 |
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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