NAA's Income and Expense Survey Results.NAA NAA
Nomina Anatomica Avium. has completed its Survey of Operating Income Operating Income
The profit realized from a business' own operations.
This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. and Expenses in Rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. Apartment Communities for 2000 (data for 1999). Major findings in this survey of the professionally managed rental apartment industry show further improvement in Net Operating Income (NOI NOI Net Operating Income
NOI Notice of Intent
NOI Nation of Islam
NOI Notice of Inquiry
NOI Neuro Orthopaedic Institute
NOI New Organizing Institute
NOI Notice of Interest
NOI No Offense Intended
NOI National Olympiad in Informatics ) and more success in the continuing quest to control operating costs operating costs npl → gastos mpl operacionales .
A total of 3,049 properties containing 732,292 units are represented in the report. Reporting of the data is composed of 2,349 market rent properties containing 633,331 units and 700 subsidized sub·si·dize
tr.v. sub·si·dized, sub·si·diz·ing, sub·si·diz·es
1. To assist or support with a subsidy.
2. To secure the assistance of by granting a subsidy. properties containing 98,161 units.
Data is presented for four types of properties in this report. Garden and high-rise structures each segmented further into individually metered and mastered metered utilities properties. Responses are dominated dom·i·nate
v. dom·i·nat·ed, dom·i·nat·ing, dom·i·nates
1. To control, govern, or rule by superior authority or power: by garden properties with individually metered utilities. They represented 89 percent of the market rent properties and 69 percent of the subsidized properties. The analysis is, therefore, centered on the garden properties with individually metered utilities. Average sizes of these garden properties were 268 units for the market rent units and 144 units in subsidized units. Rentable floor area averaged 874 square feet for market rent apartments and 811 square feet for the subsidized units.
This report contains detailed data summarized for six geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map.
pertaining to geography. regions and metropolitan areas with at least 10 properties reported. Fifty-four Adj. 1. fifty-four - being four more than fifty
cardinal - being or denoting a numerical quantity but not order; "cardinal numbers" metropolitan areas met the separate reporting requirement for market rent properties. Sufficient numbers of subsidized properties were submitted for 19 metropolitan areas. Data is presented in three forms: dollars per unit, dollars per square feet of rentable floor area and as a percentage of GPR (Ground Penetrating Radar) A UWB-based technology that locates objects buried underground. It is used to locate buried lines, storage tanks, pipes and conduits as well as to determine the structural integrity of the ground underneath a road or runway. .
Market Rent Properties
Net Operating Income
Respondents In the context of marketing research, a representative sample drawn from a larger population of people from whom information is collected and used to develop or confirm marketing strategy. reported a healthy rental apartment market based in their operating and income and expense data. Net operating income (NOI) averaged 58.8 percent of gross potential rent in individually metered garden apartments reported in the survey. NOI has risen throughout the 1990s and is well above the 43.8 percent recorded a decade earlier (the NAA survey for 1988 data). In dollars per unit, it was $4,456 and $5.10 on a dollars per square foot basis. NOI regionally measure in percent of GPR terms ranged from a high of 63.4 percent in the South Midwest/Mountain states to a low of 54.5 percent in the Southwest Southwest or south west is the ordinal direction halfway between south and west, the opposite of northeast.
Southwest or south west may also refer to:
Gross Potential Rent
GPR in the survey data tables is now defined on a post fiscal year basis. It is the sum of rent revenue collected and revenue losses. This gives the ability to produce better measures of financial performance. GPR in past surveys was defined as the rent for all occupied oc·cu·py
tr.v. oc·cu·pied, oc·cu·py·ing, oc·cu·pies
1. To fill up (time or space): a lecture that occupied three hours.
2. To dwell or reside in.
3. units at the beginning of the year with an allowance for rent increases and market rents for units that were vacant. The rent increases tend to be applied as a simple percentage of the rents paid by the residents at the time of the budget preparation. Since leases are renewed re·new
v. re·newed, re·new·ing, re·news
1. To make new or as if new again; restore: renewed the antique chair.
2. at different periods throughout the year and the projected rent increases are not fully realized in the fiscal year, an amount termed "loss to lease" occurs.
Average GPR for individually metered garden apartments was $7,996 per unit ($666 monthly). Translated into per square foot of floor area, it was $9.13. Median GPR was $7,653 ($638 per month). The range went from a high of $27,487 ($2,290 per month) to a low of $3,643 ($304 per month).
Rent Revenue Collected
Rent Revenue Collected averaged $7,303 per individually metered garden property unit annually last year ($609 per month). Measured on a per square foot basis rent revenue averaged $8.34 last year.
Rental revenue loss data was collected for the first time this year in the survey. Separate data was reported for revenue losses due to vacancies, collections and concessions. Vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled.
2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. losses for individually metered market rent garden properties averaged 5.9 percent of GPR ($475 per unit in the property, $0.54 per square foot). Collection losses averaged 0.8 percent of GPR ($61 per unit, $.07 per square foot). And losses from rent concession CONCESSION. A grant. This word is frequently used in this sense when applied to grants made by the French and Spanish governments in Louisiana. averaged 2 percent of GPR ($160 per unit in the property, $0.18 per square foot).
Other Revenue Collected
Other revenue collected from operating sources includes receipts from on-site on-site
Done or located at the site, as of a particular activity: on-site monitoring of a production run; an on-site film shoot. laundries, cable, telephone systems, parking fees and other charges for services and amenities. These other operating revenues operating revenue
Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. averaged $374 per unit ($0.43 per square foot unit) for individually metered garden properties reported in the survey. Other non-rent operating revenues ranged from none to a high of $4,216. Median other operating revenues was $340 per unit.
Rental apartment management firms continued to be successful in controlling operating expenses Operating expenses
The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. last year. Total operating expenses for individually metered garden properties in the survey averaged $2,971 per unit ($3.39 per square foot). They accounted for 37.1 percent of gross potential rent. Operating expenses declined from the $3,055 per unit ($3.50 per square foot) recorded in last year's survey.
An 8.70 percent economic vacancy rate was calculated for all market rent individually metered garden properties market in the survey. Economic vacancy is a measure of potential income not realized over a given period of time, a year in this survey. It offers another useful measure of the economic vitality vi·tal·i·ty
1. The capacity to live, grow, or develop.
2. Physical or intellectual vigor; energy. of a property and local markets. It is defined as the difference between rent revenue collected GPR.
Turnover rates averaged 65 percent of total units among the individually metered garden apartment properties reported in the survey. Move-outs have been increasing over the past two years as the economy continued to improve and the homeownership rate increased. Turnover had reached a low of 59 percent in the survey for 1995 data. A peak turnover rate at 69 percent occurred during 1990. The high rate in 1990 reflected the apartment market and national economic recessions.
Age of Property
NOI measured in percentages of gross potential rent was the lowest for the oldest properties reporting in the survey. It was relatively the same for the three other age groupings used in this analysis. It was the lowest for those 20 or more years old at 55.5 percent. The highest at 60.9 percent for those 5 to 9 years old, followed by 60.2 percent for those 10- to 19-years-old, and 59 percent for properties less than 5-years-old. It the drops to 59.4 percent then to, and the lowest. This result for the most part comes from the levels of GPR. GPR in dollars per unit terms go from the highest to the lowest in the same order as NOI.
Size of Property
Scale economies based on the size of a property do exist to a point. Four categories were selected: less than 100 units, 100 to 249 units, 250 to 499 units and 500 or more units. The highest operating costs for market rent individually metered garden properties reporting in the survey were those with less than 100 units. This was true for all three forms of measurement. The numbers of properties reported, however, limits the ability to make absolute conclusions. Most of the units and properties reporting were in the two middle-sized categories and limited data from the smallest and largest properties. Properties with less than 250 to 299 units had the lowest average total operating costs--$2,938 per unit, $3.37 per square foot, and 36.5 percent of GPR. The highest operating costs were for those properties with less than 100 units--$3.250 per unit, $3.65 per square foot and 39.8 percent of GPR.
GPR averaged $6,451 ($7.57 per square foot) annually. This is 20 percent under the $7,998 ($9.13 per square foot) for their market rent counterparts. Rental revenues averaged $6,118 per unit ($7.57 per square foot). Other operating revenues in subsidized properties are significantly less than those for market rent properties. They averaged $174 per unit ($0.20 per square foot) for the subsidized properties vs. $374 per unit ($0.43 per square foot).
Operating expenses in subsidized properties were close to those for market rent properties. Subsidized properties reported in the survey had total operating costs averaging $2,949 per unit ($3.46 per square foot). The market rent property average was $2,971 per unit ($3.39 per square foot).
Net Operating Income
Subsidized properties with their lower rents had smaller NOIs than those for the market rent properties reporting in the survey. NOI for subsidized properties in the survey averaged 51.9 percent of gross potential rent vs. 58.8 percent for the market rent properties. The comparisons on a per unit basis were $3,343 vs. $4,705 and $3.92 per square foot vs. $5.37.
Economic vacancy rates tend to be lower in subsidized properties with their lower rents. A 5.16 percent average rate was calculated for the subsidized individually metered garden properties vs. 8.7 percent for market rent units.
Occupants of subsidized apartments have lower income and fewer housing choices in most local market and are less likely to move. The turnover rate in individually metered subsidized units was 28 percent vs. 65 percent for market rent units. Gross potential rent averaged $6,384 ($7.87 per square foot) annually. This is 20 percent under the $7,963 ($9.11 per square foot) for their market rent counterparts. Rental revenues averaged $6,000 per unit ($7.40 per square foot). Other operating revenues in subsidized properties are significantly less than those for market rent properties. They averaged $195 per unit ($0.24 per square foot) for the subsidized properties vs. $375 per unit ($0.43 per square foot).
This Executive Summary was reprinted from the Survey of Operating Income and Expense in Rental Apartment Communities. To order a copy of the entire Survey of Operating Income and Expenses in Rental Apartment Communities, please see the ad on page 70.
All Market Rent Properties Operating Income & Expense Data
INDIVIDUALMETEREDPROPERTIES Total Garden High Rise Number of Properties 2131 2037 94 Number of Units 576163 550843 25320 Avg. No. of Units/Property 270 270 269 Avg. No. of Square Feet/Unit 875 876 853 Turnover rate in % 64 65 56 $ Per $ Per % of $ Per $ Per Revenues Unit Sq. Ft. GPR Unit Sq. Ft. Gross Potential Rent 8060 9.21 100.0% 7998 9.13 Rent Revenue 7365 8.42 91.4% 7303 8.34 Collected Losses to Vacancy 476 0.54 5.9% 475 0.54 Collection Losses 62 0.07 0.8% 61 0.07 Losses to 158 0.18 2.0% 160 0.18 Concessions Other Revenue 379 0.43 4.7% 374 0.43 Total Revenue 7744 8.85 96.1% 7676 8.76 Operating Expenses Salaries and 754 0.86 9.4% 742 0.85 Personnel Insurance 88 0.10 1.1% 87 0.10 Taxes 693 0.79 8.6% 689 0.79 Utilities 404 0.46 5.0% 396 0.45 Management Fees 282 0.32 3.5% 277 0.32 Administrative 145 0.17 1.8% 136 0.16 Marketing 140 0.16 1.7% 139 0.16 Contract Services 257 0.29 3.2% 252 0.29 Repair and 259 0.30 3.2% 254 0.29 Maintenance Total Operating 3021 3.45 37.5% 2971 3.39 Expenses Net Operating Income 4723 5.40 58.6% 4705 5.37 Capital Expenditures 533 0.61 6.6% 531 0.61 % of $ Per $ Per % of Revenues GPR Unit Sq. Ft. GPR Gross Potential Rent 100.0% 9409 11.03 100.0% Rent Revenue 91.3% 8727 10.23 92.8% Collected Losses to Vacancy 5.9% 492 0.58 5.2% Collection Losses 0.8% 71 0.08 0.8% Losses to 2.0% 118 0.14 1.3% Concessions Other Revenue 4.7% 483 0.57 5.1% Total Revenue 96.0% 9210 10.80 97.9% Operating Expenses Salaries and 9.3% 1023 1.20 10.9% Personnel Insurance 1.1% 109 0.13 1.2% Taxes 8.6% 777 0.91 8.3% Utilities 5.0% 569 0.67 6.1% Management Fees 3.5% 408 0.48 4.3% Administrative 1.7% 340 0.40 3.6% Marketing 1.7% 153 0.18 1.6% Contract Services 3.1% 369 0.43 3.9% Repair and 3.2% 360 0.42 3.8% Maintenance Total Operating 37.1% 4109 4.82 43.7% Expenses Net Operating Income 58.8% 5101 5.98 54.2% Capital Expenditures 6.6% 588 0.69 6.2% MASTERMETEREDPROPERTIES Total Garden High Rise Number of Properties 218 140 78 Number of Units 57168 40420 16748 Avg. No. of Units/Property 262 289 215 Avg. No. of Square Feet/Unit 889 894 876 Turnover rate in % 59 58 61
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