Don't forget to download and save the free analysis workbook that includes:
- Wide-ranging operating expense analysis
- Insurance cost rankings for all 50 states
- Real estate expense rankings for all 50 states
Note: This research gives you a glimpse into the deep insights HelloData can provide in your submarket(s) for rent and expense comp knowledge.
From 2020 through 2022, average multifamily operating expenses in the U.S. increased from about $6,800 per unit to $7,700 per unit, a 13.4% increase (inflation was 13.1% over the same period). When we look at individual expense line items, however, it's a more interesting story.
Every line item changed significantly from 2020-2022, but some clearly increased more than others. property insurance costs far outpaced inflation, growing at 30.7%. Real estate taxes only grew by about 8.2% nationally, however.
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