average maintenance cost for apartment complex

An additional cost of owning an apartment or condo is their monthly maintenance fees. Owning an apartment complex straddles the line between an investment and a career. Is there a percentage of net income that should be budgeted for maintenance costs or a certain amount per unit per bedroom? For calculating labor cost and basic building components, let us defer to the 2013 RSMeans data. The price of a Property Manager can vary depending on your area. I maintain a 68 unit complex with 1, 2 and 3 bedroom apartments, a pool, 2 saunas, gym and laundry room. A study from the U.S. Energy Administration reported that the average monthly energy bill was about $112.Depending on where you live (hot or cold climates) and how much energy you consume, this could be your biggest expense.. Square footage formula: Plan on $1 per square foot for yearly maintenance costs. To hire a Property Manager to help manage your property, you are likely to spend between $80 and $100 total. The monthly fee covers the cost of the upkeep of the buildings, grounds, and common areas. Maintenance costs were reported at $476 per unit in 2015 versus $419 per unit in 2014 and $434 per unit in 2013. So a 2,200 foot rental should cost roughly $2,200 a year in maintenance costs. I'm taking classes right now on the financial aspect of maintenance. Each unit roughly costs anywhere between $64,575 and $86,100. If you are considering buying rental properties, you should already know how to analyze an investment by penciling out your real estate deal. But when it comes to the cost of an entire building complex, there’s more to simply crunching the figures based on the average unit cost. Renters may pay about 20 percent of rent on utilities. Monthly maintenance is one of the anticipated costs of ownership for landlords and property managers. The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small apartment buildings ranges from $67 to $89 per month based … The average cost for a Property Manager is $100. Average Apartment Building Cost. With 68 units, I keep most maintenance costs below $500-$600/month for the property. A rental property owner also should plan to … If you have roommates, this cost may go down to about 10 percent. So a property valued at $190,000 should cost $1,900 a year to maintain (or $160 a month). Contract services costs were reported at an average of $324 per unit in 2015 ($345 in 2014 and $296 in 2013). Thanks for the A2A. The best way—the easiest and most accurate way, at least to start—is to look at maintenance costs for similar apartment buildings if you can obtain those numbers. 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