Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022, Phoenix expects to find renters for 100 apartments with an average first month's rent of $960. Budgeted cost data per tenant application for 2022 follow:

Professional labor: 1.5 hours at $20.00 per hour Credit checks: $63.00

Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $4,300 per month. On average, Phoenix is successful in placing one tenant for every three applicants.

Actual rental applications in August 2022 were 270. Phoenix paid $8,600 for 400 hours of professional labor. Credit checks went up to $68 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $4,900. The average first monthly rentals for August 2022 were $1,060 per apartment unit for 90 units.