In a recent presentation to a lender of one of my clients, I was asked to demonstrate market expense ratios. This task was answered via two different vehicles: the conventional IREM property report published annual and a personal survey of over 3,803 units in 23 different apartment communities. The following represents a breakdown of expenses on a per unit, percentage (of income), and per square foot basis. LHI Survey Master Sub Expenses/Unit $2,646 $2,281 Expenses/SF $3.84 $3.03 Expenses/% 44.67% 36.11% IREM Survey Master Sub Expenses/Unit $2,745 $2,303 Expenses/SF $3.27 $3.12 Expenses/% 45.8% 42.9% The IREM survey represents 3,126 units and 14 communities.