Axiometrics was out with their National Monthly Apartment Trends report which includes a couple of cool charts, one is a map of their top 88 markets coded by rent growth (below). The one that caught my eye though was showing Occupancy, Effective Rents and Revenues:
From the chart it looks like the national average of other income is about $50-55 a month per unit (revenues over effective rents), my question is are you getting that much at your property(ies)? We are not currently but our goal is to raise up our other income and utility bill backs steadily over time.
On the map mentioned above, it looks like the ‘Smile’ is red hot:
Red hot with rent growth up to now. I’ve started to hear from several of the multifamily research firms that rent growth is slowing/peaking and I know there’s a lot of supply coming online the next few years so we’ve been out digging up markets that show consistent demand, are supply constrained and too small for the institutions to wade in and send cap rates falling. Shoot me a message if you’d like to discuss these type of acquisitions.