What is the Typical Maintenance budget for an apartment complex?
I maintain a 68 unit complex with 1, 2 and 3 bedroom apartments, a pool, 2 saunas, gym and laundry room. I’m taking classes right now on the financial aspect of maintenance.
Is there a percentage of net income that should be budgeted for maintenance costs or a certain amount per unit per bedroom? With 68 units, I keep most maintenance costs below $500-$600/month for the property. This is if I don’t have to replace an appliance or get new flooring on a turn. But almost always under $1000.
Total rent per month is usually $52,000 or so.
Now i’m not talking about landscaping and garbage services. I’m just talking about inside apartment maintenance including plumbing, electrical, appliance repair, painting, etc.
Nevermind, you people aren’t listening to my question at all. I’m not talking about down the road, remodels, depreciation or big projects. I’m talking about daily, weekly and monthly expenses for in unit maintenance.
If you have access to past records of income and expenses for the complex it would give you an idea for a monthly budget.
Daily and weekly budgets are harder to figure since they will vary almost constantly and there will be many days or weeks that you will have no maintenance expenses at all.
A monthly budget will compensate for this since the money not spent in 1 month can be carried into the next month.
A budget is nothing more than a planning tool and guide,nothing is carved in stone and can can be changed to cover shortages in 1 area by any surplus in another.
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