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Apartments Income & Expense Survey

Apartments Income & Expense Survey Landing Page

Please use the following income and expense categories in completing your income-expense survey. 

Potential Gross Income:   Rent which could have been collected for rentable space, commercial area, etc., if property were at 100% occupancy.  Please exclude model units. 

Other Income:   Income from all other sources including utility reimbursements, garage/covered parking, including application fees, late fees, short term lease premiums, percentage income, etc.  Please exclude Interest Income.

Management Fee:   Agency fee paid by Owner to a management company to oversee day-to-day operation of property. This is typically based on a percentage of collected rent. 

Payroll Burden & Benefits:   This expense category includes the wages, salaries, benefits, payroll taxes and related worker’s compensation expenses for the staff needed to operate the property.  

Administrative & General:   This expense category includes the supplies and services that support the off-site or on-site office management activities for the property, as well as general fees for operation.  Expenses include phone, accounting, legal, tenant screening, rental registration program, and related expenses that support the administrative activities of the operation.

Marketing:   Expenses include online and direct mail advertising, print ads, promotional items, sponsorships, resident referral discounts, and related expenses to obtain residents and promote the property in the market. 

Maintenance/Repairs/Contract Services/Turnover:   These expenses account for the maintenance of the HVAC, plumbing, and electrical systems, as well as on-going upkeep of common area landscaping, lighting, fire/security systems, snow removal, contracted services, repairs/maintenance of both real and personal property, and related supplies.  Turnover costs of flooring cleaning/repairs, interior painting, and cleaning fees also are included.  

Utilities:   Utilities expenses include the electricity, gas, and water/sewer/trash for the common areas of the property.  

Insurance:   The property insurance encompasses the fixed expense of the property’s annual insurance premium for replacement in case of fire or other property loss.

Replacement Reserves:   This replacement allowance or reserve for such properties to handle the replacement of short-lived items (interior finishes, HVAC systems, appliances, etc) that wear faster than the long-lived items (structure, foundation, pipes, electric wiring, HVAC ducts, etc).  This item reflects money the owner saves for future replacement of a short-lived item and is sometimes required by a lender on a commercial property loan. 

Capital Expense Items:   These items are expenses that do not typically occur on an annual basis, such as utilities or insurance.  Examples: Roof Replacement, Building Addition, Parking Lot Replacement, Air-Conditioner Condenser Replacement, etc.

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