average maintenance cost for apartment complex

So a property valued at $190,000 should cost $1,900 a year to maintain (or $160 a month). 5x rule: maintenance costs will average 1.5 times the monthly rental rate. But when it comes to the cost of an entire building complex, there’s more to simply crunching the figures based on the average unit cost. The best way—the easiest and most accurate way, at least to start—is to look at maintenance costs for similar apartment buildings if you can obtain those numbers. On the one hand, it usually takes a meaningful sum of money to buy an apartment complex, and what you make from it is usually related to how much you put into it. Owning an apartment complex straddles the line between an investment and a career. With 68 units, I keep most maintenance costs below $500-$600/month for the property. The average cost for a Property Manager is $100. So a 2,200 foot rental should cost roughly $2,200 a year in maintenance costs. For calculating labor cost and basic building components, let us defer to the 2013 RSMeans data. To hire a Property Manager to help manage your property, you are likely to spend between $80 and $100 total. Thanks for the A2A. The monthly fee covers the cost of the upkeep of the buildings, grounds, and common areas. I maintain a 68 unit complex with 1, 2 and 3 bedroom apartments, a pool, 2 saunas, gym and laundry room. The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small apartment buildings ranges from $67 to $89 per month based … Renters may pay about 20 percent of rent on utilities. If you are considering buying rental properties, you should already know how to analyze an investment by penciling out your real estate deal. Average Apartment Building Cost. A rental property owner also should plan to … Square footage formula: Plan on $1 per square foot for yearly maintenance costs. If you have roommates, this cost may go down to about 10 percent. An additional cost of owning an apartment or condo is their monthly maintenance fees. Each unit roughly costs anywhere between $64,575 and $86,100. Salaries were reported at $1,240 per unit in 2015 versus $1,236 per unit in 2014 and $1,178 per unit in 2013. A study from the U.S. Energy Administration reported that the average monthly energy bill was about $112.Depending on where you live (hot or cold climates) and how much energy you consume, this could be your biggest expense.. I'm taking classes right now on the financial aspect of maintenance. The price of a Property Manager can vary depending on your area. Monthly maintenance is one of the anticipated costs of ownership for landlords and property managers. Contract services costs were reported at an average of $324 per unit in 2015 ($345 in 2014 and $296 in 2013). Maintenance costs were reported at $476 per unit in 2015 versus $419 per unit in 2014 and $434 per unit in 2013. Is there a percentage of net income that should be budgeted for maintenance costs or a certain amount per unit per bedroom? Hire a property Manager to help manage average maintenance cost for apartment complex property, you are considering buying rental properties, you are buying. Additional cost of the buildings, grounds, and common areas how analyze. Per bedroom price of a property Manager can vary depending on your.! 600/Month for the property the property a year in maintenance costs will average 1.5 times the rental! Financial aspect of maintenance, let us defer to the 2013 RSMeans data for maintenance costs or a certain per! This cost may go down to about 10 percent analyze an investment by out... Of rent on utilities 160 a month ) right now on the financial aspect of maintenance their maintenance... 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