Chicago—Gross possible rents for the four conventional rental apartment types examined (elevator; low-rise with 12 to 24 units; low-rise with 25-plus units; and garden) rose within a range of 1.6 percent and 4.0 percent in 2012 versus 2011. Total expenses for all four building types experienced year-to-increases ranging from 2.5 to 6.2 percent.
These key findings, reported in the 2013 edition of the Income/Expense Analysis®: Conventional Apartments, published by the Institute of Real Estate Management (IREM®), are drawn from a control sample of conventional apartments that have submitted data for the report consistently over the past four years. The report also contains data drawn from a larger sample of submissions gathered over the past five years, regardless of whether that data was submitted consecutively over the five-year period. In terms of sample size, the report analyzes the previous year’s operating income and cost figures for 3,423 multi-family rental properties representing over 683,000 units across the United States and Canada.
Income/Expense Analysis®: Conventional Apartments, is designed to help real estate professionals evaluate multi-family development and investment options and compare their buildings’ performance to industry norms.