Accessible Version

Rising Property Insurance Costs and Pass-Through to Rents for Apartment Buildings, Accessible Data

Figure 1: Multifamily Insurance Costs Over Time

Real Monthly Insurance Cost Per Unit

Year Median 25th Percentile 75th Percentile Interquartile Range Average Thousands of Property Observations
2000 16.53 11.67 24.98 13.31 20.86 2
2001 20.73 14.06 29.74 15.68 24.96 2.7
2002 27.88 18.04 41.89 23.85 33.58 3.6
2003 33.83 22.02 49.78 27.76 39.63 4.4
2004 32.89 21.90 48.32 26.43 39.25 5.5
2005 30.86 20.93 47.32 26.39 39.35 6.6
2006 31.01 20.76 48.61 27.85 40.67 7.9
2007 29.65 19.86 47.37 27.51 38.96 8.9
2008 27.31 18.47 44.28 25.81 36.26 9.4
2009 26.84 18.53 44.01 25.49 36.07 8.6
2010 25.92 18.03 42.23 24.21 34.69 8.1
2011 24.88 17.25 39.33 22.07 32.81 8.4
2012 25.62 18.24 38.79 20.55 32.68 8.4
2013 27.00 19.39 39.74 20.35 33.92 11.1
2014 26.91 19.57 39.58 20.01 33.16 12.9
2015 27.08 19.66 39.87 20.21 33.32 14.6
2016 26.95 19.27 39.67 20.40 33.22 18
2017 27.01 19.36 39.68 20.32 33.45 19.8
2018 28.71 20.42 42.76 22.34 35.93 23.1
2019 31.74 22.51 46.24 23.73 38.74 26
2020 37.08 26.22 53.08 26.86 44.18 28
2021 39.43 27.35 56.98 29.62 47.07 27.4
2022 41.56 28.41 61.16 32.75 49.91 27
2023 48.91 32.54 75.21 42.67 61.18 24.8
2024 55.88 37.73 84.32 46.59 68.39 23.8

Insurance Costs as a Percent of Revenue

Year Median 25th Percentile 75th Percentile Interquartile Range Average Thousands of Property Observations
2000 1.67 1.15 2.38 1.23 1.95 2
2001 1.99 1.36 2.84 1.48 2.29 2.7
2002 2.65 1.71 3.95 2.25 3.11 3.6
2003 3.24 2.05 4.71 2.66 3.68 4.4
2004 3.24 2.14 4.62 2.49 3.63 5.5
2005 3.05 2.03 4.47 2.44 3.48 6.6
2006 3.01 1.98 4.47 2.49 3.57 7.9
2007 2.77 1.84 4.23 2.40 3.40 8.9
2008 2.53 1.72 3.86 2.15 3.09 9.4
2009 2.49 1.68 3.84 2.15 3.07 8.6
2010 2.39 1.63 3.65 2.02 2.95 8.1
2011 2.29 1.55 3.52 1.97 2.85 8.4
2012 2.34 1.57 3.56 1.99 2.91 8.4
2013 2.29 1.56 3.47 1.91 2.84 11.1
2014 2.26 1.53 3.35 1.82 2.76 12.9
2015 2.16 1.48 3.20 1.72 2.61 14.6
2016 2.08 1.40 3.15 1.75 2.52 18
2017 2.05 1.39 3.06 1.67 2.47 19.8
2018 2.17 1.47 3.20 1.73 2.59 23.1
2019 2.30 1.56 3.43 1.87 2.74 26
2020 2.65 1.80 3.93 2.13 3.17 28
2021 2.82 1.90 4.26 2.36 3.41 27.4
2022 2.99 1.95 4.54 2.59 3.69 27
2023 3.45 2.18 5.46 3.29 4.40 24.8
2024 3.83 2.45 6.05 3.60 4.78 23.8

Note: Left-hand graph on monthly insurance costs per unit contains mean (dot), 25th-to-75th percentile range (gray box), median (black line, middle of gray box), and thousands of properties (below 0 on x-axis). Real values adjusted by CPI-U, in 2023 dollars. Values are trimmed at the 0.5 and 99.5 percentile. Right-hand graph on annual insurance costs divided by annual revenue contains mean (dot), 25th-to-75th percentile range (gray box), median (black line, middle of gray box), and thousands of properties (below 0 on x-axis).

Source: Trepp, LLC. Commercial Real Estate Loan-Level Data; Bureau of Labor Statistics; Authors' analysis.

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Figure 2: Map of Multifamily Insurance Costs, 2019-2024

(a) Monthly Property Insurance Costs Per Unit, 2024

CBSA Name CBSA Code Average Monthly Property Insurance Costs Per Unit, 2024
Albany-Schenectady-Troy, NY 10580 58.17
Albuquerque, NM 10740 46.23
Allentown-Bethlehem-Easton, PA-NJ 10900 62.16
Atlanta-Sandy Springs-Roswell, GA 12060 61.22
Augusta-Richmond County, GA-SC 12260 65.38
Austin-Round Rock, TX 12420 56.14
Bakersfield, CA 12540 49.04
Baltimore-Columbia-Towson, MD 12580 58.26
Baton Rouge, LA 12940 136.67
Beaumont-Port Arthur, TX 13140 136.12
Birmingham-Hoover, AL 13820 67.81
Boston-Cambridge-Newton, MA-NH 14460 70.68
Boulder, CO 14500 58.20
Buffalo-Cheektowaga-Niagara Falls, NY 15380 52.17
Charleston-North Charleston, SC 16700 99.63
Charlotte-Concord-Gastonia, NC-SC 16740 46.91
Chicago-Naperville-Elgin, IL-IN-WI 16980 65.52
Chico, CA 17020 77.55
Cincinnati, OH-KY-IN 17140 49.55
Colorado Springs, CO 17820 64.69
Columbus, OH 18140 42.16
Dallas-Fort Worth-Arlington, TX 19100 75.83
Deltona-Daytona Beach-Ormond Beach, FL 19660 93.22
Denver-Aurora-Lakewood, CO 19740 65.88
Des Moines-West Des Moines, IA 19780 63.87
Detroit-Warren-Dearborn, MI 19820 48.68
Durham-Chapel Hill, NC 20500 49.06
El Paso, TX 21340 39.64
Fargo, ND-MN 22020 44.53
Fort Collins, CO 22660 83.27
Fresno, CA 23420 69.39
Gainesville, FL 23540 60.77
Grand Rapids-Wyoming, MI 24340 39.86
Greenville-Anderson-Mauldin, SC 24860 35.13
Houston-The Woodlands-Sugar Land, TX 26420 109.29
Huntsville, AL 26620 56.58
Indianapolis-Carmel-Anderson, IN 26900 55.68
Jacksonville, FL 27260 121.79
Kansas City, MO-KS 28140 64.94
Kennewick-Richland, WA 28420 43.00
Knoxville, TN 28940 33.31
Lafayette, LA 29180 93.46
Lakeland-Winter Haven, FL 29460 83.08
Las Vegas-Henderson-Paradise, NV 29820 43.47
Los Angeles-Long Beach-Anaheim, CA 31080 79.51
Louisville/Jefferson County, KY-IN 31140 65.11
Madison, WI 31540 36.16
Memphis, TN-MS-AR 32820 76.29
Miami-Fort Lauderdale-West Palm Beach, FL 33100 181.21
Midland, TX 33260 58.09
Milwaukee-Waukesha-West Allis, WI 33340 35.87
Minneapolis-St. Paul-Bloomington, MN-WI 33460 68.41
Nashville-Davidson--Murfreesboro--Franklin, TN 34980 57.62
New Orleans-Metairie, LA 35380 168.34
New York-Newark-Jersey City, NY-NJ-PA 35620 110.37
Oklahoma City, OK 36420 65.99
Omaha-Council Bluffs, NE-IA 36540 60.27
Orlando-Kissimmee-Sanford, FL 36740 95.19
Oxnard-Thousand Oaks-Ventura, CA 37100 67.72
Pensacola-Ferry Pass-Brent, FL 37860 94.56
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 37980 69.24
Phoenix-Mesa-Scottsdale, AZ 38060 38.29
Pittsburgh, PA 38300 51.69
Portland-Vancouver-Hillsboro, OR-WA 38900 47.98
Providence-Warwick, RI-MA 39300 67.56
Raleigh, NC 39580 51.28
Reading, PA 39740 50.85
Reno, NV 39900 35.34
Richmond, VA 40060 41.16
Riverside-San Bernardino-Ontario, CA 40140 53.30
Rochester, MN 40340 48.65
Rochester, NY 40380 45.54
Sacramento--Roseville--Arden-Arcade, CA 40900 59.09
St. Louis, MO-IL 41180 59.75
Salt Lake City, UT 41620 41.70
San Antonio-New Braunfels, TX 41700 70.51
San Diego-Carlsbad, CA 41740 65.68
San Francisco-Oakland-Hayward, CA 41860 108.07
San Jose-Sunnyvale-Santa Clara, CA 41940 86.87
Santa Maria-Santa Barbara, CA 42200 66.89
Santa Rosa, CA 42220 61.86
Savannah, GA 42340 68.64
Seattle-Tacoma-Bellevue, WA 42660 62.02
Spokane-Spokane Valley, WA 44060 33.74
Springfield, MO 44180 57.59
Stockton-Lodi, CA 44700 44.15
Tallahassee, FL 45220 65.16
Tampa-St. Petersburg-Clearwater, FL 45300 114.60
Toledo, OH 45780 27.38
Tucson, AZ 46060 24.91
Tulsa, OK 46140 71.45
Virginia Beach-Norfolk-Newport News, VA-NC 47260 57.44
Washington-Arlington-Alexandria, DC-VA-MD-WV 47900 50.79
Winston-Salem, NC 49180 48.13

(b) Growth in Real Property Insurance Costs, 2019-2024

CBSA Name CBSA Code Average Percent Growth in Real Property Insurance Costs, 2019-2024
Albany-Schenectady-Troy, NY 10580 58.22
Albuquerque, NM 10740 108.00
Allentown-Bethlehem-Easton, PA-NJ 10900 32.12
Atlanta-Sandy Springs-Roswell, GA 12060 104.36
Augusta-Richmond County, GA-SC 12260 3.25
Austin-Round Rock, TX 12420 112.98
Bakersfield, CA 12540 81.03
Baltimore-Columbia-Towson, MD 12580 53.39
Baton Rouge, LA 12940 164.51
Beaumont-Port Arthur, TX 13140 168.87
Birmingham-Hoover, AL 13820 132.60
Boston-Cambridge-Newton, MA-NH 14460 57.30
Boulder, CO 14500 120.07
Buffalo-Cheektowaga-Niagara Falls, NY 15380 16.46
Charleston-North Charleston, SC 16700 134.64
Charlotte-Concord-Gastonia, NC-SC 16740 68.37
Chicago-Naperville-Elgin, IL-IN-WI 16980 38.40
Chico, CA 17020 106.17
Cincinnati, OH-KY-IN 17140 92.59
Colorado Springs, CO 17820 88.19
Columbus, OH 18140 68.03
Dallas-Fort Worth-Arlington, TX 19100 106.44
Deltona-Daytona Beach-Ormond Beach, FL 19660 144.45
Denver-Aurora-Lakewood, CO 19740 66.44
Des Moines-West Des Moines, IA 19780 85.08
Detroit-Warren-Dearborn, MI 19820 59.74
Durham-Chapel Hill, NC 20500 63.08
El Paso, TX 21340 23.05
Fargo, ND-MN 22020 48.22
Fort Collins, CO 22660 121.43
Fresno, CA 23420 124.66
Gainesville, FL 23540 89.80
Grand Rapids-Wyoming, MI 24340 50.89
Greenville-Anderson-Mauldin, SC 24860 45.72
Houston-The Woodlands-Sugar Land, TX 26420 121.40
Huntsville, AL 26620 85.25
Indianapolis-Carmel-Anderson, IN 26900 120.99
Jacksonville, FL 27260 93.43
Kansas City, MO-KS 28140 90.26
Kennewick-Richland, WA 28420 88.50
Knoxville, TN 28940 29.74
Lafayette, LA 29180 84.54
Lakeland-Winter Haven, FL 29460 149.98
Las Vegas-Henderson-Paradise, NV 29820 66.74
Los Angeles-Long Beach-Anaheim, CA 31080 88.12
Louisville/Jefferson County, KY-IN 31140 96.05
Madison, WI 31540 34.66
Memphis, TN-MS-AR 32820 114.92
Miami-Fort Lauderdale-West Palm Beach, FL 33100 165.18
Midland, TX 33260 79.68
Milwaukee-Waukesha-West Allis, WI 33340 10.83
Minneapolis-St. Paul-Bloomington, MN-WI 33460 83.30
Nashville-Davidson--Murfreesboro--Franklin, TN 34980 96.53
New Orleans-Metairie, LA 35380 85.44
New York-Newark-Jersey City, NY-NJ-PA 35620 53.01
Oklahoma City, OK 36420 66.36
Omaha-Council Bluffs, NE-IA 36540 107.31
Orlando-Kissimmee-Sanford, FL 36740 132.57
Oxnard-Thousand Oaks-Ventura, CA 37100 46.25
Pensacola-Ferry Pass-Brent, FL 37860 163.14
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 37980 56.73
Phoenix-Mesa-Scottsdale, AZ 38060 102.69
Pittsburgh, PA 38300 32.38
Portland-Vancouver-Hillsboro, OR-WA 38900 55.29
Providence-Warwick, RI-MA 39300 15.59
Raleigh, NC 39580 107.01
Reading, PA 39740 75.76
Reno, NV 39900 69.01
Richmond, VA 40060 76.91
Riverside-San Bernardino-Ontario, CA 40140 88.03
Rochester, MN 40340 24.96
Rochester, NY 40380 9.98
Sacramento--Roseville--Arden-Arcade, CA 40900 105.88
St. Louis, MO-IL 41180 72.82
Salt Lake City, UT 41620 61.45
San Antonio-New Braunfels, TX 41700 86.69
San Diego-Carlsbad, CA 41740 94.28
San Francisco-Oakland-Hayward, CA 41860 82.65
San Jose-Sunnyvale-Santa Clara, CA 41940 107.92
Santa Maria-Santa Barbara, CA 42200 90.90
Santa Rosa, CA 42220 66.82
Savannah, GA 42340 102.59
Seattle-Tacoma-Bellevue, WA 42660 84.61
Spokane-Spokane Valley, WA 44060 68.04
Springfield, MO 44180 43.75
Stockton-Lodi, CA 44700 82.55
Tallahassee, FL 45220 135.36
Tampa-St. Petersburg-Clearwater, FL 45300 126.33
Toledo, OH 45780 16.44
Tucson, AZ 46060 71.39
Tulsa, OK 46140 46.80
Virginia Beach-Norfolk-Newport News, VA-NC 47260 85.52
Washington-Arlington-Alexandria, DC-VA-MD-WV 47900 67.48
Winston-Salem, NC 49180 121.56

Note: Top map shows level of insurance costs per unit in 2024 by core-based statistical area (CBSA). Bottom map of percent growth in average within-property insurance costs from 2019-2024. Map only shows CBSAs with more than 10 observations of insurance cost growth for the same property from 2019 to 2024. Colors are split into 5 groups by quintile in the distribution of each variable.

Source: Trepp, LLC. Commercial Real Estate Loan-Level Data; U.S. Census Bureau; Bureau of Labor Statistics; Authors' analysis.

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Figure 3: Binned Scatter Plot of Growth in Multifamily Insurance Costs and Revenues
Log Change in Real Insurance Costs Per Unit/Month Log Change in Real Revenue Per Unit/Month
-0.95644533 -0.00251148
-0.34771908 -0.00060358
-0.20665085 0.00274802
-0.13266528 0.0058746
-0.08630657 0.00701584
-0.0528542 0.00583671
-0.02882936 0.0076739
-0.01047296 0.00871638
0.00854795 0.01085013
0.02831362 0.01056133
0.04965887 0.01019398
0.0727428 0.01082011
0.09793265 0.01082536
0.12626929 0.00860668
0.1607139 0.01052626
0.20369627 0.01309018
0.26199157 0.01235921
0.34861461 0.01844613
0.50268379 0.02737353
1.1087478 0.02572555

Note: Binned scatter plots contain 20 groups. Real values adjusted by CPI-U, in 2023 dollars.

Source: Trepp, LLC. Commercial Real Estate Loan-Level Data; Bureau of Labor Statistics; Authors' analysis.

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Figure 4: Binned Scatter Plot of Growth in Multifamily Insurance Costs and Asking Rents
Log Change in Real Asking Rent Log Change in Real Insurance Costs Per Unit/Month
-1.6171062 -0.00253089
-0.85693349 0.0059811
-0.63710453 0.00829486
-0.51401197 0.00459098
-0.43448464 0.00446114
-0.3779504 0.00632144
-0.33602216 -0.00167941
-0.3032797 0.00515926
-0.27267086 0.00307806
-0.24846045 -0.00136152
-0.22685652 0.00227875
-0.20723196 0.00586427
-0.18956838 0.00237131
-0.17409348 0.01204839
-0.16035603 0.00414455
-0.14835475 0.00289932
-0.13771597 0.01249254
-0.12814446 0.00427969
-0.11850543 0.01078792
-0.10959664 0.00923152
-0.10152594 0.0078286
-0.09369472 0.00448118
-0.08648038 0.00845631
-0.07992229 0.00401928
-0.07401709 0.00751926
-0.06777928 0.00908498
-0.06186074 0.00197156
-0.05582239 0.01024803
-0.05035837 0.00091802
-0.04538283 0.01124301
-0.04058995 0.00507925
-0.0362335 0.00445569
-0.03192492 0.00498835
-0.02807526 0.0063214
-0.02412772 0.00874417
-0.02048914 0.00962178
-0.0168659 0.00869259
-0.01332418 0.00714681
-0.00999983 0.00945939
-0.0060317 0.00561322
-0.00200439 0.01196046
0.00162091 0.00676382
0.00553286 0.01031256
0.00912019 0.00847517
0.01284818 0.01302031
0.01642327 0.01699105
0.02016807 0.01142015
0.0240444 0.00206039
0.028319 0.00718227
0.03235936 0.01336927
0.0364974 0.01055919
0.04054651 0.00817233
0.04479389 0.00559227
0.04907214 0.01888952
0.05301769 0.02138659
0.0573521 0.00271147
0.06167463 0.01222266
0.066149 0.00459448
0.07074273 0.01036386
0.07527949 0.00779247
0.08013626 0.013442
0.0853809 0.00188536
0.09014873 0.01123573
0.09511724 0.01435646
0.10032636 0.00557051
0.10564479 0.00692501
0.11108192 0.01408867
0.11662884 0.00733761
0.12195968 0.0110013
0.127809 0.01710319
0.13470769 0.00728832
0.14172855 0.00858667
0.14845971 0.01071502
0.15516258 0.01208938
0.16199036 0.00269001
0.16940388 0.00180104
0.17755753 0.01270151
0.18657202 0.00747036
0.19537143 0.00688007
0.20533608 0.00665474
0.21551535 0.00311949
0.22650394 0.0026154
0.23791847 -0.00194742
0.2518226 0.00394038
0.26642975 0.00010344
0.28189482 0.00466363
0.29888291 0.00710015
0.31723381 -0.00031463
0.33808685 0.0008703
0.36141587 0.00501462
0.38761644 -0.00144312
0.41768415 0.00392675
0.45187234 0.00669047
0.49549302 -0.00015465
0.54865718 0.00634082
0.61594527 -0.00307377
0.6910915 0.00173251
0.81396982 0.00673247
1.0547384 0.00758879
1.791153 0.00049405

Note: Binned scatter plots contain 100 groups. Real values adjusted by CPI-U, in 2023 dollars. Excludes values of change in log insurance of greater than 5 or less than -5 and change in log asking rent of greater than 1 or less than -1.

Source: Trepp, LLC. Commercial Real Estate Loan-Level Data; RealPage, Inc., Rental Markets data; Bureau of Labor Statistics; Authors' analysis.

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Last Update: September 19, 2025