Most of that increase isn't market forces. It's vendor drift, insurance slippage and contracts that haven't been rebid in four years. We audit the categories driving OpEx above UW and renegotiate or replace the vendors charging above market.
Zero resident disruption · Built for owner-operators, PM companies and institutional portfolios
Same-store operating expenses jumped from ~$7,090 to $8,657 per unit while rents lagged. (NAA Income/Expense IQ 2024)
National same-store insurance went from $502 to $777 per unit. Some markets saw premiums double. (NAA Premium Pulse 2026)
Savings captured on portfolio-wide waste rebid. Waste is the single fastest category to fix. (SIB Fixed Cost Reduction)
Multifamily operating expenses have climbed 61% over the past decade. The 2024 national average is $8,657 per unit — up 22% in three years. Insurance alone is up 55% same-store since 2021, and in some markets it has doubled. R&M is up 28%. Admin and payroll are up 20%. Your rents haven't kept pace and your NOI is absorbing the compression.
The culprits are rarely the vendors themselves. It's the contracts. 89 cents of every rent dollar goes to OpEx before any return reaches the owner, and most of that OpEx is running on agreements that auto-renew at 3–7% annual escalators without a competitive bid. We review your operating statement line-by-line, benchmark every major category against per-unit norms for your class and market, and go capture the savings.
P&L, trailing 12, GL export, invoices, whatever you have. We organize it.
NAA, IREM and Yardi per-unit benchmarks plus our own vendor contract database.
We handle the outreach, proposals and contract redlines. You approve every transition.
Overlapping service windows, on-site vendor handoffs, and a single point of contact through go-live.
Carrying OpEx directly, no corporate procurement team.
Needing a repeatable vendor review process across the portfolio.
Defending NOI to LPs and lenders, especially post-refi.
Where vendor contracts transferred at above-market terms and need to be unwound.
The goal is zero disruption. We overlap old and new vendors for the first service cycle, coordinate with site staff and manage the go-live so residents never see a gap.
Waste, landscaping and pest typically rebid cleanest and quickest — 30–57% savings are common. Insurance is the biggest dollar mover but tied to your renewal calendar.
We work with single properties up through portfolios of 5,000+ units. Single-asset engagements usually pay for themselves on one or two categories.
No. We work alongside your existing PM team and deliver recommendations they implement. If a PM company fee structure looks above market we'll flag it, but we don't sell PM services.
Take the 2-minute Savings Assessment and we'll come back to you with a tailored read on where your property likely sits versus market.