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2020 Income Expense Survey


After noticing averages from the NAA Survey of Operating Income & Expenses in Rental Apartment Communities were different than what we were seeing in our markets, our Senior Analyst, Brynn Hellman, created a project to find more accurate numbers for our clients. What we found was:

  • the NOI as % of GPR was much higher in the NAA survey than ours

  • the importance of using similar properties in similar locations for benchmarking data

  • expenses can vary drastically depending on the type of property and it’s location

Approximately 60 properties in our markets were underwritten, from actual rent rolls and financials, to help provide us with averages for the most accurate income, expense, and NOI.

When presented with questions such as, “what is the average maintenance and repairs for a 90 unit apartment complex in Midland” or “how much of the gross potential rent goes to the NOI”, we wanted to be able to efficiently and more accurately answer.


Compared to the NAA survey, our numbers are more specified to our Texas markets, B and C class properties, and unit size of 94 average units versus the NAA's 271.









Our goal is to keep our clients up to date with accurate information and we will continue this underwriting project on an on-going basis moving forward. If you are interested in the reports, we would be willing to exchange this information for actual financials and a rent roll of your property(s). We will guarantee confidentiality and will use the information for future income & expense surveys.



Please contact us if you would like to participate. As always, if you’d like a complimentary BOV for your property, let us know and we’d be glad to put one together for you.

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