Income vs expense growth trends

[Nate Raynor]

Hi All, 

Working on a multifamily development deal and as I am wrapping up modelling I wanted to check in with the group here regarding annual income growth vs expense growth.

 What are underwriting for rent growth vs expense growth over the years. Do you trend rent growth above expense growth in all years or do you match income and expense growth after the initial couple of years? I'm running a 3 year merchant sale, 5 year hold, and 10 year hold. 

Thoughts?