Imagine having the power to turn vacancy trends and seasonal patterns into a blueprint for leasing success. When managing multiple properties, dealing with large amounts of data can be overwhelming, but within it lies valuable insights for optimizing revenue and improving profitability.

Historical trends and real-time data offer accurate property and unit-level detail that can drive informed decision-making and enhance performance. Let’s explore some compelling examples of how ApartmentIQ’s automated market survey platform can redefine leasing optimization and improve occupancy and revenue.

Public Data Accuracy: The ApartmentIQ platform ensures data accuracy by aggregating daily data from communities with online leasing. It’s the same data that renters see.

Use Case #1: Compare your property’s pricing to the competition

Staying competitive means tracking changes over time and observing rate trends of your competitors. You require quality data to maximize revenue, but with aggregated data from manual market surveys or private sources, accuracy is nearly impossible to come by.

Automated historical data assists revenue teams by seeing their pricing displayed relative to others within the market. Pinpointing high and low frequencies and identifying anomalies, enables you to set competitive prices that facilitate more leases preemptively.

Compare unit pricing: Dive deeper by comparing your unit pricing strategy directly with your competitors. Visualizing rent trends by bedroom type allows teams to accurately assess the financial performance of their properties relative to others. This data-driven approach can inform improved leasing strategies and provide valuable insights on pricing, incentives, and targeted marketing efforts that may be necessary to stay competitive and maximize revenue.

Use Case #2: Benchmark my property price relative to market demand

Markets can be very unpredictable, with rental rates shifting up or down due to circumstantial activity such as inflation, competitive actions, neighborhood developments. The value of properties within a comparable range is closely tied to market demand, and this connection is difficult to grasp without access to relevant data. It’s also important to consider how a property compares to the market median.

Historical data can provide valuable guidance. Keeping prices within the comparable range and close to the median line confirms that your pricing is aligned with market demand. Keep in mind that factors such as features, amenities, deposits and ancillary fees, and property class can influence your pricing, potentially showing your property to be priced above or below the median.

Benchmark unit pricing: Use this strategy to see how your unit pricing compares to the market range and median price. Take charge and make necessary adjustments that move the needle on lease opportunities with accurate and transparent pricing data. 

Use Case #3: See if new supply has impacted my property leases 

When new supply hits the market, these lease-ups tend to change the comp set dynamics regarding market activity. They’re new properties, new competition–keeping track of every new supply across your portfolio is challenging. 

Historicals can help you see when new supply has entered the market, and how it impacted your leases. Use this information to make strategic recommendations that keep your properties competitive, even when a new supply begins its leasing process. 

Use Case #4: See what impact concessions made on your lease velocity

When you introduce a concession or incentive, you expect vacancies to decrease. But what if it’s not? Historical trends and real-time lease velocity data can help you see if concessions have made a positive or negative impact relative to occupancy rates. This data can help you see what current concessions are in-market, rental income projections of your subject property, and how it compares to your competitors. 

See impact from a unit perspective: Go even more granular and see the impact concessions made on unit types. Compare NER to leased units and identify the concession types that led to the outcomes. 

Use Case #5: See who the lease winners are 

Tracking market lease winners can help revenue teams make necessary pricing decisions to ensure properties are on the right path forward. Historical trends and real-time data allow teams to observe market movement and determine if concessions should be offered, prices need dropping, move-in costs are too high, etc. to get back on track. 

Minimize Downtime Between Residents Using Accurate Data

With accurate and transparent data, you can speed up the leasing process by making decisions based on data. Managing and optimizing revenue across multiple properties is challenging but essential for improving your leasing strategy.

This is where ApartmentIQ comes in. Our automated platform uses public data to provide the most reliable and accurate comparable data available. This allows revenue management teams to access the most visible, comprehensive, and compliant market data, maximizing revenue and reducing risk. Learn more about our real-time and historical data →