Industry benchmarks are based on executed transactions. Asking rents for vacant units are not included.
- 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.
- Rent Change - New Leases: Percent change in effective rent for a new lease on the same unit. Units vacant longer than 90 days are not included.
- 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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