Executive Summary: 2013 Survey of Operating Income & Expenses in Rental Apartment Communities

The apartment industry continued its strong performance in 2012 with an even better showing in 2013. The combination of limited supply with growing demand for rental apartments was manifest in rising rents, declining vacancies and increases in permits and starts. Continued consumer deleveraging, rising costs for food and uncertainty regarding the effect of higher taxes and fees has further solidified the nation’s move to a renter-based society. Impulse buying has been replaced by value buying. Planning ahead has been replaced by planning for the short-term. Saving for tomorrow has given way to “protecting what I have.” The beneficiary of this uncertainty and concern has been the apartment industry. Demand for apartments will remain strong.

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