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Operating Expense Guidelines

We publish operating expense guidelines for apartments and retail properties in Southern California. The guidelines are presented in a narrative format, and are intended for use as a handbook to assist in estimating likely operating expenses for appraisal, underwriting, or asset management purposes.

 

The guides are based on actual operating expenses observed during the course of our appraisal practice during the past three years (2022, 2023, and 2024), with increased weight given to the most recent year. The guides cover 20 categories of expenses for multi-family properties and 8 categories for retail centers. Observed and suggested expense ranges are typically reported on a per-square-foot, per-year basis for retail centers and on a per-unit, per-year basis for apartments. The guidelines should be used in conjunction with careful consideration of actual/historical expenses for a given property. 

Apartment Operating Expense Guide

Apartment Operating Expense Guide 2025

$100 USD (26 pages)

Retail Operating Expense Guide

Retail Center Operating Expense Guide 2025

$100 USD (13 pages)

Our 2025 expense guides are now available. If you would like to order an expense guide, please send a request for same via email to gregwingerd@gmail.com. Payment can be accepted via Zelle sent to the foregoing email address, or via check or cash mailed to the address on our Contact page. Expense guides are provided in digital PDF format. Samples can be accessed via the PDF icons below.

We do not currently produce expense guides for other property types. If you are seeking expense guides for Office or Industrial property types in the Southern California region, we recommend the Penner Expense Guides of Penner & Associates.

© Wingerd Appraisals / Gregory P. Wingerd & Associates / Retail Consultants

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