High-rise operating costs are soaring.
How does your building compare to others in your city?
Stop wondering, start benchmarking.

FirstService Residential has released its inaugural BENCHMARK guide on high-rise operating costs and budgets. This comprehensive report helps board members, strata council members, developers, property managers, and owners of high-rise properties make informed decisions about their operations and budget strategies.

Boards and developers often ask how their high-rise budget compares to other residential properties in the market. While many factors influence operating expenses and reserve funding, high-level benchmarking of key categories can help boards articulate their budget decisions and investments to homeowners.

The BENCHMARK guide offers insights on insurance, maintenance, sustainability, amenities, reserves, and capital planning. It includes data from FirstService Residential’s portfolio of 3,800 high-rise buildings across major U.S. and Canadian cities, covering condominiums, cooperatives, and corporations, both established and newly developed.

Key findings include:

  • In the U.S. and Canada, high-rises incurred budget increases between 3% and 20%, driven by soaring insurance premiums, rising utility costs, surging labor expenses, and the need for higher reserve contributions.
  • Insurance premiums consume a large portion of budgets, amounting to 24% of budgets in Tampa and 21% in Miami. This trend is also notable in Las Vegas at 17% and Vancouver at 18%, indicating a broader pattern of market tightening and climate-related risk.
  • Utility costs are the highest in major cities, with the greatest share of budget in cold-weather climates such as Toronto at 25%, New York City at 19%; Boston at 17%, Vancouver at 18%, but also Las Vegas at 15%.
Access the BENCHMARK report for detailed insights.


The data presented contains averages from a sample of properties managed by FirstService Residential and does not represent industry standards or ideal ratios. Every community association is unique, and this guide is not exhaustive but may be used as a tool to assist boards in their community evaluations.

Get the guide!