Rental income and operating expenses both set records and increased at rates higher than the consumer price index for housing in 2023, according to data in the 2024 Novogradac Operating Income and Expenses Report. In this week's podcast, Michael Novogradac and report author Kelly Gorman, a partner in Novogradac's Clark, New Jersey, office, discuss the findings of the report and what affordable housing operators should learn from them. They look at the overall increases, then drill down on specifics about property insurance, repairs and maintenance and utility expenses, including what caused increases and whether trends were likely to continue in 2024 and 2025. They also look at the effect of U.S. Department of Housing and Urban Development (HUD) rent and income limits and discuss expense categories that vary depending on geography.