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2009 Greater Salt Lake Area Multi-Family Operating Expenses
Properties of 50 Units and Larger

 
Percent
Cost/Sq. Ft.
Cost/Unit
Administrative
4%
$0.16
$140
Management Fee
10%
$0.38
$324
Advertising
5%
$0.21
$178
Turnover Costs
6%
$0.22
$190
Maintenance
11%
$0.44
$372
Payroll
30%
$1.17
$995
Utilities
16%
$0.61
$517
Taxes
14%
$0.53
$451
Insurance
4%
$0.17
$143
Total
100%
$3.90
$3,311
 
 
 
 
Reserves
 
 
$476
TOTAL EXPENSES
 
 
$3,787



Note: Management Fees, while comprising an average of 10% of the operating expenses, represent 4% of a property's annual gross income.

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