Sector Hub · 14 Property Types

Residential Real Estate Analytics.

Residential real estate covers multifamily (5+ unit apartment communities), small multifamily (2-4 unit duplex / triplex / fourplex), single-family rental (SFR + Build-to-Rent), student housing, senior living (IL / AL / MC / SNF / CCRC), affordable / LIHTC, manufactured housing communities, condominiums, military housing, public housing agency, and social housing. Performance is measured in Effective Gross Income (EGI), Net Operating Income (NOI), occupancy, renewal rate, RUBS recovery, and rent growth. Public multifamily REITs include Equity Residential (EQR), Camden (CPT), Mid-America (MAA), Essex (ESS), AvalonBay (AVB), and UDR; SFR is dominated by Invitation Homes (INVH) and American Homes 4 Rent (AMH); senior housing by Ventas (VTR), Welltower (WELL), Omega (OHI), National Health Investors (NHI), and Sabra (SBRA); manufactured housing by Sun Communities (SUI) and Equity LifeStyle (ELS). Ilora.ai ingests rent rolls, T-12 P&Ls, lease audits, RUBS recap, and capital plans — then benchmarks against SEC EDGAR REIT filings normalized to portfolio composition.

Property Types: 14
KPIs Tracked: 15
Canonical KPIs: 10
AI Agents: 347

Property Types

14 property types in RESIDENTIAL.

Canonical KPIs

10 core KPIs anchor residential analysis.

NOINet Operating Income: Total revenue minus operating expenses (excludes financing and capital costs). The primary measure of property-level profitability.NOI = Revenue − Operating Expenses
Cap RateCapitalization Rate: Net Operating Income divided by current property value. Expresses unleveraged annual yield as a percentage.Cap Rate = NOI ÷ Property Value
DSCRDebt Service Coverage Ratio: Net Operating Income divided by total annual debt service. Lender-required cushion measure; below 1.0 means NOI cannot cover debt.DSCR = NOI ÷ Annual Debt Service
OEROperating Expense Ratio: Operating expenses divided by gross revenue. Lower is better, but varies by property type (hotels run higher than triple-net retail).OER = Operating Expenses ÷ Gross Revenue
EGIEffective Gross Income: Gross potential rent minus vacancy and credit losses, plus other income (parking, laundry, fees).
LTLLoss to Lease: Difference between market rent and current contract rent across the rent roll. Measures lease-up opportunity on turnover.
RenewalRenewal Rate: Percentage of expiring leases that renew. Higher renewal rates indicate retention; turnover costs avoided.
ConcessionsConcession-to-Rent: Concessions (free months, discounts) divided by gross rent. Measures pricing pressure.
RUBSRatio Utility Billing System: Method of allocating master-metered utility costs to residents based on unit area or occupant count.

Common Questions

Frequently asked questions about residential real estate.

What property types does residential real estate include?

Multifamily (5+ unit), small multifamily (duplex / triplex / fourplex), single-family rental (SFR + BTR), student housing, senior living (IL / AL / MC / SNF / CCRC), affordable / LIHTC, manufactured housing, condo / HOA, military housing, PHA housing, and social housing — 14 property types under one sector.

How is multifamily NOI calculated?

NOI = Effective Gross Income (gross potential rent minus vacancy / credit loss + other income such as parking, pet fees, RUBS) minus Operating Expenses (payroll, utilities, marketing, R&M, insurance, taxes, management fee). NOI excludes debt service, capital expenses, and depreciation. The metric is the basis for cap-rate-derived valuation.

Which REITs benchmark residential real estate?

Multifamily: EQR, CPT, MAA, ESS, AVB, UDR, IRT. SFR: INVH, AMH. Senior: VTR, WELL, OHI, NHI, SBRA, CTRE. Manufactured: SUI, ELS, UMH. Affordable inventory is largely held by tax-credit syndicates (Boston Capital, Hunt, Raymond James) rather than public REITs.

What is RUBS and how does it affect NOI?

RUBS (Ratio Utility Billing System) recovers master-metered utility costs from residents based on unit area or occupant count — converting an operating expense into recovered income. Effective RUBS programs improve NOI by 100-300 basis points. Common in markets where sub-metering is impractical.

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