The 2024 same-store financial results point to a market that is no longer driven by momentum, but by management. Revenue continues to grow on a per-unit basis, yet the pace of expansion has slowed meaningfully compared to the post-pandemic rebound years, which reflects broader macroeconomic trends of moderate inflation, rising interest rates and softening consumer spending. At the same time, expenses remain firmly elevated, driven by persistent labor costs, insurance, maintenance inflation and utility volatility, forcing owners and operators to navigate a much tighter operating environment.
The story of 2024 is not one of collapse, but of constraint. Financial performance is being shaped less by rent growth, which has largely stabilized amid increased supply, and more by cost structure, pricing strategy and how efficiently properties are being run.
Methodology
The 2024 I/E IQ benchmarking report, published in August by the National Apartment Association (NAA)in partnership with the Institute of Real Estate Management (IREM) and the Building Owners and Management Association (BOMA), presents comprehensive financial data – including revenue, operating and expense metrics – for over 1 million multifamily units across more than 4,600 properties in 109 metropolitan markets.
This 2024 national summary is based on a same-store analysis of properties that provided consistent income and expense data from 2021 through 2024. The sample includes approximately 1,000 properties across 22 metro areas. To qualify for inclusion in the analysis, each market within the same-store sample must have at least 20 properties. Evaluated on a dollar per-unit basis, the data highlights how revenue strength has softened while cost pressure has become more embedded in day-to-day operations. The result is a market that is still performing, but with far less room for error.
National Results
On a same-store basis, total annual income per unit reached $21,017 per unit in 2024, marking a modest 1.5% year-over-year increase and extending the four-year cumulative gain to 14.1% since 2021. However, the trajectory of that growth has clearly shifted: After the strong post-pandemic rebound in 2022, which witnessed an 8.3% annual increase, income gains decelerated sharply to 3.8% year-over-year in 2023 and slowed even further to 1.5% in 2024.
Rent performance continues to illustrate this nationwide deceleration. Average annual rent reached $21,502 per unit in 2024, rising just 1.2% from 2023, following growth of 2.9% in 2023 and 11.4% in 2022. While rents are still advancing, the market has clearly transitioned out of its post-pandemic pricing surge and into a stabilization phase. Other income increases by 5.4% year-over-year to $1,482 per unit in 2024, underscoring the growing importance of ancillary revenue streams in sustaining top-line growth.
Offsetting these gains, operators faced market-driven cost pressures in the 2024 leasing environment. Vacancy and rent loss rose again to $1,323 per unit, up 2.6% from 2023 and marking the fourth consecutive annual increase – signaling that supply pressures are still influencing leasing performance across markets.
Concessions climbed sharply once more after showing signs of normalization in 2022, reaching $82 per unit, a 30.9% year-over-year increase, reflecting the incentives increasingly required to sustain occupancy in a competitive leasing environment. Bad debt improved in 2024, declining 30.2% to $75 per unit, yet remains elevated relative to pre-surge levels. Together, these trends suggest that while resident payment behavior has stabilized, operator reliance on pricing incentives remains firmly in place.
On the expense side, cost pressures remain persistent and structural rather than cyclical. By 2024, total annual operating expenses per unit climbed to $8,657 per unit, up 2.2% from 2023. Administrative and payroll expenses rose to $2,323 per unit, up 3.81% year-over-year and nearly 20% higher than in 2021. Payroll alone increased 3.6% in 2024, reflecting continued wage stickiness in onsite staffing despite signs of broader easing in the labor market. Repairs and maintenance expenses reached $1,098 per unit, increasing 3.7% year-over-year and 28.2%, driven by sustained inflation in maintenance repairs, security, appliances and unit-turn-related work. Operators are spending materially more to preserve baseline asset performance.
Utility costs had the most significant decline in 2024. Total utilities declined 3.2% to $1,304 per unit, driven primarily by sharp pullbacks in heating fuel and natural gas. Electricity rose modestly, while water and sewer continued their steady upward march, increasing 5.1% year-over-year. A recent Massachusetts Institute of Technology (MIT) study, “Navigating Energy Mandates in Multifamily Sector: Insights from Apartment Owners and Managers,” highlights that energy-efficiency measures like electrified HVAC systems and renewable energy can aid in reducing heating fuel and natural gas costs, but modestly increased electricity demand, contributing to a slight rise in energy costs. Meanwhile, water and sewer costs, which are less influenced by energy upgrades are more closely tied to municipal rate hikes and infrastructure needs.
Property taxes and insurance remained the most volatile and disruptive expense category nationally. Total taxes and insurance increased to $2,998 per unit, up 2.65% from 2023. Insurance alone surged 10.8% year-over-year to $777 per unit, following an extraordinary 25% increase in 2023, as natural disasters, reinsurance and repricing continued to reset risk premiums nationwide. While real estate taxes slightly moderated in 2024, this modest relief did little to offset the lasting impact of insurance-driven cost inflation on property cash flow.
As expenses have continued to climb, the reinvestment burden across assets has widened relative to profitability. Since 2021, repairs and maintenance costs have risen nearly 28%, while Net Operating Income (NOI) has increased just 10% during the same period. This growing gap highlights how a larger share of revenue is now being absorbed by essential reinvestment rather than translating into incremental profit. Leasing activity also reflects this dynamic, with leasing expenses increasing 4.6% in 2024 to $292 per unit, largely driven by a 17.5% increase in turnover costs year-over-year.
In summary, the 2024 national same-store benchmarks confirm that the national apartment market has fully entered a cost-efficiency phase of the operating cycle, where controlling expenses is essential to maintaining performance. Income growth persists, but at a gradual pace. Expense levels are not only rising, but doing so from a permanently higher base shaped by insurance repricing, labor costs, maintenance inflation and utility volatility. NOI is still increasing, but narrowly.
Metropolitan Area Overview
The 2024 Income/Expense IQ provides apartment benchmark data for 109 metropolitan areas. This section of the national summary highlights same-store benchmarking and analysis for metro areas that have submitted apartment data during the past four years (2021 to 2024), each including at least 20 multifamily housing properties. Subsequent paragraphs will summarize year-over-year breakdown and cumulative trend analysis from 2021 to 2024 for key financial metrics – revenue, operating expenses and net operating income – across leading metropolitan areas.
Over the past four years, the performance of the 22 metros in this sample has shown a mixture of growth, market dynamics and operational nuance. Across the board, Gross Potential Rent (GPR) increased from 2021 through 2024, reflecting rising market rents and expanded portfolios in many areas. The most notable leaders for GPR year-over-year movements in 2024 were Tampa, Fla. (16%); Orlando, Fla. (8%); Minneapolis (5.3%); San Diego (4.8%); and San Jose, Calif. (4.4%), all of which demonstrated the strength of high-value urban markets. At the other end of the spectrum, Raleigh, N.C.; Atlanta; Austin, Texas; Charlotte, N.C.; and Dallas have consistently remained lower, ranging from -2% to -6.8%, suggesting that despite broader market gains, these areas may be experiencing local factors impacting rent growth or portfolio mix changes. The observed decline in gross potential rents within these markets aligns with rental decreases experienced across Sun Belt regions, as detailed in a report published earlier this year by Yardi Matrix. In particular, the reduction in Austin’s rent levels following the pandemic can be attributed to the increased housing supply since 2022, according to research from NMHC.
Operating expenses have generally risen across the sample, with notable disparities among markets. High-cost metros, including Los Angeles, San Jose, Boston and Minneapolis, incur substantial absolute expenses, where stringent regulations, such as eviction laws and resident screening requirements, drive up costs. A study conducted by MetroSight shows a clear link between these regulations and increased operational expenses, while less-regulated markets face comparatively lower financial burdens. Minneapolis, in particular, exhibits a relatively high expense ratio, which diminishes the efficiency of revenue conversion into net operating income (NOI). Meanwhile, cities such as San Diego, Denver and Boston demonstrate leaner expense structures, contributing to stronger profitability relative to GPR. Expense management emerges as a key differentiator, where effective cost control can allow mid-tier markets to outperform higher-rent metros in terms of NOI efficiency.
NOI itself tells a compelling story of both scale and efficiency. In absolute terms, the highest NOI in 2024 was observed in San Jose, San Diego, Los Angeles, Boston and Minneapolis. However, examining NOI as a percentage of GPR reveals that metros like Tampa, San Diego and Portland, Ore., operate with exceptional efficiency, converting a higher share of potential revenue into profit. Conversely, Minneapolis and Houston illustrate the impact of elevated expenses on profitability, highlighting that high rents alone do not guarantee superior financial performance. This reinforces the notion that operational execution and cost control are as critical as market pricing in driving results.
Year-over-year changes illustrate both resilience and volatility across these markets. While Tampa experienced a striking 10.5% increase in NOI in 2024, demonstrating strong operational leverage, markets such as Austin, Dallas and Atlanta faced slight declines in GPR, signaling the influence of localized economic or competitive factors. These shifts emphasize the importance of proactive management strategies tailored to each market’s unique dynamics.
On the revenue side, Tampa posted the largest year-over-year revenue gain (+18.2% from 2023) and the largest cumulative four-year jump (+61.7% from 2021). That scale of topline growth is not accidental: It reflects sustained leasing strength and rent capture that outpaced most other metros in the same store set. Behind Tampa, metros such as Minneapolis (+8.0% YoY), San Diego (+6.6%), San Jose (+5.2%) and Chicago (+4.4%) also recorded the strongest single-year revenue gains in 2024, each demonstrating either renewed demand or better rent realization relative to the prior year. Additionally, several metros derived a larger share of income from ancillary revenue (fees, parking and other services).
On the other hand, several previously fast-growing Sun Belt markets showed signs of moderation: Austin (-3.6% YoY), Raleigh (-2.9% YoY), Salt Lake City (-1.9% YoY), Dallas (-1.9% YoY) and San Antonio (-1.2% YoY) all posted year-over-year declines in total income, potentially suggesting more competitive leasing conditions during the year. The revenue downturn year-over-year in Austin, Dallas and San Antonio metro areas may be attributed to slightly higher vacancy rates, according to CoStar data.
Operating expenses have generally risen across the sample, with notable disparities among markets. Orlando and San Diego lead the pack in expense escalation: Orlando’s per-unit operating costs rose nearly 9.8% year-over-year and are up 39.4% over the four-year period; San Diego’s operating costs increased 9.6% in 2024 and are up 36.7% since 2021. Denver and Chicago also experienced notable expense inflation in 2024 (roughly +8.9% and +8.1% YoY, respectively), driven in many markets by maintenance and insurance pressures. On the other end, larger declines in expenses were seen in the following metros: Austin’s operating expenses fell sharply (-6.4% YoY), Tampa showed a meaningful reduction in expenses in 2024 (-4.3% YoY), and Dallas and Charlotte also registered declines. Austin's expenses fell due to lower advertising and real estate taxes, while Tampa's decrease came from reduced taxes and utility costs.
This interplay is most evident in NOI outcomes, which ranged widely in 2024, rom $5,512 per unit in Orlando to $23,919 per unit in San Jose. Tampa and Orlando stood out as the markets with the strongest increases in net operating income. Tampa’s combined performance, outsized revenue growth plus lower operating expenses, produced a dramatic lift in profitability (+35.7%): The metro now converts a notably high share of its revenue into NOI, and its cumulative NOI performance since 2021 is the strongest (+93.5%) in the sample.
By contrast, San Diego presents a cautionary tale: Despite strong cumulative revenue growth over the four-year period, its persistent rise in expenses compressed NOI on a year-over-year basis. In short, San Diego’s topline strength did not translate into a NOI gain because the expense side accelerated faster than the revenue increase in that year. Orlando faced a comparable dynamic, with expenses rising sharply. However, Orlando succeeded in delivering a substantial NOI increase (+27.3% year-over-year). Conversely, the highest year-over-year declines occurred in San Diego (-9.7%) and Salt Lake City (-6.4%). In terms of cumulative changes over the four-year period, the declines in NOI were seen in Orlando (-5.4%) and San Deigo (-4.4%).
Taken together, the 2024 same-store analysis reveals a complex interplay between market potential, revenue diversification, expense management and operational efficiency. First, revenue wins are necessary but not sufficient: Tampa shows how revenue upside becomes durable profit only if expense control and collections hold. Second, expense management is a competitive advantage; metros that experienced cost declines in 2024 (Austin, Tampa, Dallas) were better able to protect or grow NOI. Third, revenue diversification, which is the ability to convert ancillary services into reliable income, provided a buffer in markets where rent growth slowed. Markets relying heavily on other revenue streams demonstrate how diversification can stabilize income and enhance performance, while managing costs remains a critical lever for maximizing NOI. Finally, viewed through a four-year lens, the data confirms that some metros achieved sustained structural improvement (notably Tampa, Orlando and San Diego on cumulative revenue), while others faced a choice between defensive cost optimization and targeted revenue strategies to restore momentum.
2024 Full Sample Data
The Income/Expense IQ numbers come from a national sample of properties. As in prior years, the full sample was analyzed, as well as properties that show up year-after-year. The narrative above focuses on same-store information for only properties that submit data consistently over the three-year period. Below are the figures for the full 2024 sample, including properties that did not submit information in one or more of the prior year(s).
Erioreoluwa “Eri” Bajomo is NAA’s Industry Research Analyst.
About the Income/Expense IQ
NAA, IREM and BOMA have partnered with Lobby CRE to provide comprehensive income and expenses benchmarking data for the apartment sector in a simplified digital format. Data for the 2024 Income/Expense IQ was reported to have multifamily housing benchmarks for 4,666 conventional properties containing 1,089,259 units. Benchmarks are based on 2024 operating data provided by NAA and IREM members and other real estate practitioners. Currently, there are multifamily benchmarks available for 109 U.S. metro markets. The benchmark data is presented in three forms: Total dollar amount, dollars per unit and dollars per unit as a percentage of income.
Glossary of Terms
Administrative. Total monies spent on general and administrative items such as mileage reimbursement, bank charges, legal/eviction charges, postage, office supplies, uniforms, credit reports, permits, membership dues, subscriptions, data processing, etc. Does not include any payroll-related expenses.
Other Administrative Expenses. Any administrative expenses that cannot be attributed to the included list of administrative expense line items.
Communications. Total monies spent on communication utilities such as telephone, internet and wireless services.
Contract Services/Professional Fees. Payments to vendors for services rendered. Trash services should be included under “other utilities.”
Gross Potential Rent. Total rents of all occupied units as at year of submission lease rates and all vacant units as at year of submission market rents (or fiscal year end).
Heating/Cooling Fuel. Type of fuel used in apartment units.
Insurance. Includes property hazard and liability and real property insurance and does not include health/payroll insurance.
Leasing Expenses. Includes marketing/advertising, turnover expenses and other leasing expenses.
Other Leasing Expenses. Any leasing expenses that cannot be attributed to the included list of leasing expense line items
Loss/Gain to Lease. Difference between actual contract rents and market rental rates.
Management Fees. Total fees paid to the management agent/company by the owner.
Marketing/Advertising. Includes all marketing and advertising expenses for the property.
Net Commercial Square Footage. Total rentable square feet of commercial floor space.
Net Rentable Residential Square Feet. Total rentable square feet of floor space in residential units only. Area reported includes only finished space inside four perimeter walls of each unit. Common areas are excluded.
Payroll Expenses. Gross salaries and wages paid to employees assigned to the property in all departments. Includes payroll taxes, group health/life/disability insurance, 401(k), bonuses, leasing commissions, value of employee apartment allowance, workers’ compensation, retirement contributions, overtime and other cash benefits.
Rental Revenue Commercial/Other. Total rent collections for any commercial space after vacancy/administrative, bad debt and discount or concession losses.
Rental Revenue Residential. Total rent collections for residential units.
Other Rent Adjustments. Any rent adjustments that cannot be attributed to vacancy, concessions or bad debt.
Total Repairs and Maintenance. Total monies spent on general maintenance, maintenance supplies and uniforms, minor painting/carpeting repairs, plumbing supplies and repairs, security gate repairs, keys/locks, minor roof/window repairs, HVAC repairs, cleaning supplies, etc. Does not include any payroll-related expenses or non-recurring capital expenses. Contract services are reported separately.
- Appliances
- Carpet
- Cleaning Supplies
- Elevator Repair and Maintenance
- General Building Exterior
- Grounds Maintenance
- Janitorial
- Landscape
- Painting/Decorating
- Maintenance - Repairs
- Recreational/Amenities
- Security
- Snow Removal
- Other Repairs & Maintenance
Total Utilities. Total monies spent on electricity, natural gas, communications, water and sewer and other utilities.
Other Revenue/Income. Monies received, including amenity fees, parking fees, laundry, pet fees, storage and (“other”). All “other” would include the sum of any items not specifically listed above (e.g., vending, deposit forfeitures, furniture, late fees, termination fees, application fees, etc.). NOTE: Interest income or utility reimbursements are not included. (Utility reimbursement/recovery is subtracted from gross utility costs.)
Revenue Losses/Adjustments to Collections/Bad Debt. Total amount of residential rents not received due to collection losses.
Revenue Losses/Adjustments to Concessions. Amounts of gross potential residential rents not received due to concessions.
Revenue Losses/Adjustments to Vacancies. Amount of rental income for residential units not collected because of vacancies and/or other uses of units, such as models and offices.
Taxes. Total real estate and personal property taxes only. Does not include payroll or rendering fees related to property taxes or income taxes.
Other Taxes, Fees, Permits. Any permit costs, fees or taxes, outside of property tax. Does not include payroll taxes.
Total Operating Expenses. Summation of all operating costs. The sum of all expense categories must balance with this line, using total net utility expenses only. Does not include debt service or any one-time extraordinary costs or capital costs.