The National Apartment Association (NAA) has launched a new interactive research tool, Dollar of Rent, that helps break down rent payments and their role in sustaining apartment communities and strengthening local economies.
The NAA’s research finds 89 cents per dollar of rent payments on the national average supports local communities, provides jobs, and covers essential operating costs.
“Just like countless American families and businesses, rental housing providers across all corners of our country have not been immune to the skyrocketing costs over the past few years,” said NAA president and CEO Bob Pinnegar. “This data underscores that, while often mischaracterized, rental housing is a narrow margin industry—one that delicately balances the business of housing with the humanity of home. These findings must be a central part of the conversation as we work with policymakers to craft informed and responsible housing policy solutions.”
The analysis is based on data provided by STATVAL and includes over 150,000 standardized operating statements and 45,000 lender underwriting appraisals from 2023 and 2024. Details can be viewed for 44 states and Washington, D.C.; 286 congressional districts; and nearly 100 metros with breakdowns by rent type and property age, size, and type.
Nationally, a property’s mortgage is the biggest expense, accounting for 44 cents of each dollar, while 27 cents pays for operating costs such as insurance, utilities, and maintenance. Seven cents covers payroll expenses, and another 1 cent goes to capital expenditures. In addition, 10 cents goes back into the local economy through property taxes. This leaves on average 11 cents per dollar that is returned to owners.
“What stands out most in the data is its consistency,” added NAA advocacy research director Leah Cuffy. “No matter the geography, property type, or rent type, nearly all of the rent dollar goes toward essential costs. There is very little left over, which shows just how challenging it is to run a business that provides quality housing while balancing such tight margins.”