Have a Finance Question? Ask a Financial Expert Online.
Hi, for TAX purposes, this is what IRS calls a "facts and circumstances? test .. it's really all over the board, depending on things lie age of the property, income level of renters (high-rent district vs low-rent district - income strata kind of thing) what will really matter from a tax [perspective is the numbers are real (what you paid for paint, you paid for pain) ... but in terms of planning and cash flow forecasting the best data will probably come from IREM ( the institute for real estate management) ... give me a few minutes here and I'll see what I can find
I did JUST stumble into this, on rent increases from them (Chicago) but again hang on juuuust a minute
Aug. 22, 2013
Chicago—Gross possible rents for the four conventional rental apartment types examined (elevator; low-rise with 12 to 24 units; low-rise with 25-plus units; and garden) rose within a range of 1.6 percent and 4.0 percent in 2012 versus 2011. Total expenses for all four building types experienced year-to-increases ranging from 2.5 to 6.2 percent.
Here we go ... from: http://www.irem.org/about-irem/media-resources/PR-08272013
NET INCOME EXAMINEDIn terms of net income by subsidy type, Section 202 building categories in 2012 ranged from $3.79 to $7.40 per square foot; Section 221(d) 3 buildings ranged from $4.74 to $6.56 per square foot; Section 236 buildings ranged from $2.94 to $4.14 per square foot; Section 8 Elderly/Handicapped buildings ranged from $4.84 to $7.25 per square foot; and Section 8 Family buildings ranged from $4.41 to $5.88 per square foot.
OTHER STUDY HIGHLIGHTS
- See more at: http://www.irem.org/about-irem/media-resources/PR-08272013#sthash.IXFXTN2v.dpuf
Hope this helps
You'll have to pay if you want the full report,,, BUT at this price and to get truly scientifically obtained and filtered data, it might be worth it. (see the link I provided)
Now, let me see what elseI can find for you
This one also look very good (and recent data)
Sorry, I meant to link this one: (this executive summary is free)
This one breaks out the numbers by market .. should be VERY helpful
He markets were broken down into regions as follows:
EGIONS USED IN SURVEYRegion I CT, DC, DE, MA, MD, ME, NH, NJ, NY, PA, PR, RI, VA, VT, WVRegion II AL, FL, GA, KY, MS, NC, SC, TNRegion III IL, IN, MI, MN, OH, WIRegion IV AR, LA, OK, TXRegion V CO, IA, KS, MO, MT, ND, NE, NM, SD, UT, WYRegion VI AK, AZ, CA, HI, ID, NV, OR, WA
I truly hope this helps
Let me know if you have further questions
If you'd like to work with ME again just say "For Lane only," at the beginning of your next question.