Rents up and expenses down for multifamily owners

This article is very interesting and explains how rental increases have been outpacing expense increases for multifamily operators. A huge part of an owner’s expense is upon turnover, and that has actually decreased by almost 8%: “Another spot of good news for landlords—and wholly reasonable, considering the state of the economy—was that three of the four building types examined experienced a decrease in resident turnover in 2010 compared with a year earlier. Turnover for low-rise buildings with 25-plus units declined 8.7 percent to 40.7 percent; that for elevator buildings decreased 8.2 percent to 34.4 percent; and that for garden buildings dipped 1.3 percent to 53 percent. By comparison, turnover in low-rise buildings with 12 to 24 units rose a scant 0.5 percent year-over-year.”

 

Christopher Urso

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