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Aug
26

IREM Study Finds Multifamily Expenses Down, Rents Up

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For the owners of rental apartments, expenses have generally gone down, while gross rents are up, according to a new study by the Institute of Real Estate Management. The study, which the Chicago-based organization undertakes every year, analyzes operating income and cost figures for 3,059 multifamily rental properties representing over 645,000 units in the United States and Canada.

The study found that total expenses for three of four conventional rental apartments categories—including garden; low-rise, 25-plus units; and elevator—dipped between 1 percent and 1.7 percent in 2010 compared with the prior year, while those for the remaining category, low-rise buildings with 12 to 24 units, rose a mere 1.3 percent. At the same time, gross possible rents last year for two of the four buildings rose 0.5 percent and 2.6 percent, respectively, from the year earlier, with the two remaining building types experiencing year-over-year declines of 0.2 percent and 2.1 percent, respectively.

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