North American Multifamily Rent & Operating Expense Benchmarks

The North American Multifamily Rent & Operating Expense Benchmarks dataset provides property-level fundamentals for stabilized multifamily assets across the United States and Canada. Each record captures in-place and asking rents, concession levels, physical occupancy, and the full line-item operating-expense stack — property taxes, insurance, repairs and maintenance, utilities, payroll, and management fees — down to net operating income (NOI) per unit.

Rents and concessions are refreshed monthly while the operating-expense stack and NOI are refreshed quarterly, with every property normalized to a consistent per-unit, per-asset-class, per-metro schema. Concession-adjusted effective rent is derived so headline asking rents do not overstate the income that actually reaches the ledger, and Canadian metro coverage is built out where US-centric incumbents are thin.

The benchmark is built for the desks that underwrite and manage multifamily risk: lenders sizing loans against defensible NOI, apartment owner-operators benchmarking expense ratios, private-equity acquisitions teams stress-testing seller pro formas, and appraisers pulling comparable rents and expenses for income-approach valuations.