Average rent up 26% in five years

Kleinman has managed a property in Richfield (42 units) and one in Bloomington (114 units) since 2014 for the same client. Together, the two communities hold 156 apartments.

From 2016 to 2019, Kleinman invested about $796K in unit remodels, upgrading kitchens and baths across the portfolio. Occupancy stayed strong: the portfolio was 97% occupied at the end of 2015 and 98% to 100% at the end of 2020.

By 2020, average rent had risen from $873 to $1,099, rental income had grown from $1.56M to $1.97M, and NOI had climbed from $718K to $954K. That 33% NOI gain came with the cost of remodels running through operating expenses. Before 2020's remodel spend, NOI was up 43%.

By the numbers

• 156 homes across two communities
• Average rent: $873 to $1,099 (+26%)
• Rental income: $1.56M to $1.97M (+27%)
• NOI: $718K to $954K (+33%, or +43% before remodel costs)
• Remodel investment: about $796K (2016 to 2019)