How much in monthly maintenance does it cost to run a 60-unit building? (apartment)

[SeventhFloor]

Just a thought that came across my mind, since many landlords complain that rent stabilization prevents them from charging market rate. Of course its a business and the LL's goal is to make money, I have no problem with that. But with soaring oil costs, etc., how much is to actually maintain a building these days?

[Guywithacause]

I really have no idea, but it must be absolutely insane to maintain these buildings today, and these abysmally low rents (for NYC no less!) are most definitely not gonna cover anything.

Seventh, do you believe that LLs are just whining and they are actually making loads off of rent stabilized buildings? It is possible, but I think with what is happening today, the margins are disappearing fast, and unless rents come up dramatically, I am concerned that abandonment/arson may rear its face again in some form in this city.

[Viralmd]

It depends on the number of staff employed there. Even ONE staff member significantly increases expenses!

[SeventhFloor]

Originally Posted by Guywithacause

I really have no idea, but it must be absolutely insane to maintain these buildings today, and these abysmally low rents (for NYC no less!) are most definitely not gonna cover anything.

Seventh, do you believe that LLs are just whining and they are actually making loads off of rent stabilized buildings? It is possible, but I think with what is happening today, the margins are disappearing fast, and unless rents come up dramatically, I am concerned that abandonment/arson may rear its face again in some form in this city.

honestly i think they have every right to whine....but i would really love to know how it really costs, so that i can see how much of a margin they actually have to close. i'm really wondering if they're complaining because a building is really expensive to maintain (which i dont doubt), or if they just want to line their pockets.

[NJ Chutzpah]

A sixty unit building is quite large

It will cost a lot of money

A sixty unit building will have come with a hefty mortgage

Plus if it is in a poor neighborhood, its a pretty sure bet that the pipes are leaky, walls are cracked, stairs need repair, Boiler is old and needs maintenance, Siding needs to be redone

Just lots of infrastructure repair

Plus many of these types of tenants will not pay rent on time or at all,

When someone moves out, Landlord will probably have to gut renovate to rent at higher rate, but if in a poor area, cannot be that much

Lots of tenants demand that you paint the whole place before they pay rent, or will do some kind of covert damage to apartment to delay payments

Superintendant will demand extra for infrastructure work, and they usually do crappy job anyways

Littles things like changing toilet valves, replacing sinks, new cabinets, fixing intercom, broken locks,

Can add up to tens of thousand of dollars and then some