Residential budgeting with Kardin precision.

What is Kardin Budget for Multi-Family?

  1. Kardin Budget for Multi-Family gives you access to an accurate reporting package with audit trail while reducing the possibility for user error.
  2. Kardin is your robust calculator, purpose-built to create budgets and perform reforecasts throughout the year.

How Kardin Budget helps

While Commercial budgets are based on adding up all the rents for all tenants, Multi-Family budgets starts with Gross Potential Rent and it is chipped away by subtracting:

  • Loss to Lease — Difference between Market Rent and Actual Rent
  • Non-Rentable Units
  • Vacancies
  • Bad Debt
  • Concessions

The other driver of a Multi-Family budget is the occupancy, which in turns drives all revenue projections as well as turnover cost associated with tenants moving in and out.

Features and advantages of Kardin Budget for Multi-Family

Tracking Revenue and Occupancy

A snapshot of the rent roll is the starting point for revenue projection. This is imported from your accounting system or rent manager.

Gross Potential Rent is the sum of every unit leased at Market Rent. Actual Rent is the sum of every unit leased at Current Rent.

Loss to Lease is the difference between Market Rent and Current Rent for all units. Users can apply market rent increases for given type of units over time. Likewise, actual rents can go to market or stay slightly below market.

Occupancy levels are projected based on current vacancies and anticipated expiring leases. Assumptions are made on what % of expiring leases will renew vs. vacate.

Move-Ins can be tweaked to reach a targeted occupancy level.

Turnover Costs are linked to the number of monthly move-ins and move-outs, so as the occupancy factor changes, Kardin adjusts these costs automatically.

Salaries and Burden for on-site management and maintenance personnel are typically included in MF budgets.

Kardin reports help owners view big picture trends by comparing year-over-year performance with variance and explanations.

Leasing and payroll reports provide detailed backup schedules that support each budget and/or reforecast so there is transparency and an audit trail.

Kardin Consolidation System (KCS) is a separate application that allows owners and advisers to consolidate the various budget or reforecast files.

For owners with managers using different accounting systems and Chart of Accounts (COA), as long as the managers’ COA is mapped to the owner’s standard COA, KCS will be able to do a consolidation. In addition to financial reports, it has many leasing reports that can be viewed for the entire portfolio.

*Note: KCS will not allocate expenses.

Kardin Budget is designed to accommodate the specific operational needs of various property types including Office, Industrial, Retail and Multi-Family. The basic Single Building application handles standalone properties. The Kardin Budget Multi-Building “add-on” module allows users to setup multiple buildings within a budget. This is ideal for properties in a campus-style environment. Users can setup expense allocations and view reports at the building level or on a project level.

Kardin Budget integrates with most accounting systems, allowing you to download existing budgets, YTD actuals and leasing data so it doesn’t have to be reinput. The finalized budget created in Kardin Budget can be imported into those same systems. This is a huge benefit for third party managers, as they can use Kardin Budget for multiple owners across many accounting system platforms and minimize on-going training and support costs.

Once a budget file is set up, all of the calculated items are dynamically linked. So, if there is a change to expenses or occupancy, Kardin Budget automatically updates the expense pools, re-calculates the pro-rata shares for each tenant, posts to recoveries GL account and updates management fees based on percentage of revenue.

The Kardin Customer Center includes a rich complement of text- and video-based support articles. Also provides downloads and accounting system templates.