Which of these factors does not affect net operating income?

Net operating income (NOI) is primarily calculated by subtracting operating expenses and vacancy losses from the revenue generated by property operations. Each of the other factors directly influences this calculation.

Operating expenses, such as maintenance costs, property taxes, and insurance, represent the costs incurred to manage and maintain the property, affecting how much revenue is left over after expenses.

Vacancy rates represent the percentage of vacant units in a property. Higher vacancy rates decrease the total revenue from operations, thereby impacting the NOI.

Revenue from operations reflects the income generated directly from the property, such as rents collected. Changes in this revenue directly affect the NOI calculation.

Amenities, while they may enhance the property’s appeal and potentially increase rental income over time, do not directly enter into the NOI calculation. They influence tenant attraction and retention but are not a direct factor in how net operating income is measured in terms of income and expenses at a given time. Therefore, amenities are the factor that does not affect the computation of net operating income directly.