Contract services costs were reported at an average of $324 per unit in 2015 ($345 in 2014 and $296 in 2013). Square footage formula: Plan on $1 per square foot for yearly maintenance costs. Owning an apartment complex straddles the line between an investment and a career. A rental property owner also should plan to … If you have roommates, this cost may go down to about 10 percent. Thanks for the A2A. Average Apartment Building Cost. I maintain a 68 unit complex with 1, 2 and 3 bedroom apartments, a pool, 2 saunas, gym and laundry room. 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. 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. An additional cost of owning an apartment or condo is their monthly maintenance fees. 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.. If you are considering buying rental properties, you should already know how to analyze an investment by penciling out your real estate deal. 5x rule: maintenance costs will average 1.5 times the monthly rental rate. So a property valued at $190,000 should cost $1,900 a year to maintain (or $160 a month). I'm taking classes right now on the financial aspect of maintenance. Maintenance costs were reported at $476 per unit in 2015 versus $419 per unit in 2014 and $434 per unit in 2013. So a 2,200 foot rental should cost roughly $2,200 a year in maintenance costs. 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. Each unit roughly costs anywhere between $64,575 and $86,100. The average cost for a Property Manager is $100. Is there a percentage of net income that should be budgeted for maintenance costs or a certain amount per unit per bedroom? 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. 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. Monthly maintenance is one of the anticipated costs of ownership for landlords and property managers. The monthly fee covers the cost of the upkeep of the buildings, grounds, and common areas. 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