• Landlords and tenants accounted for over one-third of “necessary” repair spending on residential properties over the 2011-2015 period.
  • On a per unit basis, the average annual repair spending on a rental unit was about $1,400, compared to about $1,000 for an ownership unit. Rental repairs include in-suite repairs, as well as common areas, such as elevators, parking garages, etc.
  • Most of the repair spending on rental units is done directly by landlords (>90% based on our estimates). Higher repair spending occurs as rental units turnover; respondents to Altus Data Solutions Q4 2015 Investment Trends Survey pegged average repair spending to bring a 2 bedroom suite to a leasable condition at roughly $1,900.