Multifamily Florida - Spring 2015 - (Page 29)

DE PA R T M E N T: A PA R T M E N T S BY T hE NU MBE R S MULTIFAMILy APARTMENT REPAIRS AND RENOvATIONS APArtMent dwellers stAte their Preferences In a Resident Preferences Survey conducted by the National Multifamily Housing Council in 2013, residents stated that they would be interested in the following apartment upgrades: * Washer/Dryer in Unit 88% - * Garbage Disposal 88% - * Microwave 85% - * Refrigerator with Water/ Ice Dispenser 83% - * Ceiling Fan 80% - * Washer/Dryer Hookups 76% - * Stove Hood 75% - * Granite Countertops 71% - * Hardwood Floors 72% - * Kitchen Island 69% - * Alarm System 68% - * Double Vanity in Master Bath 61% - MAintenAnce cOsts Are declining According to the National Apartment Association's 2014 Survey of Operating Income & Expenses in Rental Apartment Communities: * n average, maintenance costs declined to $434 per O unit in 2013, versus $449 per unit in 2012 and $490 per unit in 2011. * or individual metered and recovery system F properties, repair and maintenance costs average $446 per unit annually and 48 cents per square foot annually. * or master metered properties, repair and F maintenance costs average $651 per unit annually and 73 cents per square foot annually. A recOrd-high reMOdeling MArket index The National Association of Home Builders' (NAHB) Remodeling Market Index (RMI) posted a record-high result of 60 in the final quarter of 2014. A reading of 60 indicates remodelers' confidence in the quarter-over-quarter improvement in the remodeling market. The overall RMI averages ratings of current remodeling activity with indicators of future remodeling activity. An AlMOst $10 billiOn industry The 2013 report The Trillion Dollar Apartment Industry produced by the National Apartment Association and the National Multifamily Housing Council stated that the industry spent $67.9 billion on apartment operations. Repairs and maintenance were at 14.3 percent of those operations costs, or $9.7 billion. MiAMi MetrO AreA hAs the highest OPerAting cOsts In NAA's National Apartment Association's 2014 Survey of Operating Income & Expenses in Rental Apartment Communities, the Miami Beach-Kendall, Fla., metro area had the highest operating costs in metro areas around the country based on a per unit basis at $6,950 ($6.62 per square foot). MultifaMilyflORiDa l Spring 2015 l 29

Table of Contents for the Digital Edition of Multifamily Florida - Spring 2015

President’s Message: My Open-Door Policy by Ron Wenzel, Greystar Multi-Family Services
FAA Update: The Power of Association by Josh Gold, CAE, CMP, FAA Executive Vice President
An Ounce of Prevention: An Organized System for Maintenance Saves Time, Trouble, and Money by Laureen M. Crowley
Rental Payment History 101 by Emily Christiansen
Legislative Days Wrap-Up by Laureen M. Crowley
Building Community: Working Together to Make a Difference by Trish Harris
Community Spotlight: West Park Village by Mary Lou Jay
Apartments by the Numbers
Index to Advertisers/ adv.com

Multifamily Florida - Spring 2015

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