Pandemic Squeezes Apartment Firms’ Bottom Lines

By Paula Munger and Leah Cuffy |

October 27, 2021 |

Updated November 2, 2021

1 minute read

Despite a strong recovery taking hold in 2021 among professionally managed and maintained properties, the 2021 NAA Survey of Income and Expenses in Rental Apartment Communities, based on 2020 financials, revealed just how hard the industry was hit across most income and expense categories.

Total revenue, measured as a percent of Gross Potential Rent (GPR), fell nearly 200 basis points from the prior year while operating expenses rose 60 basis points. This double whammy resulted in a 3.3% loss year-over-year in average Net Operating Income (NOI) per unit, the first decrease since 2010 in the aftermath of the Great Recession...


The NAA Income & Expenses Survey (IES) is the most comprehensive rental housing operations data available, allowing you to make the best budgeting and forecasting decisions for 2022.

With detailed local data in over 67 single markets and national economic analysis, it gives apartment operators the financial tools they need to benchmark their performance against their peers. The report includes data for market-rate and subsidized properties.