Monthly maintenance is one of the anticipated costs of ownership for landlords and property managers. Thanks for the A2A. Average Apartment Building Cost. Square footage formula: Plan on $1 per square foot for yearly maintenance costs. 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. Owning an apartment complex straddles the line between an investment and a career. 5x rule: maintenance costs will average 1.5 times the monthly rental rate. The average cost for a Property Manager is $100. 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.. Each unit roughly costs anywhere between $64,575 and $86,100. 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. If you have roommates, this cost may go down to about 10 percent. On the one hand, it usually takes a meaningful sum of money to buy an apartment complex, and what you make from it is usually related to how much you put into it. To hire a Property Manager to help manage your property, you are likely to spend between $80 and $100 total. So a property valued at $190,000 should cost $1,900 a year to maintain (or $160 a month). I maintain a 68 unit complex with 1, 2 and 3 bedroom apartments, a pool, 2 saunas, gym and laundry room. Contract services costs were reported at an average of $324 per unit in 2015 ($345 in 2014 and $296 in 2013). The monthly fee covers the cost of the upkeep of the buildings, grounds, and common areas. 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. 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 … Renters may pay about 20 percent of rent on utilities. Maintenance costs were reported at $476 per unit in 2015 versus $419 per unit in 2014 and $434 per unit in 2013. A rental property owner also should plan to … I'm taking classes right now on the financial aspect of maintenance. Salaries were reported at $1,240 per unit in 2015 versus $1,236 per unit in 2014 and $1,178 per unit in 2013. The price of a Property Manager can vary depending on your area. With 68 units, I keep most maintenance costs below $500-$600/month for the property. So a 2,200 foot rental should cost roughly $2,200 a year in maintenance costs. 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