Websites for Multifamily Operating expenses data?

[Mallikarjun Reddy Pateel]

is there any websites that provides data for Multifamily operating expenses for given markets?

[Bobby Larsen]

Turnover, R&M, Admin, and contract services are all more or less similar across markets. What differs most are taxes, insurance and salaries (to a lesser extent). If you have a good understanding of taxes and insurance, you should be able to estimate expenses across most markets.

The overall expense ratio % is largely dependent on rents. In low cost western markets with tax friendly treatment, moderate climate and high rents, expense ratio can be as low as 35%. In markets with high taxes, sever weather and low rents, the expense ratio is usually between 45-55%. In tertiary markets with very low rents, the expense ratio can easily be greater than 55%.

Reports are probably just as reliable as broker OMs so I wouldn’t pay for those. Use ratios as a sanity check along with broker OMs and historical financials, adjust taxes correctly and be very confident in your insurance number.

Beyond that, you’ll need to conduct due diligence to fine tune the numbers further. And, of course, you can always ask why certain historical expenses are high and adjust accordingly.