Takeaways from the National Apartment Association’s Latest Income and Expenses Data for Apartment Buildings
The National Apartment Association’s Income & Expenses Report for 2019 reveals rising NOIs, as well as rising apartment operating expenses.
The National Apartment Association (NAA) just released its Income & Expenses Report for 2019. Here are the key findings from NAA’s research, which was based on financial statements for the year 2018.
- Net operating income (NOI) at the surveyed communities increased by 5.1 percent.
- Total revenue went up by 6.8 percent during the year, with the largest increase in revenue coming from higher parking fees. Both revenue lost to “bad debt” and revenue lost to vacancy declined this year.
- The average turnover rate for apartments rose to 51 percent from 48 percent in 2017. The increase came after two years of declines in apartment turnover rates.
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