Challenging Times for the Rental Housing Industry
Insurance, insurance, insurance: it dominated discussions of the apartment industry in 2022 and 2023, but evidenced by data in this report, the financial pain of operating apartments did not stop there. Cooling demand, along with increased competition from new supply and high interest rates, also put a dent in the revenue side, making this time period one of the most challenging for the apartment industry in years.
The 2022 Income/Expense IQ, in partnership with Institute of Real Estate Management (IREM) and Building Owners and Managers Association (BOMA), covers 2022 financials. For the apartment sector, some 4,500 properties representing over 1 million units in 100+ markets are included in the benchmarking data, which was released in August 2023.
This year, NAA is pleased to present a same store analysis in this Executive Summary, enabling direct, absolute comparisons with 2021 data. For this analysis, 31 markets containing more than 20 properties in the sample for a total of 1,603 properties are included. All figures are expressed as per unit per year, unless otherwise noted.