOTA-BRADENTON-VENICE, FL 12 2,429 780
SAVANNAH, GA 10 1,423 863
TALLAHASSEE, FL 11 2,170 841
TAMPA-ST. PETERSBURG-CLEARWATER, 51 14,031 891
FL
WEST PALM BEACH-BOCA RATON-BOYNTON 31 7,171 1,038
BEACH, FL
OTHER 126 26,667 905
REGION III 307 54,898 869
BLOOMINGTON, IN 6 623 660
CHICAGO-NAPERVILLE-JOLIET, 33 11,423 976
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN 23 3,883 1,086
CLEVELAND-ELYRIA-MENTOR, OH 10 832 591
COLUMBUS, OH 52 6,410 750
DAYTON, OH 17 1,407 669
DETROIT-WARREN-LIVONIA, MI 39 4,715 774
INDIANAPOLIS, IN 55 11,550 799
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 13 2,782 994
MN-WI
OTHER 59 11,273 890
REGION IV 612 174,901 837
AUSTIN-ROUND ROCK, TX 84 23,214 842
DALLAS-PLANO-IRVING, TX 219 67,026 851
FT. WORTH-ARLINGTON, TX 76 21,770 828
HOUSTON-BAYTOWN-SUGARLAND, TX 119 36,595 830
LITTLE ROCK-NORTH LITTLE ROCK, AR 18 3,899 877
SAN ANTONIO, TX 48 12,095 787
TULSA, OK 14 3,709 794
OTHER 34 6,593 845
REGION V 145 44,284 880
ALBUQUERQUE, NM 11 2,364 862
COLORADO SPRINGS, CO 7 1,606 851
DENVER-AURORA-BOULDER, CO 74 23,177 903
KANSAS CITY, MO-KS 13 4,488 914
SALT LAKE CITY 8 3,003 767
ST. LOUIS, MO-IL 16 6,263 869
OTHER 16 3,383 821
REGION VI 414 114,355 886
LOS ANGELES-LONG BEACH-GLENDALE, 40 9,752 849
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA 23 5,758 853
PHOENIX-MESA 79 24,112 909
PORTLAND-VANCOUVER-BEAVERTON, 28 7,959 966
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, 18 5,284 808
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, 11 3,084 902
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 38 10,816 869
SAN FRANCISCO-SAN MATEO-REDWOOD 19 4,992 885
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, 8 1,964 887
CA
SANTA ANA-ANAHEIM-IRVINE, CA 56 17,173 878
SEATTLE-TACOMA-BELLEVUE, WA 64 16,425 914
OTHER 30 7,036 832
Salary &
Personnel
Costs Insurance Taxes
TOTAL MARKET RENT 10.5% 2.0% 9.7%
REGION I 8.8% 1.5% 8.7%
BALTIMORE-TOWSON, MD 10.1% 2.1% 6.9%
BOSTON-CAMBRIDGE-QUINCY, MA-NH 8.8% 1.1% 8.2%
HARTFORD-WEST HARTFORD-EAST 10.2% 1.3% 9.8%
HARTFORD, CT
NEW HAVEN-MILFORD, CT 11.0% 1.3% 10.6%
NEW YORK, NY 6.0% 1.5% 16.9%
NORTHERN NEW JERSEY MSA'S 6.2% 0.8% 13.7%
PHILADELPHIA-CAMDEN-WILMINGTON, 9.3% 2.0% 10.7%
PA-NJ-DE-MD
PITTSBURGH, PA 10.7% 1.6% 9.5%
RICHMOND, VA 11.4% 2.2% 7.2%
VIRGINIA BEACH-NORFOLK-NEWPORT 7.6% 2.4% 7.6%
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, 7.9% 1.1% 7.8%
DC-MD-VA-WV
OTHER 9.4% 1.6% 7.7%
REGION II 10.9% 2.4% 9.2%
ATLANTA-SANDY SPRINGS-MARIETTA, GA 10.8% 1.9% 8.4%
CAPE CORAL-FORT MYERS, FL 9.9% 3.9% 10.0%
CHARLOTTE-GASTONIO-CONCORD, NC-SC 11.9% 2.1% 7.9%
CHATTANOOGA, TN-GA 11.3% 3.4% 9.3%
COLUMBIA, SC 12.5% 2.6% 10.0%
DAYTONA, FL 11.4% 2.4% 10.2%
FT. LAUDERDALE-POMPANO 8.4% 2.3% 14.0%
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 11.8% 2.0% 7.6%
POINT, NC
GREENVILLE, SC 13.2% 2.8% 7.9%
JACKSONVILLE, FL MSA 10.2% 2.9% 9.3%
KNOXVILLE, TN 12.5% 2.4% 7.0%
LEXINGTON-FAYETTE, KY 12.9% 2.9% 5.2%
LOUISVILLE, KY-IN 12.6% 2.3% 4.6%
MACON, GA 13.5% 3.4% 6.7%
MEMPHIS, TN-AR 12.8% 3.7% 10.1%
MIAMI-MIAMI BEACH-KENDALL, FL 8.8% 2.3% 14.1%
NASHVILLE, TN 11.2% 2.2% 8.3%
ORLANDO, FL 10.2% 2.1% 9.1%
RALEIGH-DURHAM, NC MSA's 12.4% 2.1% 8.0%
SARASOTA-BRADENTON-VENICE, FL 8.8% 3.3% 10.0%
SAVANNAH, GA 10.2% 2.5% 7.8%
TALLAHASSEE, FL 9.5% 2.6% 9.8%
TAMPA-ST. PETERSBURG-CLEARWATER, 9.7% 2.4% 12.4%
FL
WEST PALM BEACH-BOCA RATON-BOYNTON 8.4% 2.1% 14.1%
BEACH, FL
OTHER 11.5% 3.1% 7.1%
REGION III 10.9% 2.0% 11.3%
BLOOMINGTON, IN 12.4% 2.4% 10.2%
CHICAGO-NAPERVILLE-JOLIET, 8.7% 1.6% 14.3%
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN 10.1% 2.5% 7.8%
CLEVELAND-ELYRIA-MENTOR, OH 13.8% 1.4% 8.1%
COLUMBUS, OH 12.5% 2.0% 10.8%
DAYTON, OH 14.0% 1.9% 9.8%
DETROIT-WARREN-LIVONIA, MI 11.9% 2.1% 10.7%
INDIANAPOLIS, IN 12.0% 2.3% 10.4%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 10.6% 1.1% 9.7%
MN-WI
OTHER 12.2% 2.5% 10.4%
REGION IV 11.4% 2.2% 13.1%
AUSTIN-ROUND ROCK, TX 12.2% 2.1% 15.5%
DALLAS-PLANO-IRVING, TX 10.9% 2.0% 13.2%
FT. WORTH-ARLINGTON, TX 11.7% 2.1% 13.6%
HOUSTON-BAYTOWN-SUGARLAND, TX 11.7% 2.4% 13.2%
LITTLE ROCK-NORTH LITTLE ROCK, AR 12.3% 3.2% 7.0%
SAN ANTONIO, TX 12.2% 2.5% 12.9%
TULSA, OK 13.0% 2.5% 5.9%
OTHER 10.4% 3.3% 8.5%
REGION V 11.5% 1.9% 6.3%
ALBUQUERQUE, NM 13.6% 2.1% 5.5%
COLORADO SPRINGS, CO 11.8% 2.1% 5.5%
DENVER-AURORA-BOULDER, CO 11.1% 1.5% 5.9%
KANSAS CITY, MO-KS 10.8% 2.5% 8.3%
SALT LAKE CITY 12.4% 2.4% 5.3%
ST. LOUIS, MO-IL 11.1% 2.5% 7.4%
OTHER 15.0% 2.7% 5.5%
REGION VI 9.2% 1.5% 7.8%
LOS ANGELES-LONG BEACH-GLENDALE, 7.6% 1.4% 8.7%
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA 9.4% 1.5% 9.7%
PHOENIX-MESA 12.0% 1.6% 6.3%
PORTLAND-VANCOUVER-BEAVERTON, 11.4% 1.4% 9.6%
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, 8.5% 1.6% 7.7%
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, 9.3% 1.3% 6.9%
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 7.3% 1.5% 7.7%
SAN FRANCISCO-SAN MATEO-REDWOOD 8.1% 1.6% 8.3%
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, 7.7% 2.0% 9.6%
CA
SANTA ANA-ANAHEIM-IRVINE, CA 7.7% 1.4% 7.3%
SEATTLE-TACOMA-BELLEVUE, WA 10.8% 1.6% 8.6%
OTHER 10.8% 2.2% 6.1%
Mgmt.
Utilities Fees Admin.
TOTAL MARKET RENT 3.8% 2.9% 1.8%
REGION I 3.0% 2.9% 1.9%
BALTIMORE-TOWSON, MD 3.8% 3.3% 2.1%
BOSTON-CAMBRIDGE-QUINCY, MA-NH 2.7% 3.5% 1.1%
HARTFORD-WEST HARTFORD-EAST 3.5% 3.5% 6.8%
HARTFORD, CT
NEW HAVEN-MILFORD, CT 2.7% 3.2% 5.4%
NEW YORK, NY 2.9% 2.7% 1.4%
NORTHERN NEW JERSEY MSA'S 1.1% 2.7% 1.5%
PHILADELPHIA-CAMDEN-WILMINGTON, 3.0% 3.6% 1.7%
PA-NJ-DE-MD
PITTSBURGH, PA 4.0% 3.5% 1.4%
RICHMOND, VA 5.0% 2.0% 2.1%
VIRGINIA BEACH-NORFOLK-NEWPORT 4.1% 1.8% 1.8%
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, 1.9% 2.9% 1.4%
DC-MD-VA-WV
OTHER 3.4% 2.7% 1.5%
REGION II 3.9% 2.8% 1.9%
ATLANTA-SANDY SPRINGS-MARIETTA, GA 3.2% 2.6% 1.7%
CAPE CORAL-FORT MYERS, FL 5.0% 4.3% 2.2%
CHARLOTTE-GASTONIO-CONCORD, NC-SC 4.1% 2.1% 2.0%
CHATTANOOGA, TN-GA 6.8% 4.0% 2.4%
COLUMBIA, SC 8.0% 3.0% 2.7%
DAYTONA, FL 4.2% 2.9% 2.0%
FT. LAUDERDALE-POMPANO 2.6% 3.4% 1.6%
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 4.6% 1.1% 2.1%
POINT, NC
GREENVILLE, SC 5.8% 3.5% 2.1%
JACKSONVILLE, FL MSA 3.1% 3.4% 1.4%
KNOXVILLE, TN 6.1% 4.2% 2.0%
LEXINGTON-FAYETTE, KY 3.5% 3.0% 2.1%
LOUISVILLE, KY-IN 4.6% 1.6% 2.8%
MACON, GA 5.2% 3.3% 2.9%
MEMPHIS, TN-AR 4.6% 3.4% 2.5%
MIAMI-MIAMI BEACH-KENDALL, FL 2.5% 3.4% 1.6%
NASHVILLE, TN 4.7% 2.9% 1.6%
ORLANDO, FL 3.6% 3.0% 1.8%
RALEIGH-DURHAM, NC MSA's 4.1% 2.4% 2.0%
SARASOTA-BRADENTON-VENICE, FL 2.5% 4.0% 1.3%
SAVANNAH, GA 3.0% 3.6% 1.8%
TALLAHASSEE, FL 3.0% 4.2% 1.6%
TAMPA-ST. PETERSBURG-CLEARWATER, 4.0% 2.4% 2.0%
FL
WEST PALM BEACH-BOCA RATON-BOYNTON 2.3% 2.8% 1.4%
BEACH, FL
OTHER 5.3% 2.9% 2.3%
REGION III 3.9% 3.6% 1.7%
BLOOMINGTON, IN 1.3% 3.6% 1.3%
CHICAGO-NAPERVILLE-JOLIET, 3.1% 3.3% 1.2%
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN 4.8% 3.7% 1.9%
CLEVELAND-ELYRIA-MENTOR, OH 1.7% 3.8% 1.8%
COLUMBUS, OH 3.6% 2.7% 2.0%
DAYTON, OH 2.6% 3.2% 2.1%
DETROIT-WARREN-LIVONIA, MI 4.1% 3.9% 2.6%
INDIANAPOLIS, IN 4.5% 3.7% 1.7%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 4.0% 3.5% 0.9%
MN-WI
OTHER 4.7% 4.2% 2.1%
REGION IV 4.9% 2.9% 1.9%
AUSTIN-ROUND ROCK, TX 4.3% 3.0% 1.8%
DALLAS-PLANO-IRVING, TX 4.4% 2.9% 1.8%
FT. WORTH-ARLINGTON, TX 5.6% 2.9% 1.9%
HOUSTON-BAYTOWN-SUGARLAND, TX 5.5% 2.6% 1.8%
LITTLE ROCK-NORTH LITTLE ROCK, AR 5.1% 3.7% 2.6%
SAN ANTONIO, TX 5.3% 3.4% 2.2%
TULSA, OK 3.5% 3.9% 2.1%
OTHER 7.2% 3.4% 2.6%
REGION V 3.7% 3.2% 2.3%
ALBUQUERQUE, NM 4.8% 3.4% 1.8%
COLORADO SPRINGS, CO 5.2% 3.4% 2.0%
DENVER-AURORA-BOULDER, CO 3.2% 3.3% 2.1%
KANSAS CITY, MO-KS 3.6% 3.2% 2.3%
SALT LAKE CITY 5.6% 4.5% 1.9%
ST. LOUIS, MO-IL 3.7% 2.3% 3.5%
OTHER 5.6% 3.2% 2.1%
REGION VI 2.9% 2.7% 1.4%
LOS ANGELES-LONG BEACH-GLENDALE, 2.2% 2.6% 1.8%
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA 2.6% 2.1% 1.1%
PHOENIX-MESA 3.3% 3.4% 1.6%
PORTLAND-VANCOUVER-BEAVERTON, 3.1% 3.3% 1.3%
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, 3.3% 2.5% 1.5%
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, 5.0% 1.8% 1.3%
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 2.9% 2.7% 1.2%
SAN FRANCISCO-SAN MATEO-REDWOOD 2.5% 1.7% 1.1%
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, 2.6% 0.2% 1.9%
CA
SANTA ANA-ANAHEIM-IRVINE, CA 2.8% 2.7% 1.4%
SEATTLE-TACOMA-BELLEVUE, WA 2.5% 2.9% 1.3%
OTHER 4.8% 3.3% 1.9%
Repair
Contract &
Mrktg. Services Maint.
TOTAL MARKET RENT 1.8% 3.3% 4.0%
REGION I 1.2% 2.9% 3.4%
BALTIMORE-TOWSON, MD 1.2% 3.4% 4.2%
BOSTON-CAMBRIDGE-QUINCY, MA-NH 1.2% 3.9% 3.2%
HARTFORD-WEST HARTFORD-EAST 1.4% 4.2% 2.5%
HARTFORD, CT
NEW HAVEN-MILFORD, CT 1.9% 2.8% 2.4%
NEW YORK, NY 0.8% 3.2% 2.4%
NORTHERN NEW JERSEY MSA'S 0.6% 3.3% 2.1%
PHILADELPHIA-CAMDEN-WILMINGTON, 1.0% 2.6% 4.8%
PA-NJ-DE-MD
PITTSBURGH, PA 1.4% 3.0% 1.8%
RICHMOND, VA 1.8% 3.2% 3.5%
VIRGINIA BEACH-NORFOLK-NEWPORT 1.4% 2.4% 3.8%
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, 0.0% 2.3% 3.6%
DC-MD-VA-WV
OTHER 1.3% 3.2% 3.1%
REGION II 1.9% 3.6% 4.4%
ATLANTA-SANDY SPRINGS-MARIETTA, GA 2.3% 3.1% 4.3%
CAPE CORAL-FORT MYERS, FL 1.8% 3.0% 5.6%
CHARLOTTE-GASTONIO-CONCORD, NC-SC 1.6% 3.6% 4.8%
CHATTANOOGA, TN-GA 0.9% 3.4% 5.2%
COLUMBIA, SC 2.2% 3.0% 4.3%
DAYTONA, FL 1.7% 4.4% 4.9%
FT. LAUDERDALE-POMPANO 1.9% 3.8% 4.3%
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 1.9% 4.2% 3.9%
POINT, NC
GREENVILLE, SC 1.9% 4.9% 4.6%
JACKSONVILLE, FL MSA 1.8% 3.5% 4.6%
KNOXVILLE, TN 1.0% 3.4% 4.8%
LEXINGTON-FAYETTE, KY 2.0% 3.7% 4.3%
LOUISVILLE, KY-IN 1.9% 3.1% 4.6%
MACON, GA 1.6% 4.0% 4.3%
MEMPHIS, TN-AR 1.7% 4.9% 6.8%
MIAMI-MIAMI BEACH-KENDALL, FL 1.4% 3.3% 3.6%
NASHVILLE, TN 1.6% 3.0% 3.7%
ORLANDO, FL 2.1% 3.9% 4.4%
RALEIGH-DURHAM, NC MSA's 1.8% 3.6% 4.7%
SARASOTA-BRADENTON-VENICE, FL 1.7% 4.6% 3.7%
SAVANNAH, GA 2.0% 3.5% 5.1%
TALLAHASSEE, FL 1.4% 4.4% 2.7%
TAMPA-ST. PETERSBURG-CLEARWATER, 1.4% 3.9% 4.1%
FL
WEST PALM BEACH-BOCA RATON-BOYNTON 1.6% 2.7% 3.9%
BEACH, FL
OTHER 1.6% 4.3% 4.2%
REGION III 2.0% 3.6% 4.6%
BLOOMINGTON, IN 2.9% 4.5% 4.4%
CHICAGO-NAPERVILLE-JOLIET, 1.6% 2.7% 3.5%
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN 2.2% 3.9% 5.3%
CLEVELAND-ELYRIA-MENTOR, OH 1.7% 3.5% 3.3%
COLUMBUS, OH 2.2% 3.7% 4.5%
DAYTON, OH 2.0% 3.6% 3.8%
DETROIT-WARREN-LIVONIA, MI 1.7% 3.5% 4.7%
INDIANAPOLIS, IN 2.0% 4.1% 5.6%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 2.0% 2.5% 4.4%
MN-WI
OTHER 2.5% 4.6% 5.5%
REGION IV 2.3% 3.4% 4.3%
AUSTIN-ROUND ROCK, TX 2.9% 3.2% 4.4%
DALLAS-PLANO-IRVING, TX 2.2% 3.7% 3.8%
FT. WORTH-ARLINGTON, TX 1.9% 3.3% 4.4%
HOUSTON-BAYTOWN-SUGARLAND, TX 2.5% 3.0% 4.2%
LITTLE ROCK-NORTH LITTLE ROCK, AR 1.8% 3.8% 5.4%
SAN ANTONIO, TX 2.4% 3.5% 6.4%
TULSA, OK 2.5% 3.4% 4.5%
OTHER 2.0% 3.5% 5.2%
REGION V 2.2% 3.0% 3.6%
ALBUQUERQUE, NM 2.4% 3.8% 3.2%
COLORADO SPRINGS, CO 3.5% 2.5% 2.8%
DENVER-AURORA-BOULDER, CO 2.2% 2.9% 3.3%
KANSAS CITY, MO-KS 2.1% 3.4% 3.4%
SALT LAKE CITY 2.9% 6.4% 5.2%
ST. LOUIS, MO-IL 1.3% 2.1% 4.3%
OTHER 2.2% 2.7% 6.0%
REGION VI 1.4% 3.0% 3.4%
LOS ANGELES-LONG BEACH-GLENDALE, 0.8% 2.5% 2.5%
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA 1.0% 3.1% 2.5%
PHOENIX-MESA 1.9% 3.1% 4.2%
PORTLAND-VANCOUVER-BEAVERTON, 2.2% 3.6% 3.2%
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, 1.3% 3.1% 5.1%
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, 1.5% 3.2% 3.3%
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 1.3% 2.7% 3.1%
SAN FRANCISCO-SAN MATEO-REDWOOD 0.9% 2.6% 2.6%
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, 0.8% 2.9% 1.7%
CA
SANTA ANA-ANAHEIM-IRVINE, CA 1.1% 2.6% 3.7%
SEATTLE-TACOMA-BELLEVUE, WA 2.1% 3.9% 3.5%
OTHER 1.8% 3.7% 3.5%
Total
Operating Capital
Expenses Expend.
TOTAL MARKET RENT 40.0% 15.2%
REGION I 34.3% 18.9%
BALTIMORE-TOWSON, MD 37.2% 19.7%
BOSTON-CAMBRIDGE-QUINCY, MA-NH 33.9% 18.7%
HARTFORD-WEST HARTFORD-EAST 43.2% 9.7%
HARTFORD, CT
NEW HAVEN-MILFORD, CT 41.2% 9.4%
NEW YORK, NY 37.8% 43.7%
NORTHERN NEW JERSEY MSA'S 32.1% 10.4%
PHILADELPHIA-CAMDEN-WILMINGTON, 38.5% 19.8%
PA-NJ-DE-MD
PITTSBURGH, PA 36.8% 10.2%
RICHMOND, VA 38.4% 28.0%
VIRGINIA BEACH-NORFOLK-NEWPORT 33.0% 28.1%
NEWS, VA-NC
WASHINGTON-ARLINGTON-ALEXANDRIA, 29.9% 15.8%
DC-MD-VA-WV
OTHER 33.8% 11.5%
REGION II 40.9% 15.0%
ATLANTA-SANDY SPRINGS-MARIETTA, GA 38.3% 10.5%
CAPE CORAL-FORT MYERS, FL 45.6% 7.8%
CHARLOTTE-GASTONIO-CONCORD, NC-SC 40.2% 11.3%
CHATTANOOGA, TN-GA 46.7% 9.0%
COLUMBIA, SC 48.3% 26.3%
DAYTONA, FL 44.1% 17.1%
FT. LAUDERDALE-POMPANO 42.3% 16.0%
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 39.3% 10.5%
POINT, NC
GREENVILLE, SC 46.7% 16.9%
JACKSONVILLE, FL MSA 40.2% 13.4%
KNOXVILLE, TN 43.4% 6.8%
LEXINGTON-FAYETTE, KY 39.7% 8.1%
LOUISVILLE, KY-IN 38.0% 11.3%
MACON, GA 44.9% 8.0%
MEMPHIS, TN-AR 50.6% 14.0%
MIAMI-MIAMI BEACH-KENDALL, FL 40.9% 13.8%
NASHVILLE, TN 39.1% 16.2%
ORLANDO, FL 40.2% 24.1%
RALEIGH-DURHAM, NC MSA's 41.1% 25.3%
SARASOTA-BRADENTON-VENICE, FL 39.9% 20.7%
SAVANNAH, GA 39.4% 32.6%
TALLAHASSEE, FL 39.3% 7.4%
TAMPA-ST. PETERSBURG-CLEARWATER, 42.2% 22.9%
FL
WEST PALM BEACH-BOCA RATON-BOYNTON 39.3% 12.6%
BEACH, FL
OTHER 42.3% 14.9%
REGION III 43.6% 26.4%
BLOOMINGTON, IN 43.1% 7.9%
CHICAGO-NAPERVILLE-JOLIET, 39.9% 13.1%
IL-IN-WI
CINCINNATI-MIDDLETON, OH-KY-IN 42.2% 29.0%
CLEVELAND-ELYRIA-MENTOR, OH 39.0% 14.6%
COLUMBUS, OH 44.1% 31.4%
DAYTON, OH 43.0% 11.0%
DETROIT-WARREN-LIVONIA, MI 45.2% 13.6%
INDIANAPOLIS, IN 46.4% 44.5%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, 38.8% 7.1%
MN-WI
OTHER 48.7% 45.5%
REGION IV 46.5% 15.5%
AUSTIN-ROUND ROCK, TX 49.3% 16.2%
DALLAS-PLANO-IRVING, TX 44.9% 9.6%
FT. WORTH-ARLINGTON, TX 47.4% 14.8%
HOUSTON-BAYTOWN-SUGARLAND, TX 46.9% 25.4%
LITTLE ROCK-NORTH LITTLE ROCK, AR 44.9% 38.9%
SAN ANTONIO, TX 50.8% 18.1%
TULSA, OK 41.3% 6.3%
OTHER 46.3% 16.5%
REGION V 37.7% 14.5%
ALBUQUERQUE, NM 40.6% 18.5%
COLORADO SPRINGS, CO 38.9% 11.2%
DENVER-AURORA-BOULDER, CO 35.5% 9.5%
KANSAS CITY, MO-KS 39.6% 5.4%
SALT LAKE CITY 46.5% 72.1%
ST. LOUIS, MO-IL 38.4% 7.8%
OTHER 44.9% 45.4%
REGION VI 33.4% 10.5%
LOS ANGELES-LONG BEACH-GLENDALE, 30.2% 6.5%
CA
OAKLAND-FREEMONT-HAYWOOD, CA MSA 33.0% 6.6%
PHOENIX-MESA 37.5% 24.4%
PORTLAND-VANCOUVER-BEAVERTON, 39.1% 9.0%
OR-WA
RIVERSIDE-SAN BERNARDINO-ONTARIO, 34.6% 8.2%
CA
SACRAMENTO-ARDEN ARCADE-ROSEVILLE, 33.6% 23.8%
CA
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 30.4% 7.4%
SAN FRANCISCO-SAN MATEO-REDWOOD 29.3% 7.0%
CITY, CA
SAN JOSE-SUNNYVILLE-SANTA CLARA, 29.3% 5.6%
CA
SANTA ANA-ANAHEIM-IRVINE, CA 30.7% 4.9%
SEATTLE-TACOMA-BELLEVUE, WA 37.1% 6.5%
OTHER 38.0% 23.6%
Source: National Apartment Association 2006 Survey of Operating
Income & Expenses in Rental Apartment Communities
[c] 2006 by National Apartment Association. This table may be used,
copied, and/or distributed only in accordance with the License
Agreement and may not be posted on the Internet.
Net Operating Income and Economic Losses Rates
BY REGION AND METROPOLITAN AREA
INDIVIDUALLY METERED MARKET RENT GARDEN PROPERTIES
DOLLARS PER UNIT
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
TOTAL MARKET RENT 2,609 667,951 889
REGION I 195 43,996 873
BALTIMORE-TOWSON, MD 40 8,242 787
BOSTON-CAMBRIDGE-QUINCY, 12 2,869 918
MA-NH
HARTFORD-WEST HARTFORD-EAST 3 825 1,027
HARTFORD, CT
NEW HAVEN-MILFORD, CT 16 2,294 781
NEW YORK, NY 6 1,829 849
NORTHERN NEW JERSEY MSA'S 3 1,250 947
PHILADELPHIA-CAMDEN- 4 776 781
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA 11 1,258 810
RICHMOND, VA 16 5,194 846
VIRGINIA BEACH-NORFOLK- 10 2,703 954
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- 45 12,549 895
ALEXANDRIA, DC-MD-VA-WV
OTHER 29 4,207 972
REGION II 936 215,517 939
ATLANTA-SANDY 196 57,586 1,013
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL 10 1,993 861
CHARLOTTE-GASTONIA-CONCORD, 52 12,304 962
NC-SC
CHATTANOOGA, TN-GA 10 1,670 979
COLUMBIA, SC 17 4,981 806
DAYTONA, FL 12 1,196 743
FT. LAUDERDALE-POMPANO 10 3,749 865
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 29 6,323 938
POINT, NC
GREENVILLE, SC 16 3,496 949
JACKSONVILLE, FL MSA 50 14,050 923
KNOXVILLE, TN 10 1,684 923
LEXINGTON-FAYETTE, KY 18 3,327 834
LOUISVILLE, KY-IN 17 2,620 801
MACON, GA 15 1,983 925
MEMPHIS, TN-AR 48 14,020 933
MIAMI-MIAMI BEACH-KENDALL, FL 29 6,909 953
NASHVILLE, TN 37 11,228 861
ORLANDO, FL 69 18,539 954
RALEIGH-DURHAM, NC MSA's 50 13,968 921
SARASOTA-BRADENTON-VENICE, FL 12 2,429 780
SAVANNAH, GA 10 1,423 863
TALLAHASSEE, FL 11 2,170 841
TAMPA-ST. PETERSBURG- 51 14,031 891
CLEARWATER, FL
WEST PALM BEACH-BOCA 31 7,171 1,038
RATON-BOYNTON BEACH, FL
OTHER 126 26,667 905
REGION III 307 54,898 869
BLOOMINGTON, IN 6 623 660
CHICAGO-NAPERVILLE-JOLIET, 33 11,423 976
IL-IN-WI
CINCINNATI-MIDDLETON, 23 3,883 1,086
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH 10 832 591
COLUMBUS, OH 52 6,410 750
DAYTON, OH 17 1,407 669
DETROIT-WARREN-LIVONIA, MI 39 4,715 774
INDIANAPOLIS, IN 55 11,550 799
MINNEAPOLIS-ST. 13 2,782 994
PAUL-BLOOMINGTON, MN-WI
OTHER 59 11,273 890
REGION IV 612 174,901 837
AUSTIN-ROUND ROCK, TX 84 23,214 842
DALLAS-PLANO-IRVING, TX 219 67,026 851
FT. WORTH-ARLINGTON, TX 76 21,770 828
HOUSTON-BAYTOWN-SUGARLAND, TX 119 36,595 830
LITTLE ROCK-NORTH LITTLE 18 3,899 877
ROCK, AR
SAN ANTONIO, TX 48 12,095 787
TULSA, OK 14 3,709 794
OTHER 34 6,593 845
REGION V 145 44,284 880
ALBUQUERQUE, NM 11 2,364 862
COLORADO SPRINGS, CO 7 1,606 851
DENVER-AURORA-BOULDER, CO 74 23,177 903
KANSAS CITY, MO-KS 13 4,488 914
SALT LAKE CITY 8 3,003 767
ST. LOUIS, MO-IL 16 6,263 869
OTHER 16 3,383 821
REGION VI 414 114,355 886
LOS ANGELES-LONG 40 9,752 849
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, 23 5,758 853
CA MSA
PHOENIX-MESA 79 24,112 909
PORTLAND-VANCOUVER-BEAVERTON, 28 7,959 966
OR-WA
RIVERSIDE-SAN 18 5,284 808
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN 11 3,084 902
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN 38 10,816 869
MARCOS, CA
SAN FRANCISCO-SAN 19 4,992 885
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA 8 1,964 887
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA 56 17,173 878
SEATTLE-TACOMA-BELLEVUE, WA 64 16,425 914
OTHER 30 7,036 832
Gross Total
Potential Rent
Rent Revenue
Revenue Collected
TOTAL MARKET RENT $9,450 $8,329
REGION I $11,914 $10,858
BALTIMORE-TOWSON, MD $10,153 $9,410
BOSTON-CAMBRIDGE-QUINCY, $14,783 $13,014
MA-NH
HARTFORD-WEST HARTFORD-EAST $10,564 $9,478
HARTFORD, CT
NEW HAVEN-MILFORD, CT $11,153 $10,035
NEW YORK, NY $16,964 $15,747
NORTHERN NEW JERSEY MSA'S $18,824 $17,657
PHILADELPHIA-CAMDEN- $12,960 $11,802
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA $9,730 $8,583
RICHMOND, VA $8,289 $7,313
VIRGINIA BEACH-NORFOLK- $11,090 $10,406
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- $13,154 $12,027
ALEXANDRIA, DC-MD-VA-WV
OTHER $11,607 $10,482
REGION II $8,864 $7,858
ATLANTA-SANDY $9,607 $8,179
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL $9,589 $9,009
CHARLOTTE-GASTONIA-CONCORD, $8,346 $7,446
NC-SC
CHATTANOOGA, TN-GA $7,225 $6,259
COLUMBIA, SC $6,870 $6,141
DAYTONA, FL $7,959 $7,080
FT. LAUDERDALE-POMPANO $11,381 $10,545
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $7,702 $6,857
POINT, NC
GREENVILLE, SC $7,605 $6,535
JACKSONVILLE, FL MSA $8,948 $8,054
KNOXVILLE, TN $7,471 $6,709
LEXINGTON-FAYETTE, KY $7,739 $6,707
LOUISVILLE, KY-IN $7,915 $6,488
MACON, GA $7,342 $6,573
MEMPHIS, TN-AR $7,329 $6,194
MIAMI-MIAMI BEACH-KENDALL, FL $11,862 $11,148
NASHVILLE, TN $8,434 $7,481
ORLANDO, FL $9,042 $8,385
RALEIGH-DURHAM, NC MSA's $8,081 $6,984
SARASOTA-BRADENTON-VENICE, FL $9,143 $8,411
SAVANNAH, GA $8,426 $7,439
TALLAHASSEE, FL $9,436 $8,062
TAMPA-ST. PETERSBURG- $9,115 $8,464
CLEARWATER, FL
WEST PALM BEACH-BOCA $12,453 $11,546
RATON-BOYNTON BEACH, FL
OTHER $7,786 $7,016
REGION III $8,329 $7,174
BLOOMINGTON, IN $6,325 $5,502
CHICAGO-NAPERVILLE-JOLIET, $11,868 $10,316
IL-IN-WI
CINCINNATI-MIDDLETON, $8,279 $7,158
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH $6,586 $5,662
COLUMBUS, OH $6,852 $5,863
DAYTON, OH $6,417 $5,595
DETROIT-WARREN-LIVONIA, MI $8,567 $7,363
INDIANAPOLIS, IN $6,970 $6,077
MINNEAPOLIS-ST. $10,904 $9,313
PAUL-BLOOMINGTON, MN-WI
OTHER $6,738 $5,662
REGION IV $8,236 $6,968
AUSTIN-ROUND ROCK, TX $8,642 $7,577
DALLAS-PLANO-IRVING, TX $8,880 $7,330
FT. WORTH-ARLINGTON, TX $7,872 $6,665
HOUSTON-BAYTOWN-SUGARLAND, TX $7,720 $6,577
LITTLE ROCK-NORTH LITTLE $7,676 $6,925
ROCK, AR
SAN ANTONIO, TX $7,381 $6,315
TULSA, OK $7,538 $6,668
OTHER $6,605 $5,713
REGION V $9,009 $7,644
ALBUQUERQUE, NM $8,052 $7,324
COLORADO SPRINGS, CO $9,417 $7,354
DENVER-AURORA-BOULDER, CO $10,086 $8,469
KANSAS CITY, MO-KS $8,059 $7,243
SALT LAKE CITY $6,579 $5,965
ST. LOUIS, MO-IL $8,554 $7,069
OTHER $6,360 $5,444
REGION VI $12,277 $11,225
LOS ANGELES-LONG $16,411 $15,305
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, $14,436 $13,984
CA MSA
PHOENIX-MESA $8,825 $7,834
PORTLAND-VANCOUVER-BEAVERTON, $8,898 $8,080
OR-WA
RIVERSIDE-SAN $11,434 $10,309
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN $11,061 $10,099
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN $15,274 $14,115
MARCOS, CA
SAN FRANCISCO-SAN $17,307 $15,923
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA $16,125 $14,970
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA $15,379 $14,079
SEATTLE-TACOMA-BELLEVUE, WA $10,097 $9,219
OTHER $9,454 $8,564
REVENUE LOSSES TO
Vacancies Collections Concessions
TOTAL MARKET RENT $674 $70 $377
REGION I $713 $81 $263
BALTIMORE-TOWSON, MD $505 $68 $170
BOSTON-CAMBRIDGE-QUINCY, $1,144 $103 $522
MA-NH
HARTFORD-WEST HARTFORD-EAST $824 $55 $207
HARTFORD, CT
NEW HAVEN-MILFORD, CT $782 $55 $281
NEW YORK, NY $678 $136 $403
NORTHERN NEW JERSEY MSA'S $928 $37 $203
PHILADELPHIA-CAMDEN- $809 $28 $321
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA $744 $25 $378
RICHMOND, VA $684 $90 $202
VIRGINIA BEACH-NORFOLK- $495 $109 $80
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- $762 $90 $274
ALEXANDRIA, DC-MD-VA-WV
OTHER $718 $71 $337
REGION II $577 $75 $353
ATLANTA-SANDY $698 $85 $646
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL $325 $43 $212
CHARLOTTE-GASTONIA-CONCORD, $484 $82 $335
NC-SC
CHATTANOOGA, TN-GA $573 $42 $351
COLUMBIA, SC $476 $46 $207
DAYTONA, FL $594 $36 $248
FT. LAUDERDALE-POMPANO $583 $58 $195
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $579 $75 $190
POINT, NC
GREENVILLE, SC $642 $96 $332
JACKSONVILLE, FL MSA $595 $76 $224
KNOXVILLE, TN $566 $36 $159
LEXINGTON-FAYETTE, KY $643 $39 $350
LOUISVILLE, KY-IN $1,153 $60 $214
MACON, GA $458 $69 $243
MEMPHIS, TN-AR $661 $184 $290
MIAMI-MIAMI BEACH-KENDALL, FL $496 $69 $149
NASHVILLE, TN $512 $62 $378
ORLANDO, FL $413 $46 $198
RALEIGH-DURHAM, NC MSA's $620 $75 $402
SARASOTA-BRADENTON-VENICE, FL $410 $76 $247
SAVANNAH, GA $747 $72 $169
TALLAHASSEE, FL $770 $29 $576
TAMPA-ST. PETERSBURG- $432 $46 $173
CLEARWATER, FL
WEST PALM BEACH-BOCA $675 $75 $157
RATON-BOYNTON BEACH, FL
OTHER $462 $61 $246
REGION III $691 $68 $397
BLOOMINGTON, IN $523 $75 $225
CHICAGO-NAPERVILLE-JOLIET, $801 $74 $677
IL-IN-WI
CINCINNATI-MIDDLETON, $547 $100 $474
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH $674 $66 $185
COLUMBUS, OH $677 $57 $255
DAYTON, OH $581 $42 $200
DETROIT-WARREN-LIVONIA, MI $692 $80 $431
INDIANAPOLIS, IN $649 $63 $180
MINNEAPOLIS-ST. $838 $38 $716
PAUL-BLOOMINGTON, MN-WI
OTHER $665 $66 $345
REGION IV $720 $70 $477
AUSTIN-ROUND ROCK, TX $584 $39 $442
DALLAS-PLANO-IRVING, TX $817 $75 $657
FT. WORTH-ARLINGTON, TX $695 $90 $422
HOUSTON-BAYTOWN-SUGARLAND, TX $721 $72 $350
LITTLE ROCK-NORTH LITTLE $485 $113 $154
ROCK, AR
SAN ANTONIO, TX $646 $67 $354
TULSA, OK $667 $22 $180
OTHER $595 $60 $237
REGION V $830 $59 $475
ALBUQUERQUE, NM $536 $28 $164
COLORADO SPRINGS, CO $949 $67 $1,047
DENVER-AURORA-BOULDER, CO $921 $64 $632
KANSAS CITY, MO-KS $561 $60 $195
SALT LAKE CITY $419 $38 $157
ST. LOUIS, MO-IL $1,085 $76 $325
OTHER $604 $34 $278
REGION VI $721 $59 $272
LOS ANGELES-LONG $819 $90 $197
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, $675 $66 $212
CA MSA
PHOENIX-MESA $568 $39 $384
PORTLAND-VANCOUVER-BEAVERTON, $544 $56 $217
OR-WA
RIVERSIDE-SAN $854 $57 $214
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN $685 $69 $207
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN $857 $80 $221
MARCOS, CA
SAN FRANCISCO-SAN $899 $57 $428
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA $673 $102 $380
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA $978 $59 $262
SEATTLE-TACOMA-BELLEVUE, WA $602 $50 $226
OTHER $598 $57 $235
Total Total Total
Other Revenue Operating
Revenue Collected Expenses
TOTAL MARKET RENT $545 $8,874 $3,776
REGION I $544 $11,402 $4,085
BALTIMORE-TOWSON, MD $408 $9,818 $3,775
BOSTON-CAMBRIDGE-QUINCY, $518 $13,532 $5,005
MA-NH
HARTFORD-WEST HARTFORD-EAST $622 $10,100 $4,569
HARTFORD, CT
NEW HAVEN-MILFORD, CT $491 $10,527 $4,597
NEW YORK, NY $628 $16,376 $6,412
NORTHERN NEW JERSEY MSA'S $668 $18,325 $6,033
PHILADELPHIA-CAMDEN- $429 $12,231 $4,987
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA $554 $9,137 $3,578
RICHMOND, VA $559 $7,871 $3,181
VIRGINIA BEACH-NORFOLK- $787 $11,193 $3,659
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- $459 $12,486 $3,932
ALEXANDRIA, DC-MD-VA-WV
OTHER $867 $11,349 $3,928
REGION II $528 $8,385 $3,622
ATLANTA-SANDY $485 $8,664 $3,677
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL $729 $9,738 $4,374
CHARLOTTE-GASTONIA-CONCORD, $501 $7,946 $3,353
NC-SC
CHATTANOOGA, TN-GA $1,561 $7,821 $3,375
COLUMBIA, SC $604 $6,745 $3,316
DAYTONA, FL $469 $7,548 $3,510
FT. LAUDERDALE-POMPANO $1,758 $12,304 $4,810
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $501 $7,358 $3,024
POINT, NC
GREENVILLE, SC $615 $7,150 $3,551
JACKSONVILLE, FL MSA $427 $8,482 $3,593
KNOXVILLE, TN $1,378 $8,087 $3,241
LEXINGTON-FAYETTE, KY $367 $7,074 $3,076
LOUISVILLE, KY-IN $516 $7,005 $3,011
MACON, GA $257 $6,830 $3,296
MEMPHIS, TN-AR $455 $6,649 $3,708
MIAMI-MIAMI BEACH-KENDALL, FL $633 $11,781 $4,852
NASHVILLE, TN $410 $7,891 $3,301
ORLANDO, FL $554 $8,939 $3,639
RALEIGH-DURHAM, NC MSA's $400 $7,384 $3,318
SARASOTA-BRADENTON-VENICE, FL $515 $8,926 $3,652
SAVANNAH, GA $563 $8,002 $3,324
TALLAHASSEE, FL $535 $8,597 $3,706
TAMPA-ST. PETERSBURG- $662 $9,127 $3,843
CLEARWATER, FL
WEST PALM BEACH-BOCA $713 $12,259 $4,898
RATON-BOYNTON BEACH, FL
OTHER $391 $7,407 $3,292
REGION III $492 $7,666 $3,627
BLOOMINGTON, IN $1,312 $6,814 $2,728
CHICAGO-NAPERVILLE-JOLIET, $716 $11,032 $4,741
IL-IN-WI
CINCINNATI-MIDDLETON, $255 $7,413 $3,496
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH $458 $6,120 $2,566
COLUMBUS, OH $389 $6,252 $3,018
DAYTON, OH $384 $5,979 $2,762
DETROIT-WARREN-LIVONIA, MI $457 $7,820 $3,871
INDIANAPOLIS, IN $483 $6,560 $3,234
MINNEAPOLIS-ST. $539 $9,852 $4,231
PAUL-BLOOMINGTON, MN-WI
OTHER $385 $6,047 $3,280
REGION IV $508 $7,477 $3,834
AUSTIN-ROUND ROCK, TX $560 $8,136 $4,261
DALLAS-PLANO-IRVING, TX $563 $7,893 $3,990
FT. WORTH-ARLINGTON, TX $564 $7,229 $3,730
HOUSTON-BAYTOWN-SUGARLAND, TX $399 $6,976 $3,621
LITTLE ROCK-NORTH LITTLE $289 $7,213 $3,443
ROCK, AR
SAN ANTONIO, TX $548 $6,862 $3,746
TULSA, OK $303 $6,972 $3,116
OTHER $368 $6,081 $3,055
REGION V $562 $8,206 $3,394
ALBUQUERQUE, NM $450 $7,774 $3,269
COLORADO SPRINGS, CO $732 $8,086 $3,659
DENVER-AURORA-BOULDER, CO $602 $9,071 $3,580
KANSAS CITY, MO-KS $630 $7,813 $3,195
SALT LAKE CITY $474 $6,439 $3,061
ST. LOUIS, MO-IL $567 $7,636 $3,281
OTHER $262 $5,706 $2,859
REGION VI $659 $11,883 $4,103
LOS ANGELES-LONG $586 $15,890 $4,952
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, $443 $14,427 $4,928
CA MSA
PHOENIX-MESA $689 $8,523 $3,310
PORTLAND-VANCOUVER-BEAVERTON, $617 $8,698 $3,480
OR-WA
RIVERSIDE-SAN $493 $10,802 $3,958
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN $555 $10,654 $3,720
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN $730 $14,845 $4,642
MARCOS, CA
SAN FRANCISCO-SAN $281 $16,204 $5,073
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA $39 $15,008 $4,732
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA $890 $14,970 $4,720
SEATTLE-TACOMA-BELLEVUE, WA $652 $9,871 $3,742
OTHER $829 $9,392 $3,595
Net
Operating Economic
Income Losses Turnover
NOI as a % Rate
TOTAL MARKET RENT $5,098 11.87% 61%
REGION I $7,317 8.87% 53%
BALTIMORE-TOWSON, MD $6,043 7.32% 35%
BOSTON-CAMBRIDGE-QUINCY, $8,528 11.97% 63%
MA-NH
HARTFORD-WEST HARTFORD-EAST $5,531 10.28% 48%
HARTFORD, CT
NEW HAVEN-MILFORD, CT $5,930 10.02% 55%
NEW YORK, NY $9,963 7.17% 52%
NORTHERN NEW JERSEY MSA'S $12,291 6.20% 55%
PHILADELPHIA-CAMDEN- $7,244 8.94% 51%
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA $5,559 11.79% 47%
RICHMOND, VA $4,690 11.78% 56%
VIRGINIA BEACH-NORFOLK- $7,533 6.17% 64%
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- $8,554 8.56% 56%
ALEXANDRIA, DC-MD-VA-WV
OTHER $7,421 9.70% 59%
REGION II $4,763 11.35% 60%
ATLANTA-SANDY $4,987 14.87% 61%
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL $5,364 6.04% 67%
CHARLOTTE-GASTONIA-CONCORD, $4,594 10.79% 60%
NC-SC
CHATTANOOGA, TN-GA $4,445 13.37% 46%
COLUMBIA, SC $3,429 10.61% 67%
DAYTONA, FL $4,039 11.04% 65%
FT. LAUDERDALE-POMPANO $7,494 7.34% 57%
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $4,334 10.97% 59%
POINT, NC
GREENVILLE, SC $3,599 14.06% 59%
JACKSONVILLE, FL MSA $4,888 9.99% 58%
KNOXVILLE, TN $4,847 10.20% 59%
LEXINGTON-FAYETTE, KY $3,999 13.33% 55%
LOUISVILLE, KY-IN $3,993 18.03% 59%
MACON, GA $3,534 10.48% 57%
MEMPHIS, TN-AR $2,941 15.49% 51%
MIAMI-MIAMI BEACH-KENDALL, FL $6,930 6.02% 60%
NASHVILLE, TN $4,589 11.29% 64%
ORLANDO, FL $5,300 7.27% 65%
RALEIGH-DURHAM, NC MSA's $4,066 13.57% 58%
SARASOTA-BRADENTON-VENICE, FL $5,273 8.02% 70%
SAVANNAH, GA $4,678 11.72% 74%
TALLAHASSEE, FL $4,890 14.56% 68%
TAMPA-ST. PETERSBURG- $5,284 7.14% 63%
CLEARWATER, FL
WEST PALM BEACH-BOCA $7,361 7.28% 64%
RATON-BOYNTON BEACH, FL
OTHER $4,115 9.89% 59%
REGION III $4,038 13.87% 59%
BLOOMINGTON, IN $4,086 13.00% 70%
CHICAGO-NAPERVILLE-JOLIET, $6,291 13.08% 59%
IL-IN-WI
CINCINNATI-MIDDLETON, $3,918 13.54% 51%
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH $3,555 14.03% 61%
COLUMBUS, OH $3,233 14.43% 61%
DAYTON, OH $3,217 12.81% 67%
DETROIT-WARREN-LIVONIA, MI $3,949 14.05% 50%
INDIANAPOLIS, IN $3,326 12.81% 62%
MINNEAPOLIS-ST. $5,621 14.60% 59%
PAUL-BLOOMINGTON, MN-WI
OTHER $2,767 15.97% 59%
REGION IV $3,643 15.39% 64%
AUSTIN-ROUND ROCK, TX $3,876 12.32% 64%
DALLAS-PLANO-IRVING, TX $3,903 17.46% 62%
FT. WORTH-ARLINGTON, TX $3,499 15.33% 68%
HOUSTON-BAYTOWN-SUGARLAND, TX $3,356 14.81% 62%
LITTLE ROCK-NORTH LITTLE $3,770 9.79% 57%
ROCK, AR
SAN ANTONIO, TX $3,117 14.45% 71%
TULSA, OK $3,856 11.53% 73%
OTHER $3,026 13.50% 65%
REGION V $4,812 15.14% 61%
ALBUQUERQUE, NM $4,505 9.03% 67%
COLORADO SPRINGS, CO $4,427 21.91% 73%
DENVER-AURORA-BOULDER, CO $5,492 16.03% 64%
KANSAS CITY, MO-KS $4,678 10.13% 59%
SALT LAKE CITY $3,377 9.34% 48%
ST. LOUIS, MO-IL $4,355 17.36% 61%
OTHER $2,847 14.41% 47%
REGION VI $7,780 8.57% 65%
LOS ANGELES-LONG $10,938 6.74% 60%
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, $9,495 6.37% 60%
CA MSA
PHOENIX-MESA $5,212 11.23% 67%
PORTLAND-VANCOUVER-BEAVERTON, $5,218 9.19% 69%
OR-WA
RIVERSIDE-SAN $6,844 9.83% 65%
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN $6,934 8.69% 66%
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN $10,204 7.58% 66%
MARCOS, CA
SAN FRANCISCO-SAN $11,131 8.00% 59%
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA $10,276 7.17% 63%
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA $10,250 8.45% 61%
SEATTLE-TACOMA-BELLEVUE, WA $6,130 8.70% 69%
OTHER $5,797 9.41% 64%
Source: National Apartment Association 2006 Survey of Operating
Income & Expenses in Rental Apartment Communities
[c] 2006 by National Apartment Association. This table may be used,
copied, and/or distributed only in accordance with the License
Agreement and may not be posted on the Internet.
Net Operating Income and Economic Losses Rates
BY REGION AND METROPOLITAN AREA
INDIVIDUALLY METERED MARKET RENT GARDEN PROPERTIES
DOLLARS PER SQUARE FOOT
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
TOTAL MARKET RENT 2,609 667,951 889
REGION I 195 43,996 873
BALTIMORE-TOWSON, MD 40 8,242 787
BOSTON-CAMBRIDGE-QUINCY, 12 2,869 918
MA-NH
HARTFORD-WEST HARTFORD-EAST 3 825 1,027
HARTFORD, CT
NEW HAVEN-MILFORD, CT 16 2,294 781
NEW YORK, NY 6 1,829 849
NORTHERN NEW JERSEY MSA'S 3 1,250 947
PHILADELPHIA-CAMDEN- 4 776 781
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA 11 1,258 810
RICHMOND, VA 16 5,194 846
VIRGINIA BEACH-NORFOLK- 10 2,703 954
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- 45 12,549 895
ALEXANDRIA, DC-MD-VA-WV
OTHER 29 4,207 972
REGION II 936 215,517 939
ATLANTA-SANDY 196 57,586 1,013
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL 10 1,993 861
CHARLOTTE-GASTONIO-CONCORD, 52 12,304 962
NC-SC
CHATTANOOGA, TN-GA 10 1,670 979
COLUMBIA, SC 17 4,981 806
DAYTONA, FL 12 1,196 743
FT. LAUDERDALE-POMPANO 10 3,749 865
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 29 6,323 938
POINT, NC
GREENVILLE, SC 16 3,496 949
JACKSONVILLE, FL MSA 50 14,050 923
KNOXVILLE, TN 10 1,684 923
LEXINGTON-FAYETTE, KY 18 3,327 834
LOUISVILLE, KY-IN 17 2,620 801
MACON, GA 15 1,983 925
MEMPHIS, TN-AR 48 14,020 933
MIAMI-MIAMI BEACH-KENDALL, FL 29 6,909 953
NASHVILLE, TN 37 11,228 861
ORLANDO, FL 69 18,539 954
RALEIGH-DURHAM, NC MSA's 50 13,968 921
SARASOTA-BRADENTON-VENICE, FL 12 2,429 780
SAVANNAH, GA 10 1,423 863
TALLAHASSEE, FL 11 2,170 841
TAMPA-ST. PETERSBURG- 51 14,031 891
CLEARWATER, FL
WEST PALM BEACH-BOCA 31 7,171 1,038
RATON-BOYNTON BEACH, FL
OTHER 126 26,667 905
REGION III 307 54,898 869
BLOOMINGTON, IN 6 623 660
CHICAGO-NAPERVILLE-JOLIET, 33 11,423 976
IL-IN-WI
CINCINNATI-MIDDLETON, 23 3,883 1,086
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH 10 832 591
COLUMBUS, OH 52 6,410 750
DAYTON, OH 17 1,407 669
DETROIT-WARREN-LIVONIA, MI 39 4,715 774
INDIANAPOLIS, IN 55 11,550 799
MINNEAPOLIS-ST. 13 2,782 994
PAUL-BLOOMINGTON, MN-WI
OTHER 59 11,273 890
REGION IV 612 174,901 837
AUSTIN-ROUND ROCK, TX 84 23,214 842
DALLAS-PLANO-IRVING, TX 219 67,026 851
FT. WORTH-ARLINGTON, TX 76 21,770 828
HOUSTON-BAYTOWN-SUGARLAND, TX 119 36,595 830
LITTLE ROCK-NORTH LITTLE 18 3,899 877
ROCK, AR
SAN ANTONIO, TX 48 12,095 787
TULSA, OK 14 3,709 794
OTHER 34 6,593 845
REGION V 145 44,284 880
ALBUQUERQUE, NM 11 2,364 862
COLORADO SPRINGS, CO 7 1,606 851
DENVER-AURORA-BOULDER, CO 74 23,177 903
KANSAS CITY, MO-KS 13 4,488 914
SALT LAKE CITY 8 3,003 767
ST. LOUIS, MO-IL 16 6,263 869
OTHER 16 3,383 821
REGION VI 414 114,355 886
LOS ANGELES-LONG 40 9,752 849
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, 23 5,758 853
CA MSA
PHOENIX-MESA 79 24,112 909
PORTLAND-VANCOUVER-BEAVERTON, 28 7,959 966
OR-WA
RIVERSIDE-SAN 18 5,284 808
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN 11 3,084 902
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN 38 10,816 869
MARCOS, CA
SAN FRANCISCO-SAN 19 4,992 885
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA 8 1,964 887
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA 56 17,173 878
SEATTLE-TACOMA-BELLEVUE, WA 64 16,425 914
OTHER 30 7,036 832
Gross Total
Potential Rent
Rent Revenue
Revenue Collected
TOTAL MARKET RENT $10.63 $9.37
REGION I $13.65 $12.44
BALTIMORE-TOWSON, MD $12.90 $11.95
BOSTON-CAMBRIDGE-QUINCY, $16.10 $14.17
MA-NH
HARTFORD-WEST HARTFORD-EAST $10.28 $9.23
HARTFORD, CT
NEW HAVEN-MILFORD, CT $14.29 $12.85
NEW YORK, NY $19.97 $18.54
NORTHERN NEW JERSEY MSA'S $19.87 $18.64
PHILADELPHIA-CAMDEN- $16.60 $15.11
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA $12.01 $10.60
RICHMOND, VA $9.80 $8.65
VIRGINIA BEACH-NORFOLK- $11.62 $10.91
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- $14.70 $13.44
ALEXANDRIA, DC-MD-VA-WV
OTHER $11.95 $10.79
REGION II $9.44 $8.37
ATLANTA-SANDY $9.48 $8.07
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL $11.14 $10.46
CHARLOTTE-GASTONIO-CONCORD, $8.67 $7.74
NC-SC
CHATTANOOGA, TN-GA $7.38 $6.40
COLUMBIA, SC $8.52 $7.62
DAYTONA, FL $10.71 $9.53
FT. LAUDERDALE-POMPANO $13.16 $12.19
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $8.21 $7.31
POINT, NC
GREENVILLE, SC $8.01 $6.89
JACKSONVILLE, FL MSA $9.69 $8.72
KNOXVILLE, TN $8.09 $7.27
LEXINGTON-FAYETTE, KY $9.28 $8.05
LOUISVILLE, KY-IN $9.88 $8.10
MACON, GA $7.94 $7.11
MEMPHIS, TN-AR $7.86 $6.64
MIAMI-MIAMI BEACH-KENDALL, FL $12.45 $11.70
NASHVILLE, TN $9.79 $8.68
ORLANDO, FL $9.48 $8.79
RALEIGH-DURHAM, NC MSA's $8.77 $7.58
SARASOTA-BRADENTON-VENICE, FL $11.72 $10.78
SAVANNAH, GA $9.76 $8.61
TALLAHASSEE, FL $11.22 $9.58
TAMPA-ST. PETERSBURG- $10.24 $9.50
CLEARWATER, FL
WEST PALM BEACH-BOCA $12.00 $11.12
RATON-BOYNTON BEACH, FL
OTHER $8.61 $7.75
REGION III $9.59 $8.26
BLOOMINGTON, IN $9.59 $8.34
CHICAGO-NAPERVILLE-JOLIET, $12.16 $10.57
IL-IN-WI
CINCINNATI-MIDDLETON, $7.62 $6.59
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH $11.15 $9.59
COLUMBUS, OH $9.13 $7.81
DAYTON, OH $9.60 $8.37
DETROIT-WARREN-LIVONIA, MI $11.07 $9.51
INDIANAPOLIS, IN $8.73 $7.61
MINNEAPOLIS-ST. $10.97 $9.37
PAUL-BLOOMINGTON, MN-WI
OTHER $7.57 $6.36
REGION IV $9.84 $8.32
AUSTIN-ROUND ROCK, TX $10.26 $9.00
DALLAS-PLANO-IRVING, TX $10.44 $8.61
FT. WORTH-ARLINGTON, TX $9.50 $8.04
HOUSTON-BAYTOWN-SUGARLAND, TX $9.30 $7.93
LITTLE ROCK-NORTH LITTLE $8.75 $7.90
ROCK, AR
SAN ANTONIO, TX $9.38 $8.02
TULSA, OK $9.49 $8.40
OTHER $7.81 $6.76
REGION V $10.24 $8.69
ALBUQUERQUE, NM $9.34 $8.50
COLORADO SPRINGS, CO $11.06 $8.64
DENVER-AURORA-BOULDER, CO $11.16 $9.37
KANSAS CITY, MO-KS $8.81 $7.92
SALT LAKE CITY $8.58 $7.78
ST. LOUIS, MO-IL $9.84 $8.13
OTHER $7.74 $6.63
REGION VI $13.85 $12.66
LOS ANGELES-LONG $19.33 $18.03
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, $17.51 $16.39
CA MSA
PHOENIX-MESA $9.70 $8.62
PORTLAND-VANCOUVER-BEAVERTON, $9.21 $8.36
OR-WA
RIVERSIDE-SAN $14.15 $12.76
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN $12.26 $11.20
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN $17.57 $16.24
MARCOS, CA
SAN FRANCISCO-SAN $19.56 $17.90
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA $18.17 $16.87
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA $17.53 $16.04
SEATTLE-TACOMA-BELLEVUE, WA $11.04 $10.08
OTHER $11.36 $10.29
REVENUE LOSSES TO
Vacancies Collections Concessions
TOTAL MARKET RENT $0.76 $0.08 $0.42
REGION I $0.82 $0.09 $0.30
BALTIMORE-TOWSON, MD $0.64 $0.09 $0.22
BOSTON-CAMBRIDGE-QUINCY, $1.25 $0.11 $0.57
MA-NH
HARTFORD-WEST HARTFORD-EAST $0.80 $0.05 $0.20
HARTFORD, CT
NEW HAVEN-MILFORD, CT $1.00 $0.07 $0.36
NEW YORK, NY $0.80 $0.16 $0.47
NORTHERN NEW JERSEY MSA'S $0.98 $0.04 $0.21
PHILADELPHIA-CAMDEN- $1.04 $0.04 $0.41
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA $0.92 $0.03 $0.47
RICHMOND, VA $0.81 $0.11 $0.24
VIRGINIA BEACH-NORFOLK- $0.52 $0.11 $0.08
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- $0.85 $0.10 $0.31
ALEXANDRIA, DC-MD-VA-WV
OTHER $0.74 $0.07 $0.35
REGION II $0.62 $0.08 $0.38
ATLANTA-SANDY $0.69 $0.08 $0.64
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL $0.38 $0.05 $0.25
CHARLOTTE-GASTONIO-CONCORD, $0.50 $0.08 $0.35
NC-SC
CHATTANOOGA, TN-GA $0.59 $0.04 $0.36
COLUMBIA, SC $0.59 $0.06 $0.26
DAYTONA, FL $0.80 $0.05 $0.33
FT. LAUDERDALE-POMPANO $0.67 $0.07 $0.22
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $0.62 $0.08 $0.20
POINT, NC
GREENVILLE, SC $0.68 $0.10 $0.35
JACKSONVILLE, FL MSA $0.64 $0.08 $0.24
KNOXVILLE, TN $0.61 $0.04 $0.17
LEXINGTON-FAYETTE, KY $0.77 $0.05 $0.42
LOUISVILLE, KY-IN $1.44 $0.08 $0.27
MACON, GA $0.50 $0.07 $0.26
MEMPHIS, TN-AR $0.71 $0.20 $0.31
MIAMI-MIAMI BEACH-KENDALL, FL $0.52 $0.07 $0.16
NASHVILLE, TN $0.59 $0.07 $0.44
ORLANDO, FL $0.43 $0.05 $0.21
RALEIGH-DURHAM, NC MSA's $0.67 $0.08 $0.44
SARASOTA-BRADENTON-VENICE, FL $0.52 $0.10 $0.32
SAVANNAH, GA $0.87 $0.08 $0.20
TALLAHASSEE, FL $0.91 $0.03 $0.68
TAMPA-ST. PETERSBURG- $0.48 $0.05 $0.19
CLEARWATER, FL
WEST PALM BEACH-BOCA $0.65 $0.07 $0.15
RATON-BOYNTON BEACH, FL
OTHER $0.51 $0.07 $0.27
REGION III $0.80 $0.08 $0.46
BLOOMINGTON, IN $0.79 $0.11 $0.34
CHICAGO-NAPERVILLE-JOLIET, $0.82 $0.08 $0.69
IL-IN-WI
CINCINNATI-MIDDLETON, $0.50 $0.09 $0.44
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH $1.14 $0.11 $0.31
COLUMBUS, OH $0.90 $0.08 $0.34
DAYTON, OH $0.87 $0.06 $0.30
DETROIT-WARREN-LIVONIA, MI $0.89 $0.10 $0.56
INDIANAPOLIS, IN $0.81 $0.08 $0.23
MINNEAPOLIS-ST. $0.84 $0.04 $0.72
PAUL-BLOOMINGTON, MN-WI
OTHER $0.75 $0.07 $0.39
REGION IV $0.86 $0.08 $0.57
AUSTIN-ROUND ROCK, TX $0.69 $0.05 $0.52
DALLAS-PLANO-IRVING, TX $0.96 $0.09 $0.77
FT. WORTH-ARLINGTON, TX $0.84 $0.11 $0.51
HOUSTON-BAYTOWN-SUGARLAND, TX $0.87 $0.09 $0.42
LITTLE ROCK-NORTH LITTLE $0.55 $0.13 $0.18
ROCK, AR
SAN ANTONIO, TX $0.82 $0.08 $0.45
TULSA, OK $0.84 $0.03 $0.23
OTHER $0.70 $0.07 $0.28
REGION V $0.94 $0.07 $0.54
ALBUQUERQUE, NM $0.62 $0.03 $0.19
COLORADO SPRINGS, CO $1.12 $0.08 $1.23
DENVER-AURORA-BOULDER, CO $1.02 $0.07 $0.70
KANSAS CITY, MO-KS $0.61 $0.07 $0.21
SALT LAKE CITY $0.55 $0.05 $0.20
ST. LOUIS, MO-IL $1.25 $0.09 $0.37
OTHER $0.74 $0.04 $0.34
REGION VI $0.81 $0.07 $0.31
LOS ANGELES-LONG $0.97 $0.11 $0.23
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, $0.79 $0.08 $0.25
CA MSA
PHOENIX-MESA $0.62 $0.04 $0.42
PORTLAND-VANCOUVER-BEAVERTON, $0.56 $0.06 $0.23
OR-WA
RIVERSIDE-SAN $1.06 $0.07 $0.26
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN $0.76 $0.08 $0.23
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN $0.99 $0.09 $0.25
MARCOS, CA
SAN FRANCISCO-SAN $1.02 $0.06 $0.48
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA $0.76 $0.12 $0.43
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA $1.12 $0.07 $0.30
SEATTLE-TACOMA-BELLEVUE, WA $0.66 $0.05 $0.25
OTHER $0.72 $0.07 $0.28
Total Total
Other Revenue Operating
Revenue Collected Expenses
TOTAL MARKET RENT $0.61 $9.98 $4.25
REGION I $0.62 $13.06 $4.68
BALTIMORE-TOWSON, MD $0.52 $12.47 $4.79
BOSTON-CAMBRIDGE-QUINCY, $0.56 $14.74 $5.45
MA-NH
HARTFORD-WEST HARTFORD-EAST $0.61 $9.83 $4.45
HARTFORD, CT
NEW HAVEN-MILFORD, CT $0.63 $13.48 $5.89
NEW YORK, NY $0.74 $19.28 $7.55
NORTHERN NEW JERSEY MSA'S $0.71 $19.35 $6.37
PHILADELPHIA-CAMDEN- $0.55 $15.66 $6.39
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA $0.68 $11.28 $4.42
RICHMOND, VA $0.66 $9.31 $3.76
VIRGINIA BEACH-NORFOLK- $0.82 $11.73 $3.84
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- $0.51 $13.95 $4.39
ALEXANDRIA, DC-MD-VA-WV
OTHER $0.89 $11.68 $4.04
REGION II $0.56 $8.93 $3.86
ATLANTA-SANDY $0.48 $8.55 $3.63
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL $0.85 $11.31 $5.08
CHARLOTTE-GASTONIO-CONCORD, $0.52 $8.26 $3.48
NC-SC
CHATTANOOGA, TN-GA $1.60 $7.99 $3.45
COLUMBIA, SC $0.75 $8.36 $4.11
DAYTONA, FL $0.63 $10.16 $4.72
FT. LAUDERDALE-POMPANO $2.03 $14.23 $5.56
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $0.53 $7.84 $3.22
POINT, NC
GREENVILLE, SC $0.65 $7.53 $3.74
JACKSONVILLE, FL MSA $0.46 $9.19 $3.89
KNOXVILLE, TN $1.49 $8.76 $3.51
LEXINGTON-FAYETTE, KY $0.44 $8.49 $3.69
LOUISVILLE, KY-IN $0.64 $8.74 $3.76
MACON, GA $0.28 $7.39 $3.56
MEMPHIS, TN-AR $0.49 $7.13 $3.97
MIAMI-MIAMI BEACH-KENDALL, FL $0.66 $12.37 $5.09
NASHVILLE, TN $0.48 $9.16 $3.83
ORLANDO, FL $0.58 $9.37 $3.81
RALEIGH-DURHAM, NC MSA's $0.43 $8.01 $3.60
SARASOTA-BRADENTON-VENICE, FL $0.66 $11.44 $4.68
SAVANNAH, GA $0.65 $9.27 $3.85
TALLAHASSEE, FL $0.64 $10.22 $4.41
TAMPA-ST. PETERSBURG- $0.74 $10.25 $4.32
CLEARWATER, FL
WEST PALM BEACH-BOCA $0.69 $11.81 $4.72
RATON-BOYNTON BEACH, FL
OTHER $0.43 $8.19 $3.64
REGION III $0.57 $8.82 $4.18
BLOOMINGTON, IN $1.99 $10.33 $4.14
CHICAGO-NAPERVILLE-JOLIET, $0.73 $11.30 $4.86
IL-IN-WI
CINCINNATI-MIDDLETON, $0.24 $6.83 $3.22
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH $0.78 $10.36 $4.34
COLUMBUS, OH $0.52 $8.33 $4.02
DAYTON, OH $0.57 $8.94 $4.13
DETROIT-WARREN-LIVONIA, MI $0.59 $10.11 $5.00
INDIANAPOLIS, IN $0.61 $8.21 $4.05
MINNEAPOLIS-ST. $0.54 $9.91 $4.25
PAUL-BLOOMINGTON, MN-WI
OTHER $0.43 $6.79 $3.68
REGION IV $0.61 $8.93 $4.58
AUSTIN-ROUND ROCK, TX $0.66 $9.66 $5.06
DALLAS-PLANO-IRVING, TX $0.66 $9.28 $4.69
FT. WORTH-ARLINGTON, TX $0.68 $8.73 $4.50
HOUSTON-BAYTOWN-SUGARLAND, TX $0.48 $8.41 $4.36
LITTLE ROCK-NORTH LITTLE $0.33 $8.23 $3.93
ROCK, AR
SAN ANTONIO, TX $0.70 $8.72 $4.76
TULSA, OK $0.38 $8.78 $3.92
OTHER $0.44 $7.19 $3.61
REGION V $0.64 $9.32 $3.86
ALBUQUERQUE, NM $0.52 $9.02 $3.79
COLORADO SPRINGS, CO $0.86 $9.50 $4.30
DENVER-AURORA-BOULDER, CO $0.67 $10.04 $3.96
KANSAS CITY, MO-KS $0.69 $8.61 $3.49
SALT LAKE CITY $0.62 $8.39 $3.99
ST. LOUIS, MO-IL $0.65 $8.79 $3.78
OTHER $0.32 $6.95 $3.48
REGION VI $0.74 $13.41 $4.63
LOS ANGELES-LONG $0.69 $18.72 $5.83
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, $0.52 $16.91 $5.78
CA MSA
PHOENIX-MESA $0.76 $9.37 $3.64
PORTLAND-VANCOUVER-BEAVERTON, $0.64 $9.00 $3.60
OR-WA
RIVERSIDE-SAN $0.61 $13.37 $4.90
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN $0.62 $11.81 $4.12
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN $0.84 $17.08 $5.34
MARCOS, CA
SAN FRANCISCO-SAN $0.32 $18.31 $5.73
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA $0.04 $16.91 $5.33
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA $1.01 $17.06 $5.38
SEATTLE-TACOMA-BELLEVUE, WA $0.71 $10.80 $4.09
OTHER $1.00 $11.29 $4.32
Net
Operating Operating Economic
Income Losses Turnover
NOI as a % Rate
TOTAL MARKET RENT $5.73 11.87% 61%
REGION I $8.38 8.87% 53%
BALTIMORE-TOWSON, MD $7.68 7.32% 35%
BOSTON-CAMBRIDGE-QUINCY, $9.29 11.97% 63%
MA-NH
HARTFORD-WEST HARTFORD-EAST $5.38 10.28% 48%
HARTFORD, CT
NEW HAVEN-MILFORD, CT $7.60 10.02% 55%
NEW YORK, NY $11.73 7.17% 52%
NORTHERN NEW JERSEY MSA'S $12.98 6.20% 55%
PHILADELPHIA-CAMDEN- $9.28 8.94% 51%
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA $6.86 11.79% 47%
RICHMOND, VA $5.55 11.78% 56%
VIRGINIA BEACH-NORFOLK- $7.90 6.17% 64%
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- $9.56 8.56% 56%
ALEXANDRIA, DC-MD-VA-WV
OTHER $7.64 9.70% 59%
REGION II $5.07 11.35% 60%
ATLANTA-SANDY $4.92 14.87% 61%
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL $6.23 6.04% 67%
CHARLOTTE-GASTONIO-CONCORD, $4.77 10.79% 60%
NC-SC
CHATTANOOGA, TN-GA $4.54 13.37% 46%
COLUMBIA, SC $4.25 10.61% 67%
DAYTONA, FL $5.44 11.04% 65%
FT. LAUDERDALE-POMPANO $8.66 7.34% 57%
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH $4.62 10.97% 59%
POINT, NC
GREENVILLE, SC $3.79 14.06% 59%
JACKSONVILLE, FL MSA $5.29 9.99% 58%
KNOXVILLE, TN $5.25 10.20% 59%
LEXINGTON-FAYETTE, KY $4.80 13.33% 55%
LOUISVILLE, KY-IN $4.98 18.03% 59%
MACON, GA $3.82 10.48% 57%
MEMPHIS, TN-AR $3.15 15.49% 51%
MIAMI-MIAMI BEACH-KENDALL, FL $7.27 6.02% 60%
NASHVILLE, TN $5.33 11.29% 64%
ORLANDO, FL $5.55 7.27% 65%
RALEIGH-DURHAM, NC MSA's $4.41 13.57% 58%
SARASOTA-BRADENTON-VENICE, FL $6.76 8.02% 70%
SAVANNAH, GA $5.42 11.72% 74%
TALLAHASSEE, FL $5.81 14.56% 68%
TAMPA-ST. PETERSBURG- $5.93 7.14% 63%
CLEARWATER, FL
WEST PALM BEACH-BOCA $7.09 7.28% 64%
RATON-BOYNTON BEACH, FL
OTHER $4.55 9.89% 59%
REGION III $4.65 13.87% 59%
BLOOMINGTON, IN $6.19 13.00% 70%
CHICAGO-NAPERVILLE-JOLIET, $6.44 13.08% 59%
IL-IN-WI
CINCINNATI-MIDDLETON, $3.61 13.54% 51%
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH $6.02 14.03% 61%
COLUMBUS, OH $4.31 14.43% 61%
DAYTON, OH $4.81 12.81% 67%
DETROIT-WARREN-LIVONIA, MI $5.10 14.05% 50%
INDIANAPOLIS, IN $4.16 12.81% 62%
MINNEAPOLIS-ST. $5.65 14.60% 59%
PAUL-BLOOMINGTON, MN-WI
OTHER $3.11 15.97% 59%
REGION IV $4.35 15.39% 64%
AUSTIN-ROUND ROCK, TX $4.60 12.32% 64%
DALLAS-PLANO-IRVING, TX $4.59 17.46% 62%
FT. WORTH-ARLINGTON, TX $4.22 15.33% 68%
HOUSTON-BAYTOWN-SUGARLAND, TX $4.04 14.81% 62%
LITTLE ROCK-NORTH LITTLE $4.30 9.79% 57%
ROCK, AR
SAN ANTONIO, TX $3.96 14.45% 70%
TULSA, OK $4.86 11.53% 73%
OTHER $3.58 13.50% 65%
REGION V $5.47 15.14% 61%
ALBUQUERQUE, NM $5.23 9.03% 67%
COLORADO SPRINGS, CO $5.20 21.91% 73%
DENVER-AURORA-BOULDER, CO $6.08 16.03% 64%
KANSAS CITY, MO-KS $5.12 10.13% 59%
SALT LAKE CITY $4.40 9.34% 48%
ST. LOUIS, MO-IL $5.01 17.36% 61%
OTHER $3.47 14.41% 47%
REGION VI $8.78 8.57% 65%
LOS ANGELES-LONG $12.88 6.74% 60%
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, $11.14 6.37% 60%
CA MSA
PHOENIX-MESA $5.73 11.23% 67%
PORTLAND-VANCOUVER-BEAVERTON, $5.40 9.19% 69%
OR-WA
RIVERSIDE-SAN $8.47 9.83% 65%
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN $7.69 8.69% 66%
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN $11.74 7.58% 66%
MARCOS, CA
SAN FRANCISCO-SAN $12.58 8.00% 59%
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA $11.58 7.17% 63%
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA $11.68 8.45% 61%
SEATTLE-TACOMA-BELLEVUE, WA $6.70 8.70% 69%
OTHER $6.97 9.41% 64%
Source: National Apartment Association 2006 Survey of Operating
Income & Expenses in Rental Apartment Communities
[c] 2006 by National Apartment Association. This table may be used,
copied, and/or distributed only in accordance with the License
Agreement and may not be posted on the Internet.
Net Operating Income and Economic Losses Rates
BY REGION AND METROPOLITAN AREA
INDIVIDUALLY METERED MARKET RENT GARDEN PROPERTIES
PERCENTAGE OF GROSS POTENTIAL RENT
Total Total Average
No. of No. of Sq. Ft.
Properties Units Per Unit
TOTAL MARKET RENT 2,609 667,951 889
REGION I 195 43,996 873
BALTIMORE-TOWSON, MD 40 8,242 787
BOSTON-CAMBRIDGE-QUINCY, 12 2,869 918
MA-NH
HARTFORD-WEST HARTFORD-EAST 3 825 1,027
HARTFORD, CT
NEW HAVEN-MILFORD, CT 16 2,294 781
NEW YORK, NY 6 1,829 849
NORTHERN NEW JERSEY MSA'S 3 1,250 947
PHILADELPHIA-CAMDEN- 4 776 781
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA 11 1,258 810
RICHMOND, VA 16 5,194 846
VIRGINIA BEACH-NORFOLK- 10 2,703 954
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- 45 12,549 895
ALEXANDRIA, DC-MD-VA-WV
OTHER 29 4,207 972
REGION II 936 215,517 939
ATLANTA-SANDY 196 57,586 1,013
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL 10 1,993 861
CHARLOTTE-GASTONIO-CONCORD, 52 12,304 962
NC-SC
CHATTANOOGA, TN-GA 10 1,670 979
COLUMBIA, SC 17 4,981 806
DAYTONA, FL 12 1,196 743
FT. LAUDERDALE-POMPANO 10 3,749 865
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 29 6,323 938
POINT, NC
GREENVILLE, SC 16 3,496 949
JACKSONVILLE, FL MSA 50 14,050 923
KNOXVILLE, TN 10 1,684 923
LEXINGTON-FAYETTE, KY 18 3,327 834
LOUISVILLE, KY-IN 17 2,620 801
MACON, GA 15 1,983 925
MEMPHIS, TN-AR 48 14,020 933
MIAMI-MIAMI BEACH-KENDALL, FL 29 6,909 953
NASHVILLE, TN 37 11,228 861
ORLANDO, FL 69 18,539 954
RALEIGH-DURHAM, NC MSA's 50 13,968 921
SARASOTA-BRADENTON-VENICE, FL 12 2,429 780
SAVANNAH, GA 10 1,423 863
TALLAHASSEE, FL 11 2,170 841
TAMPA-ST. PETERSBURG- 51 14,031 891
CLEARWATER, FL
WEST PALM BEACH-BOCA 31 7,171 1,038
RATON-BOYNTON BEACH, FL
OTHER 126 26,667 905
REGION III 307 54,898 869
BLOOMINGTON, IN 6 623 660
CHICAGO-NAPERVILLE-JOLIET, 33 11,423 976
IL-IN-WI
CINCINNATI-MIDDLETON, 23 3,883 1,086
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH 10 832 591
COLUMBUS, OH 52 6,410 750
DAYTON, OH 17 1,407 669
DETROIT-WARREN-LIVONIA, MI 39 4,715 774
INDIANAPOLIS, IN 55 11,550 799
MINNEAPOLIS-ST. 13 2,782 994
PAUL-BLOOMINGTON, MN-WI
OTHER 59 11,273 890
REGION IV 612 174,901 837
AUSTIN-ROUND ROCK, TX 84 23,214 842
DALLAS-PLANO-IRVING, TX 219 67,026 851
FT. WORTH-ARLINGTON, TX 76 21,770 828
HOUSTON-BAYTOWN-SUGARLAND, TX 119 36,595 830
LITTLE ROCK-NORTH LITTLE 18 3,899 877
ROCK, AR
SAN ANTONIO, TX 48 12,095 787
TULSA, OK 14 3,709 794
OTHER 34 6,593 845
REGION V 145 44,284 880
ALBUQUERQUE, NM 11 2,364 862
COLORADO SPRINGS, CO 7 1,606 851
DENVER-AURORA-BOULDER, CO 74 23,177 903
KANSAS CITY, MO-KS 13 4,488 914
SALT LAKE CITY 8 3,003 767
ST. LOUIS, MO-IL 16 6,263 869
OTHER 16 3,383 821
REGION VI 414 114,355 886
LOS ANGELES-LONG 40 9,752 849
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, 23 5,758 853
CA MSA
PHOENIX-MESA 79 24,112 909
PORTLAND-VANCOUVER-BEAVERTON, 28 7,959 966
OR-WA
RIVERSIDE-SAN 18 5,284 808
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN 11 3,084 902
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN 38 10,816 869
MARCOS, CA
SAN FRANCISCO-SAN 19 4,992 885
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA 8 1,964 887
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA 56 17,173 878
SEATTLE-TACOMA-BELLEVUE, WA 64 16,425 914
OTHER 30 7,036 832
Gross Total
Potential Rent
Rent Revenue
Revenue Collected
TOTAL MARKET RENT 100.0% 88.1%
REGION I 100.0% 91.1%
BALTIMORE-TOWSON, MD 100.0% 92.7%
BOSTON-CAMBRIDGE-QUINCY, 100.0% 88.0%
MA-NH
HARTFORD-WEST HARTFORD-EAST 100.0% 89.7%
HARTFORD, CT
NEW HAVEN-MILFORD, CT 100.0% 90.0%
NEW YORK, NY 100.0% 92.8%
NORTHERN NEW JERSEY MSA'S 100.0% 93.8%
PHILADELPHIA-CAMDEN- 100.0% 91.1%
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA 100.0% 88.2%
RICHMOND, VA 100.0% 88.2%
VIRGINIA BEACH-NORFOLK- 100.0% 93.8%
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- 100.0% 91.4%
ALEXANDRIA, DC-MD-VA-WV
OTHER 100.0% 90.3%
REGION II 100.0% 88.7%
ATLANTA-SANDY 100.0% 85.1%
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL 100.0% 94.0%
CHARLOTTE-GASTONIO-CONCORD, 100.0% 89.2%
NC-SC
CHATTANOOGA, TN-GA 100.0% 86.6%
COLUMBIA, SC 100.0% 89.4%
DAYTONA, FL 100.0% 89.0%
FT. LAUDERDALE-POMPANO 100.0% 92.7%
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 100.0% 89.0%
POINT, NC
GREENVILLE, SC 100.0% 85.9%
JACKSONVILLE, FL MSA 100.0% 90.0%
KNOXVILLE, TN 100.0% 89.8%
LEXINGTON-FAYETTE, KY 100.0% 86.7%
LOUISVILLE, KY-IN 100.0% 82.0%
MACON, GA 100.0% 89.5%
MEMPHIS, TN-AR 100.0% 84.5%
MIAMI-MIAMI BEACH-KENDALL, FL 100.0% 94.0%
NASHVILLE, TN 100.0% 88.7%
ORLANDO, FL 100.0% 82.7%
RALEIGH-DURHAM, NC MSA's 100.0% 86.4%
SARASOTA-BRADENTON-VENICE, FL 100.0% 92.0%
SAVANNAH, GA 100.0% 88.3%
TALLAHASSEE, FL 100.0% 85.4%
TAMPA-ST. PETERSBURG- 100.0% 92.9%
CLEARWATER, FL
WEST PALM BEACH-BOCA 100.0% 92.7%
RATON-BOYNTON BEACH, FL
OTHER 100.0% 90.1%
REGION III 100.0% 86.1%
BLOOMINGTON, IN 100.0% 87.0%
CHICAGO-NAPERVILLE-JOLIET, 100.0% 86.9%
IL-IN-WI
CINCINNATI-MIDDLETON, 100.0% 86.5%
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH 100.0% 86.0%
COLUMBUS, OH 100.0% 85.6%
DAYTON, OH 100.0% 87.2%
DETROIT-WARREN-LIVONIA, MI 100.0% 85.9%
INDIANAPOLIS, IN 100.0% 87.2%
MINNEAPOLIS-ST. 100.0% 85.4%
PAUL-BLOOMINGTON, MN-WI
OTHER 100.0% 84.0%
REGION IV 100.0% 84.6%
AUSTIN-ROUND ROCK, TX 100.0% 87.7%
DALLAS-PLANO-IRVING, TX 100.0% 82.5%
FT. WORTH-ARLINGTON, TX 100.0% 84.7%
HOUSTON-BAYTOWN-SUGARLAND, TX 100.0% 85.2%
LITTLE ROCK-NORTH LITTLE 100.0% 90.2%
ROCK, AR
SAN ANTONIO, TX 100.0% 85.6%
TULSA, OK 100.0% 88.5%
OTHER 100.0% 86.5%
REGION V 100.0% 84.9%
ALBUQUERQUE, NM 100.0% 91.0%
COLORADO SPRINGS, CO 100.0% 78.1%
DENVER-AURORA-BOULDER, CO 100.0% 84.0%
KANSAS CITY, MO-KS 100.0% 89.9%
SALT LAKE CITY 100.0% 90.7%
ST. LOUIS, MO-IL 100.0% 82.6%
OTHER 100.0% 85.6%
REGION VI 100.0% 91.4%
LOS ANGELES-LONG 100.0% 93.3%
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, 100.0% 93.6%
CA MSA
PHOENIX-MESA 100.0% 88.8%
PORTLAND-VANCOUVER-BEAVERTON, 100.0% 90.8%
OR-WA
RIVERSIDE-SAN 100.0% 90.2%
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN 100.0% 91.3%
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN 100.0% 92.4%
MARCOS, CA
SAN FRANCISCO-SAN 100.0% 92.0%
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA 100.0% 92.8%
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA 100.0% 91.5%
SEATTLE-TACOMA-BELLEVUE, WA 100.0% 91.3%
OTHER 100.0% 90.6%
REVENUE LOSSES TO
Vacancies Collections Concessions
TOTAL MARKET RENT 7.1% 0.7% 4.0%
REGION I 6.0% 0.7% 2.2%
BALTIMORE-TOWSON, MD 5.0% 0.7% 1.7%
BOSTON-CAMBRIDGE-QUINCY, 7.7% 0.7% 3.5%
MA-NH
HARTFORD-WEST HARTFORD-EAST 7.8% 0.5% 2.0%
HARTFORD, CT
NEW HAVEN-MILFORD, CT 7.0% 0.5% 2.5%
NEW YORK, NY 4.0% 0.8% 2.4%
NORTHERN NEW JERSEY MSA'S 4.9% 0.2% 1.1%
PHILADELPHIA-CAMDEN- 6.2% 0.2% 2.5%
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA 7.6% 0.3% 3.9%
RICHMOND, VA 8.3% 1.1% 2.4%
VIRGINIA BEACH-NORFOLK- 4.5% 1.0% 0.7%
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- 5.8% 0.7% 2.1%
ALEXANDRIA, DC-MD-VA-WV
OTHER 6.2% 0.6% 2.9%
REGION II 6.5% 0.8% 4.0%
ATLANTA-SANDY 7.3% 0.9% 6.7%
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL 3.4% 0.4% 2.2%
CHARLOTTE-GASTONIO-CONCORD, 5.8% 1.0% 4.0%
NC-SC
CHATTANOOGA, TN-GA 7.9% 0.6% 4.9%
COLUMBIA, SC 6.9% 0.7% 3.0%
DAYTONA, FL 7.5% 0.5% 3.1%
FT. LAUDERDALE-POMPANO 5.1% 0.5% 1.7%
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 7.5% 1.0% 2.5%
POINT, NC
GREENVILLE, SC 8.4% 1.3% 4.4%
JACKSONVILLE, FL MSA 6.6% 0.8% 2.5%
KNOXVILLE, TN 7.6% 0.5% 2.1%
LEXINGTON-FAYETTE, KY 8.3% 0.5% 4.5%
LOUISVILLE, KY-IN 14.6% 0.8% 2.7%
MACON, GA 6.2% 0.9% 3.3%
MEMPHIS, TN-AR 9.0% 2.5% 4.0%
MIAMI-MIAMI BEACH-KENDALL, FL 4.2% 0.6% 1.3%
NASHVILLE, TN 6.1% 0.7% 4.5%
ORLANDO, FL 4.6% 0.5% 2.2%
RALEIGH-DURHAM, NC MSA's 7.7% 0.9% 5.0%
SARASOTA-BRADENTON-VENICE, FL 4.5% 0.8% 2.7%
SAVANNAH, GA 8.9% 0.9% 2.0%
TALLAHASSEE, FL 8.2% 0.3% 6.1%
TAMPA-ST. PETERSBURG- 4.7% 0.5% 1.9%
CLEARWATER, FL
WEST PALM BEACH-BOCA 5.4% 0.6% 1.3%
RATON-BOYNTON BEACH, FL
OTHER 5.9% 0.8% 3.2%
REGION III 8.3% 0.8% 4.8%
BLOOMINGTON, IN 8.3% 1.2% 3.6%
CHICAGO-NAPERVILLE-JOLIET, 6.8% 0.6% 5.7%
IL-IN-WI
CINCINNATI-MIDDLETON, 6.6% 1.2% 5.7%
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH 10.2% 1.0% 2.8%
COLUMBUS, OH 9.9% 0.8% 3.7%
DAYTON, OH 9.0% 0.7% 3.1%
DETROIT-WARREN-LIVONIA, MI 8.1% 0.9% 5.0%
INDIANAPOLIS, IN 9.3% 9.0% 2.6%
MINNEAPOLIS-ST. 7.7% 0.3% 6.6%
PAUL-BLOOMINGTON, MN-WI
OTHER 9.9% 1.0% 5.1%
REGION IV 8.7% 0.9% 5.8%
AUSTIN-ROUND ROCK, TX 6.8% 0.5% 5.7%
DALLAS-PLANO-IRVING, TX 9.2% 0.8% 7.4%
FT. WORTH-ARLINGTON, TX 8.8% 1.1% 5.4%
HOUSTON-BAYTOWN-SUGARLAND, TX 9.3% 0.9% 4.5%
LITTLE ROCK-NORTH LITTLE 6.3% 1.5% 2.0%
ROCK, AR
SAN ANTONIO, TX 8.8% 0.9% 4.8%
TULSA, OK 8.9% 0.3% 2.4%
OTHER 9.0% 0.9% 3.6%
REGION V 9.2% 0.7% 5.3%
ALBUQUERQUE, NM 6.7% 0.3% 2.0%
COLORADO SPRINGS, CO 10.1% 0.7% 11.1%
DENVER-AURORA-BOULDER, CO 9.1% 0.6% 6.3%
KANSAS CITY, MO-KS 7.0% 0.7% 2.4%
SALT LAKE CITY 6.4% 6.0% 2.4%
ST. LOUIS, MO-IL 12.7% 0.9% 3.8%
OTHER 9.5% 0.5% 4.4%
REGION VI 5.9% 0.5% 2.2%
LOS ANGELES-LONG 5.0% 0.5% 1.2%
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, 4.5% 0.4% 1.4%
CA MSA
PHOENIX-MESA 6.4% 0.4% 4.4%
PORTLAND-VANCOUVER-BEAVERTON, 6.1% 0.6% 2.4%
OR-WA
RIVERSIDE-SAN 7.5% 0.5% 1.9%
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN 6.2% 0.6% 1.9%
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN 5.6% 0.5% 1.4%
MARCOS, CA
SAN FRANCISCO-SAN 5.2% 0.3% 2.5%
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA 4.2% 0.6% 2.4%
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA 6.4% 0.4% 1.7%
SEATTLE-TACOMA-BELLEVUE, WA 6.0% 0.5% 2.2%
OTHER 6.3% 0.6% 2.5%
Total Total
Other Revenue Operating
Revenue Collected Expenses
TOTAL MARKET RENT 5.8% 93.9% 40.0%
REGION I 4.6% 95.7% 34.3%
BALTIMORE-TOWSON, MD 4.0% 96.7% 37.2%
BOSTON-CAMBRIDGE-QUINCY, 3.5% 91.5% 33.9%
MA-NH
HARTFORD-WEST HARTFORD-EAST 5.9% 95.6% 43.2%
HARTFORD, CT
NEW HAVEN-MILFORD, CT 4.4% 94.4% 41.2%
NEW YORK, NY 3.7% 96.5% 37.8%
NORTHERN NEW JERSEY MSA'S 3.5% 97.3% 32.1%
PHILADELPHIA-CAMDEN- 3.3% 94.4% 38.5%
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA 5.7% 93.9% 36.8%
RICHMOND, VA 6.7% 95.0% 38.4%
VIRGINIA BEACH-NORFOLK- 7.1% 100.9% 33.0%
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- 3.5% 94.9% 29.9%
ALEXANDRIA, DC-MD-VA-WV
OTHER 7.5% 97.8% 33.8%
REGION II 6.0% 94.6% 40.9%
ATLANTA-SANDY 5.0% 90.2% 38.3%
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL 7.6% 101.6% 45.6%
CHARLOTTE-GASTONIO-CONCORD, 6.0% 95.2% 40.2%
NC-SC
CHATTANOOGA, TN-GA 21.6% 108.2% 46.7%
COLUMBIA, SC 8.8% 98.2% 48.3%
DAYTONA, FL 5.9% 94.8% 44.1%
FT. LAUDERDALE-POMPANO 15.5% 108.1% 42.3%
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 6.5% 95.5% 39.3%
POINT, NC
GREENVILLE, SC 8.1% 94.0% 46.7%
JACKSONVILLE, FL MSA 4.8% 94.8% 40.2%
KNOXVILLE, TN 18.4% 108.3% 43.4%
LEXINGTON-FAYETTE, KY 4.7% 91.4% 39.7%
LOUISVILLE, KY-IN 6.5% 88.5% 38.0%
MACON, GA 3.5% 93.0% 44.9%
MEMPHIS, TN-AR 6.2% 90.7% 50.6%
MIAMI-MIAMI BEACH-KENDALL, FL 5.3% 99.3% 40.9%
NASHVILLE, TN 4.9% 93.6% 39.1%
ORLANDO, FL 6.1% 98.9% 40.2%
RALEIGH-DURHAM, NC MSA's 4.9% 91.4% 41.1%
SARASOTA-BRADENTON-VENICE, FL 5.6% 97.6% 39.9%
SAVANNAH, GA 6.7% 95.0% 39.4%
TALLAHASSEE, FL 5.7% 91.1% 39.3%
TAMPA-ST. PETERSBURG- 7.3% 100.1% 42.2%
CLEARWATER, FL
WEST PALM BEACH-BOCA 5.7% 98.4% 39.3%
RATON-BOYNTON BEACH, FL
OTHER 5.0% 95.1% 42.3%
REGION III 5.9% 92.0% 43.6%
BLOOMINGTON, IN 20.7% 107.7% 43.1%
CHICAGO-NAPERVILLE-JOLIET, 6.0% 93.0% 39.9%
IL-IN-WI
CINCINNATI-MIDDLETON, 3.1% 89.5% 42.2%
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH 7.0% 92.9% 39.0%
COLUMBUS, OH 5.7% 91.2% 44.1%
DAYTON, OH 6.0% 93.2% 43.0%
DETROIT-WARREN-LIVONIA, MI 5.3% 91.3% 45.2%
INDIANAPOLIS, IN 6.9% 94.1% 46.4%
MINNEAPOLIS-ST. 4.9% 90.3% 38.8%
PAUL-BLOOMINGTON, MN-WI
OTHER 5.7% 89.7% 48.7%
REGION IV 6.2% 90.8% 46.5%
AUSTIN-ROUND ROCK, TX 6.5% 94.2% 49.3%
DALLAS-PLANO-IRVING, TX 6.3% 88.9% 44.9%
FT. WORTH-ARLINGTON, TX 7.2% 91.8% 47.4%
HOUSTON-BAYTOWN-SUGARLAND, TX 5.2% 90.4% 46.9%
LITTLE ROCK-NORTH LITTLE 3.8% 94.0% 44.9%
ROCK, AR
SAN ANTONIO, TX 7.4% 93.0% 50.8%
TULSA, OK 4.0% 92.5% 41.3%
OTHER 5.6% 92.1% 46.3%
REGION V 6.2% 91.1% 37.7%
ALBUQUERQUE, NM 5.6% 96.6% 40.6%
COLORADO SPRINGS, CO 7.8% 85.9% 38.9%
DENVER-AURORA-BOULDER, CO 6.0% 89.9% 35.5%
KANSAS CITY, MO-KS 7.8% 97.7% 39.6%
SALT LAKE CITY 7.2% 97.9% 46.5%
ST. LOUIS, MO-IL 6.6% 89.3% 38.4%
OTHER 4.1% 89.7% 44.9%
REGION VI 5.4% 96.8% 33.4%
LOS ANGELES-LONG 3.6% 96.8% 30.2%
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, 3.0% 96.6% 33.0%
CA MSA
PHOENIX-MESA 7.8% 96.6% 37.5%
PORTLAND-VANCOUVER-BEAVERTON, 6.9% 97.7% 39.1%
OR-WA
RIVERSIDE-SAN 4.3% 94.5% 34.6%
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN 5.0% 96.3% 33.6%
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN 4.8% 97.2% 30.4%
MARCOS, CA
SAN FRANCISCO-SAN 1.6% 93.6% 29.3%
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA 0.2% 93.1% 29.3%
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA 5.8% 97.3% 30.7%
SEATTLE-TACOMA-BELLEVUE, WA 6.5% 97.8% 37.1%
OTHER 8.8% 99.4% 38.0%
Net
Operating Operating Economic
Income Losses Turnover
NOI as a % Rate
TOTAL MARKET RENT 53.9% 11.87% 61%
REGION I 61.4% 8.87% 53%
BALTIMORE-TOWSON, MD 59.5% 7.32% 35%
BOSTON-CAMBRIDGE-QUINCY, 57.7% 11.97% 63%
MA-NH
HARTFORD-WEST HARTFORD-EAST 52.4% 10.28% 48%
HARTFORD, CT
NEW HAVEN-MILFORD, CT 53.2% 10.02% 55%
NEW YORK, NY 58.7% 7.17% 52%
NORTHERN NEW JERSEY MSA'S 65.3% 6.20% 55%
PHILADELPHIA-CAMDEN- 55.9% 8.94% 57%
WILMINGTON, PA-NJ-DE-MD
PITTSBURGH, PA 57.1% 11.79% 47%
RICHMOND, VA 56.6% 11.78% 56%
VIRGINIA BEACH-NORFOLK- 67.9% 6.17% 64%
NEWPORT NEWS, VA-NC
WASHINGTON-ARLINGTON- 65.0% 8.56% 56%
ALEXANDRIA, DC-MD-VA-WV
OTHER 63.9% 9.70% 59%
REGION II 53.7% 11.35% 60%
ATLANTA-SANDY 51.9% 14.87% 61%
SPRINGS-MARIETTA, GA
CAPE CORAL-FORT MYERS, FL 55.9% 6.04% 67%
CHARLOTTE-GASTONIO-CONCORD, 55.0% 10.79% 60%
NC-SC
CHATTANOOGA, TN-GA 61.5% 13.37% 46%
COLUMBIA, SC 49.9% 10.61% 67%
DAYTONA, FL 50.7% 11.04% 65%
FT. LAUDERDALE-POMPANO 65.8% 7.34% 57%
BEACH-DEERFIELD BEACH, FL
GREENSBORO-WINSTON-SALEM-HIGH 56.3% 10.97% 59%
POINT, NC
GREENVILLE, SC 47.3% 14.06% 59%
JACKSONVILLE, FL MSA 54.6% 9.99% 58%
KNOXVILLE, TN 64.9% 10.20% 59%
LEXINGTON-FAYETTE, KY 51.7% 13.33% 55%
LOUISVILLE, KY-IN 50.5% 18.03% 59%
MACON, GA 48.1% 10.48% 57%
MEMPHIS, TN-AR 40.1% 15.49% 51%
MIAMI-MIAMI BEACH-KENDALL, FL 58.4% 6.02% 60%
NASHVILLE, TN 54.4% 11.29% 64%
ORLANDO, FL 58.6% 7.27% 65%
RALEIGH-DURHAM, NC MSA's 50.3% 13.57% 58%
SARASOTA-BRADENTON-VENICE, FL 57.7% 8.02% 70%
SAVANNAH, GA 55.5% 11.72% 74%
TALLAHASSEE, FL 51.8% 14.56% 68%
TAMPA-ST. PETERSBURG- 58.0% 7.14% 63%
CLEARWATER, FL
WEST PALM BEACH-BOCA 59.1% 7.28% 64%
RATON-BOYNTON BEACH, FL
OTHER 52.9% 9.89% 59%
REGION III 48.5% 13.87% 59%
BLOOMINGTON, IN 64.6% 13.00% 70%
CHICAGO-NAPERVILLE-JOLIET, 53.0% 13.08% 59%
IL-IN-WI
CINCINNATI-MIDDLETON, 47.3% 13.54% 51%
OH-KY-IN
CLEVELAND-ELYRIA-MENTOR, OH 54.0% 14.03% 61%
COLUMBUS, OH 47.2% 14.43% 61%
DAYTON, OH 50.1% 12.81% 67%
DETROIT-WARREN-LIVONIA, MI 46.1% 14.05% 50%
INDIANAPOLIS, IN 47.7% 12.81% 62%
MINNEAPOLIS-ST. 51.6% 14.60% 59%
PAUL-BLOOMINGTON, MN-WI
OTHER 41.1% 15.97% 59%
REGION IV 44.2% 15.39% 64%
AUSTIN-ROUND ROCK, TX 44.8% 12.32% 64%
DALLAS-PLANO-IRVING, TX 44.0% 17.46% 62%
FT. WORTH-ARLINGTON, TX 44.4% 15.33% 68%
HOUSTON-BAYTOWN-SUGARLAND, TX 43.5% 14.81% 62%
LITTLE ROCK-NORTH LITTLE 49.1% 9.79% 57%
ROCK, AR
SAN ANTONIO, TX 42.2% 14.45% 71%
TULSA, OK 51.2% 11.53% 73%
OTHER 45.8% 13.50% 65%
REGION V 53.4% 15.14% 61%
ALBUQUERQUE, NM 56.0% 9.03% 67%
COLORADO SPRINGS, CO 47.0% 21.91% 73%
DENVER-AURORA-BOULDER, CO 54.4% 16.03% 64%
KANSAS CITY, MO-KS 58.0% 10.13% 59%
SALT LAKE CITY 51.3% 9.34% 48%
ST. LOUIS, MO-IL 50.9% 17.36% 61%
OTHER 44.8% 14.41% 47%
REGION VI 63.4% 8.57% 65%
LOS ANGELES-LONG 66.7% 6.74% 60%
BEACH-GLENDALE, CA
OAKLAND-FREEMONT-HAYWOOD, 63.6% 6.37% 60%
CA MSA
PHOENIX-MESA 59.1% 11.23% 67%
PORTLAND-VANCOUVER-BEAVERTON, 58.6% 9.19% 69%
OR-WA
RIVERSIDE-SAN 59.9% 9.83% 65%
BERNARDINO-ONTARIO, CA
SACRAMENTO-ARDEN 62.7% 8.69% 66%
ARCADE-ROSEVILLE, CA
SAN DIEGO-CARLSBAD-SAN 66.8% 7.58% 66%
MARCOS, CA
SAN FRANCISCO-SAN 64.3% 8.00% 59%
MATEO-REDWOOD CITY, CA
SAN JOSE-SUNNYVILLE-SANTA 63.7% 7.17% 63%
CLARA, CA
SANTA ANA-ANAHEIM-IRVINE, CA 66.6% 8.45% 61%
SEATTLE-TACOMA-BELLEVUE, WA 60.7% 8.70% 69%
OTHER 61.3% 9.41% 64%
Source: National Apartment Association 2006 Survey of Operating
Income & Expenses in Rental Apartment Communities
[c] 2006 by National Apartment Association. This table may be used,
copied, and/or distributed only in accordance with the License Agreement
and may not be posted on the Internet.
All Subsidized Properties
OPERATING INCOME & EXPENSE DATA
INDIVIDUAL METERED PROPERTIES
Mid &
Total Garden Hi Rise
Number of Properties 201 173 28
Number of Units 42,634 37,384 5,250
Avg. No. of Units/Property 212 216 188
Avg. No. of Square Feet/Unit 877 887 804
Turnover rate in % 43% 44% 38%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 11,366 12.96 100.0%
Rent Revenue Collected 10,446 11.91 91.9%
Losses to Vacancy 521 0.59 4.6%
Collection Losses 77 0.09 0.7%
Losses to Concessions 322 0.37 2.8%
Other Revenue 303 0.35 2.7%
Total Revenue 10,749 12.26 94.6%
Operating Expenses
Salaries and Personnel 1,102 1.26 9.7%
Insurance 247 0.28 2.2%
Taxes 960 1.09 8.4%
Utilities 455 0.52 4.0%
Management Fees 355 0.40 3.1%
Administrative 277 0.32 2.4%
Marketing 151 0.17 1.3%
Contract Services 422 0.48 3.7%
Repair and Maintenance 417 0.48 3.7%
Total Operating Expenses 4,387 5.00 38.6%
Net Operating Income 6,362 7.26 56.0%
Capital Expenditures 2,702 3.08 23.8%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 11,057 12.46 100.0%
Rent Revenue Collected 10,140 11.43 91.7%
Losses to Vacancy 518 0.58 4.7%
Collection Losses 79 0.09 0.7%
Losses to Concessions 320 0.36 2.9%
Other Revenue 323 0.36 2.9%
Total Revenue 10,463 11.79 94.6%
Operating Expenses
Salaries and Personnel 1,067 1.20 9.6%
Insurance 242 0.27 2.2%
Taxes 920 1.04 8.3%
Utilities 445 0.50 4.0%
Management Fees 350 0.39 3.2%
Administrative 239 0.27 2.2%
Marketing 152 0.17 1.4%
Contract Services 410 0.46 3.7%
Repair and Maintenance 406 0.46 3.7%
Total Operating Expenses 4,230 4.77 38.3%
Net Operating Income 6,233 7.03 56.4%
Capital Expenditures 2,987 3.37 27.0%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 13,569 16.88 100.0%
Rent Revenue Collected 12,623 15.70 93.0%
Losses to Vacancy 544 0.68 4.0%
Collection Losses 67 0.08 0.5%
Losses to Concessions 334 0.42 2.5%
Other Revenue 163 0.20 1.2%
Total Revenue 12,786 15.91 94.2%
Operating Expenses
Salaries and Personnel 1,353 1.68 10.0%
Insurance 283 0.35 2.1%
Taxes 1,246 1.55 9.2%
Utilities 529 0.66 3.9%
Management Fees 390 0.49 2.9%
Administrative 553 0.69 4.1%
Marketing 145 0.18 1.1%
Contract Services 507 0.63 3.7%
Repair and Maintenance 500 0.62 3.7%
Total Operating Expenses 5,505 6.85 40.6%
Net Operating Income 7,281 9.06 53.7%
Capital Expenditures 674 0.84 5.0%
MASTER METERED PROPERTIES
Mid &
Total Garden Hi Rise
Number of Properties 204 148 56
Number of Units 35,227 25,259 9,968
Avg. No. of Units/Property 173 171 178
Avg. No. of Square Feet/Unit 882 881 885
Turnover rate in % 31% 33% 26%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 11,356 12.87 100.0%
Rent Revenue Collected 10,655 12.08 93.8%
Losses to Vacancy 431 0.49 3.8%
Collection Losses 60 0.07 0.5%
Losses to Concessions 210 0.24 1.9%
Other Revenue 314 0.36 2.8%
Total Revenue 10,969 12.43 96.6%
Operating Expenses
Salaries and Personnel 1,350 1.53 11.9%
Insurance 296 0.34 2.6%
Taxes 983 1.11 8.7%
Utilities 1,087 1.23 9.6%
Management Fees 482 0.55 4.2%
Administrative 306 0.35 2.7%
Marketing 128 0.15 1.1%
Contract Services 591 0.67 5.2%
Repair and Maintenance 356 0.40 3.1%
Total Operating Expenses 5,581 6.33 49.1%
Net Operating Income 5,388 6.11 47.5%
Capital Expenditures 2,173 2.46 19.1%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 10,442 11.85 100.0%
Rent Revenue Collected 9,743 11.06 93.3%
Losses to Vacancy 434 0.49 4.2%
Collection Losses 62 0.07 0.6%
Losses to Concessions 202 0.23 1.9%
Other Revenue 270 0.31 2.6%
Total Revenue 10,014 11.36 95.9%
Operating Expenses
Salaries and Personnel 1,205 1.37 11.5%
Insurance 269 0.30 2.6%
Taxes 800 0.91 7.7%
Utilities 940 1.07 9.0%
Management Fees 441 0.50 4.2%
Administrative 269 0.30 2.6%
Marketing 132 0.15 1.3%
Contract Services 496 0.56 4.8%
Repair and Maintenance 356 0.40 3.4%
Total Operating Expenses 4,907 5.57 47.0%
Net Operating Income 5,107 5.80 48.9%
Capital Expenditures 1,970 2.24 18.9%
$ Per $ Per % of
Unit Sq. Ft. GPR
Revenues
Gross Potential Rent 13,671 15.46 100.0%
Rent Revenue Collected 12,964 14.66 94.8%
Losses to Vacancy 423 0.48 3.1%
Collection Losses 52 0.06 0.4%
Losses to Concessions 232 0.26 1.7%
Other Revenue 426 0.48 3.1%
Total Revenue 13,390 15.14 97.9%
Operating Expenses
Salaries and Personnel 1,719 1.94 12.6%
Insurance 364 0.41 2.7%
Taxes 1,449 1.64 10.6%
Utilities 1,459 1.65 10.7%
Management Fees 588 0.66 4.3%
Administrative 401 0.45 2.9%
Marketing 120 0.14 0.9%
Contract Services 831 0.94 6.1%
Repair and Maintenance 358 0.41 2.6%
Total Operating Expenses 7,289 8.24 53.3%
Net Operating Income 6,101 6.90 44.6%
Capital Expenditures 2,685 3.04 19.6%
Source: National Apartment Association 2006 Survey of Operating
Income & Expenses in Rental Apartment Communities [c] 2006 by
National Apartment Association. This table may be used, copied,
and/or distributed only in accordance with the License Agreement
and may not be posted on the Internet.
Comparison of Selected Variables
METROPOLITAN AREAS
MARKET RENT GARDEN PROPERTIES
DOLLARS PER SQUARE FOOT
INDIVIDUALLY METERED PROPERTIES
Total Total Gross
No. of No. of Potential
Properties Units Rent
All Properties 2,609 667,951 $10.63
REGION I 195 43,996 $13.65
BOSTON-CAMBRIDGE-QUINCY, MA-NH 12 2,869 $16.10
NEW HAVEN-MILFORD, CT 16 2,294 $14.29
PHILADELPHIA-CAMDEN-WILMINGTON, 4 776 $16.60
PA-NJ-DE-MD
RICHMOND, VA 16 5,194 $9.80
WASHINGTON-ARLINGTON-ALEXANDRIA, 45 12,549 $14.70
DC-MD-VA-WV
REGION II 936 235,517 $9.44
ATLANTA-SANDY SPRINGS-MARIETTA, 196 57,586 $9.48
GA
TAMPA-ST. PETERSBURG-CLEARWATER, 51 14,031 $10.24
FL
REGION III 307 54,898 $9.59
DETROIT-WARREN-LIVONIA, MI 39 4,715 $11.07
REGION IV 612 174,901 $9.84
AUSTIN-ROUND ROCK, TX 84 23,214 $10.26
DALLAS-PLANO-IRVING, TX 219 67,026 $10.44
FT. WORTH-ARLINGTON, TX 76 21,770 $9.50
HOUSTON-BAYTOWN-SUGARLAND, TX 119 36,595 $9.30
REGION V 145 44,284 $10.24
DENVER-AURORA-BOULDER, CO 4 23,177 $11.16
REGION VI 414 114,355 $13.85
LOS ANGELES-LONG BEACH-GLENDALE, 40 9,752 $19.33
CA
PHOENIX-MESA 79 24,112 $9.70
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 38 10,816 $17.57
SANTA ANA-ANAHEIM-IRVINE, CA 56 17,173 $17.53
SEATTLE-TACOMA-BELLEVUE, WA 64 16,425 $11.04
INDIVIDUALLY METERED PROPERTIES
Net
Total Total Operating
Revenue Operating Income
Collected Expenses NOI (1)
All Properties $9.37 $4.25 $5.73
REGION I $12.44 $4.68 $8.38
BOSTON-CAMBRIDGE-QUINCY, MA-NH $14.17 $5.45 $9.29
NEW HAVEN-MILFORD, CT $12.85 $5.89 $7.60
PHILADELPHIA-CAMDEN-WILMINGTON, $15.11 $6.39 $9.28
PA-NJ-DE-MD
RICHMOND, VA $8.65 $3.76 $5.55
WASHINGTON-ARLINGTON-ALEXANDRIA, $13.44 $4.39 $9.56
DC-MD-VA-WV
REGION II $8.37 $3.86 $5.07
ATLANTA-SANDY SPRINGS-MARIETTA, $8.07 $3.63 $4.92
GA
TAMPA-ST. PETERSBURG-CLEARWATER, $9.50 $4.32 $5.93
FL
REGION III $8.26 $4.18 $4.65
DETROIT-WARREN-LIVONIA, MI $9.51 $5.00 $5.10
REGION IV $8.32 $4.58 $4.35
AUSTIN-ROUND ROCK, TX $9.00 $5.06 $4.60
DALLAS-PLANO-IRVING, TX $8.61 $4.69 $4.59
FT. WORTH-ARLINGTON, TX $8.04 $4.50 $4.22
HOUSTON-BAYTOWN-SUGARLAND, TX $7.93 $4.36 $4.04
REGION V $8.69 $3.86 $5.47
DENVER-AURORA-BOULDER, CO $9.37 $3.96 $6.08
REGION VI $12.66 $4.63 $8.78
LOS ANGELES-LONG BEACH-GLENDALE, $18.03 $5.83 $12.88
CA
PHOENIX-MESA $8.62 $3.64 $5.73
SAN DIEGO-CARLSBAD-SAN MARCOS, CA $16.24 $5.34 $11.74
SANTA ANA-ANAHEIM-IRVINE, CA $16.04 $5.38 $11.68
SEATTLE-TACOMA-BELLEVUE, WA $10.08 $4.09 $6.70
INDIVIDUALLY
METERED MASTERED METERED
PROPERTIES PROPERTIES
Net
Economic Economic Operating
Vacancy Vacancy Income
as a % as a % NOI (1)
All Properties 11.9% 13.3% $5.00
REGION I 8.9% 9.9% $6.02
BOSTON-CAMBRIDGE-QUINCY, MA-NH 12.0% 10.6% $6.77
NEW HAVEN-MILFORD, CT 10.0% 10.0% $6.44
PHILADELPHIA-CAMDEN-WILMINGTON, 8.9% 11.3% $5.39
PA-NJ-DE-MD
RICHMOND, VA 11.8% 9.1% $4.34
WASHINGTON-ARLINGTON-ALEXANDRIA, 8.6% 9.3% $6.08
DC-MD-VA-WV
REGION II 11.3% 14.3% $3.84
ATLANTA-SANDY SPRINGS-MARIETTA, 14.9% 21.1% $2.92
GA
TAMPA-ST. PETERSBURG-CLEARWATER, 7.1% 13.1% $4.40
FL
REGION III 13.9% 17.1% $3.81
DETROIT-WARREN-LIVONIA, MI 14.1% 19.6% $3.57
REGION IV 15.4% 18.4% $3.19
AUSTIN-ROUND ROCK, TX 12.3% 16.0% $2.86
DALLAS-PLANO-IRVING, TX 17.5% 16.2% $3.18
FT. WORTH-ARLINGTON, TX 15.3% 15.4% $3.00
HOUSTON-BAYTOWN-SUGARLAND, TX 14.8% 21.2% $3.35
REGION V 15.1% 16.1% $3.90
DENVER-AURORA-BOULDER, CO 16.0% 17.6% $3.57
REGION VI 8.6% 9.4% $8.95
LOS ANGELES-LONG BEACH-GLENDALE, 6.7% 9.3% $13.18
CA
PHOENIX-MESA 11.2% 17.6% $3.27
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 7.6% 6.5% $10.82
SANTA ANA-ANAHEIM-IRVINE, CA 3.5% 9.4% $10.22
SEATTLE-TACOMA-BELLEVUE, WA 8.7% 8.1% $7.40
MASTERED METERED PROPERTIES
Total Total Gross
Operating Revenue Potential
Expenses Collected Rent
All Properties $5.41 $9.82 $11.33
REGION I $5.59 $11.09 $12.31
BOSTON-CAMBRIDGE-QUINCY, MA-NH $5.25 $11.72 $13.10
NEW HAVEN-MILFORD, CT $6.10 $11.97 $13.30
PHILADELPHIA-CAMDEN-WILMINGTON, $5.89 $10.65 $12.00
PA-NJ-DE-MD
RICHMOND, VA $4.28 $8.03 $8.83
WASHINGTON-ARLINGTON-ALEXANDRIA, $6.30 $11.80 $13.01
DC-MD-VA-WV
REGION II $4.75 $8.14 $9.49
ATLANTA-SANDY SPRINGS-MARIETTA, $4.40 $6.90 $8.74
GA
TAMPA-ST. PETERSBURG-CLEARWATER, $4.54 $8.41 $9.68
FL
REGION III $5.20 $8.36 $10.09
DETROIT-WARREN-LIVONIA, MI $5.56 $8.69 $10.80
REGION IV $5.58 $8.21 $10.06
AUSTIN-ROUND ROCK, TX $6.99 $9.44 $11.24
DALLAS-PLANO-IRVING, TX $5.43 $8.14 $9.70
FT. WORTH-ARLINGTON, TX $4.80 $7.28 $8.61
HOUSTON-BAYTOWN-SUGARLAND, TX $5.80 $8.50 $10.80
REGION V $5.16 $8.40 $10.01
DENVER-AURORA-BOULDER, CO $5.82 $8.72 $10.58
REGION VI $5.88 $13.91 $15.36
LOS ANGELES-LONG BEACH-GLENDALE, $7.46 $19.35 $21.33
CA
PHOENIX-MESA $5.46 $8.13 $9.86
SAN DIEGO-CARLSBAD-SAN MARCOS, CA $6.37 $15.95 $17.06
SANTA ANA-ANAHEIM-IRVINE, CA $5.53 $15.01 $16.57
SEATTLE-TACOMA-BELLEVUE, WA $5.14 $11.05 $12.03
MASTERED METERED
PROPERTIES
Total Total
No. of No. of
Units Properties
All Properties 125,488 482
REGION I 28,952 104
BOSTON-CAMBRIDGE-QUINCY, MA-NH 6,835 22
NEW HAVEN-MILFORD, CT 1,540 12
PHILADELPHIA-CAMDEN-WILMINGTON, 2,353 8
PA-NJ-DE-MD
RICHMOND, VA 2,333 9
WASHINGTON-ARLINGTON-ALEXANDRIA, 7,306 21
DC-MD-VA-WV
REGION II 23,292 86
ATLANTA-SANDY SPRINGS-MARIETTA, 7,027 25
GA
TAMPA-ST. PETERSBURG-CLEARWATER, 3,692 13
FL
REGION III 11,808 39
DETROIT-WARREN-LIVONIA, MI 2,736 11
REGION IV 36,993 143
AUSTIN-ROUND ROCK, TX 2,767 9
DALLAS-PLANO-IRVING, TX 11,095 44
FT. WORTH-ARLINGTON, TX 3,970 15
HOUSTON-BAYTOWN-SUGARLAND, TX 17,148 61
REGION V 3,922 18
DENVER-AURORA-BOULDER, CO 1,985 8
REGION VI 20,521 92
LOS ANGELES-LONG BEACH-GLENDALE, 2,610 14
CA
PHOENIX-MESA 3,603 14
SAN DIEGO-CARLSBAD-SAN MARCOS, CA 2,894 15
SANTA ANA-ANAHEIM-IRVINE, CA 4,165 15
SEATTLE-TACOMA-BELLEVUE, WA 2,290 12
Source: National Apartment Association 2006 Survey of Operating Income
& Expenses in Rental Apartment Communities
[c] 2006 by National Apartment Association. This table may be used,
copied, and/or distributed only in accordance with the License
Agreement and may not be posted on the Internet.
Staff Training Budgets
ALL PROPERTIES REPORTING BUDGETS (1)
Firms Reporting 166
Total Props. 994
Total Units 269,996
Units/Prop.
Average 272
Median 256
Low $7 $0.02 <0.00%
Median $1,276 $5.92 0.06%
High $19,805 $121.08 0.97%
Average $2,221 $8.89 0.09%
INDIVIDUALLY METERED GARDEN PROPERTIES REPORTING
Firms Reporting 117
Total Props. 719
Total Units 203,515
Units/Prop.
Average 283
Median 256
Low $7 $0.07 <0.00%
Median $1,325 $5.46 0.06%
High $19,805 $70.45 0.93%
Average $2,254 $8.31 0.09%
(1.) 101 firms' budgets reported staff training budgets as $0. One
large management firm reported a budget of $275 per associate.
Source: National Apartment Association 2006 Survey of Operating Income
& Expenses in Rental Apartment Communities
[c] 2006 by National Apartment Association. This table maybe used,
copied, and/or distributed only in accordance with the License
Agreement and may not be posted on the Internet.
Staff Training Budgets
BY SIZE OF PROPERTIES
LESS THAN 100 UNITS
Total Props. 99
Total Units 7,570
Units/Prop
Average 76
Median 72
Low $28 $0.45 <0.00%
Median $696 $8.96 0.09%
High $10,655 $121.08 0.93%
Average $972 $13.18 0.10%
100 TO 199 UNITS
Total Props. 226
Total Units 34,187
Units/Prop.
Average 152
Median 156
$'s per Prop. $'s per Unit % of GPR
Low $22 $0.13 <0.00%
Median $1,200 $7.99 0.08%
High $9,300 $70.45 0.93%
Average $1,543 $15.06 0.10%
200 TO 299 UNITS
Total Props. 305
Total Units 73,780
Units/Prop.
Average 242
Median 240
$'s per Prop. $'s per Unit % of GPR
Low $18 $0.09 <0.00%
Median $1,154 $5.01 0.05%
High $13,200 $54.99 0.51%
Average $1,920 $7.92 0.08%
300 TO 399 UNITS
Total Props. 180
Total Units 61,369
Units/Prop.
Average 341
Median 336
$'s per Prop. $'s per Unit % of GPR
Low $7 $0.02 <0.00%
Median $1,900 $5.26 0.05%
High $8,448 $24.70 0.31%
Average $2,548 $7.49 0.10%
400 to 499 Units
Total Props. 114
Total Units 50,849
Units/Prop.
Average 446
Median 440
$'s per Prop. $'s per Unit % of GPR
Low $13 $2.02 0.03%
Median $2,342 $5.27 0.05%
High $12,680 $28.01 0.22%
Average $3,578 $8.00 0.08%
500 OR MORE UNITS
Total Props. 66
Total Units 42,241
Units/Prop.
Average 640
Median 596
$'s per Prop. $'s per Unit % of GPR
Low $55 $0.10 <0.00%
Median $2,512 $3.45 0.04%
High $21,750 $35.08 0.22%
Average $4,967 $6.92 0.07%
Source: National Apartment Association 2006 Survey of Operating
Income & Expenses in Rental Apartment Communities
[c] 2006 by National Apartment Association. This table may be used,
copied, and/or distributed only in accordance with the License
Agreement and may not be posted on the Internet.
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion