Industry Benchmarks

National - January 2023

Note: The data is at least 90 days old to comply with federal antitrust guidelines.

59.9%

NOI as Percent of Revenue

Net Operating Income (NOI) expressed as a percent of Total Revenue. This includes revenue and expenses from property operations. Revenue includes rental income, rental losses and other income.

$1.87

In Place Rent
PSF

Average effective rent per occupied square foot for all in-place leases, including both new leases and renewals.

9.9%

YOY Change in Revenue

The year-over-year change in average effective rent per available square foot (less excluded units) on in-place leases, weighted by square feet. Each period is calculated as Sum (Lease Rent) / Sum (Available Square Feet)

8.9%

YOY Change in Executed Rent

The average quarterly effective rent per square foot executed on new leases compared to the same quarter in the previous year, weighted by square feet. Quarters are based on a rolling three month reporting period, not the calendar or fiscal year.

8.4%

Rent Change
(Renewals)

Percent change in effective rent for a renewed lease on the same unit.

53.2%

Renewal Conversion Rate

Number of leases that renewed divided by the number of expirations based on the lease end date. Expirations considers all leases that end during the period. This includes any leases that have terminations entered into the property management system. Early move outs, skips and evictions are counted as expirations based on the move out date. Month to months are included in the period once they either renew or give notice, based on the move out date.

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Top 10 U.S. Metros - January 2023

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About the Industry Benchmarks Data

Industry benchmarks are based on executed transactions. Asking rents for vacant units are not included. The data is at least 90 days old to comply with federal antitrust guidelines.

NOI % of Revenue: Net Operating Income (NOI) expressed as a percent of Total Revenue. This includes revenue and expenses from property operations. Revenue includes rental income, rental losses and other income. Expenses include all property operating expenses generally covered by the following categories: payroll, administrative, marketing, operating and maintenance, utilities, taxes and insurance.
In Place Rent Per Square Foot: Average effective rent per occupied square foot for all in-place leases, including both new leases and renewals.
YOY Change in Revenue (per available square foot): The year-over-year change in average effective rent per available square foot (less excluded units) on in-place leases, weighted by square feet. Each period is calculated as Sum (Lease Rent) / Sum (Available Square Feet)
YOY Change in Executed Rent: The average quarterly effective rent per square foot executed on new leases compared to the same quarter in the previous year, weighted by square feet. Quarters are based on a rolling three month reporting period, not the calendar or fiscal year.
Rent Change - Renewals: Percent change in effective rent for a renewed lease on the same unit.
Renewal Conversion Rate: Number of leases that renewed divided by the number of expirations based on the lease end date. Expirations considers all leases that end during the period. This includes any leases that have terminations entered into the property management system. Early move outs, skips and evictions are counted as expirations based on the move out date. Month to months are included in the period once they either renew or give notice, based on the move out date.

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