 |
2007 Greater Salt Lake Area Multi-Family Operating Expenses
Properties of 50 Units and Larger
| |
Percent |
Cost/Sq. Ft. |
Cost/Unit |
| Administrative |
5% |
$0.20 |
$170 |
| Management Fee |
10% |
$0.37 |
$314 |
| Advertising |
5% |
$0.20 |
$169 |
| Turnover Costs |
6% |
$0.22 |
$192 |
| Maintenance |
13% |
$0.49 |
$419 |
| Payroll |
30% |
$1.10 |
$942 |
| Utilities |
15% |
$0.53 |
$458 |
| Taxes |
11% |
$0.40 |
$343 |
| Insurance |
4% |
$0.16 |
$139 |
| Total |
100% |
$3.67 |
$3,146 |
| |
|
|
|
| Reserves |
|
|
$509 |
| TOTAL EXPENSES |
|
|
$3,655 |
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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