Revenue teams need deep insights and comprehensive analysis to make data-driven decisions that enhance occupancy and drive profitability. By benchmarking your property’s performance against the competition, you can uncover opportunities to create compelling offerings, gain a competitive edge, and optimize returns.

In this blog, we’ll explore how benchmarking against competitors in property management can elevate your strategy by offering clear points of comparison. These benchmarks allow you to see exactly where your property stands in the market, enabling you to make data-driven decisions that propel your success.

Metrics to Track & Benchmark Against Competitors in Property Management 

1. Occupancy and Rent Rates: Keeping up with competitors’ occupancy rates and pricing helps you spot demand trends and adjust your pricing strategy to stay competitive. By comparing current and historical metrics within a market, you can uncover areas for improvement and better allocate resources to boost lease velocity. Regular benchmarking ensures your property remains in sync with market conditions, ultimately leading to higher occupancy and increased revenue.
2. Market Positioning: Gaining insight into your property’s market positioning provides a strategic advantage. By understanding where your community falls within the competitive range and median pricing, you can determine whether your rates are too high, too low, or just right. Additionally, you can assess how your property stacks up against specific competitors. Armed with this information, you can strategically position your property, set impactful rental rates, and develop robust strategies to strengthen your market presence.
3. Seasonality and Market Conditions: Increasing occupancy levels and revenue are heavily impacted by seasonality and current market conditions. By analyzing historical data, property managers can pinpoint peak and valley leasing periods, and adjust their pricing strategies to lower vacancies. By staying informed about new constructions in your market and strategically aligning your plans with seasonal trends, you can effectively capitalize on increased demand when new supply hits the market.

Maintaining Competitiveness Amid New Supply

Introducing a new property or rental community can dramatically alter the competitive landscape. With the influx of additional supply, property managers are often compelled to reevaluate their pricing strategies, adjusting rents or offering concessions to stay appealing to potential renters.

In this environment, securing leases becomes more critical than ever for benchmarking against competitors in property management. Successfully navigating these challenges not only sustains occupancy but also safeguards the long-term profitability and reputation of your property.

Leveraging Historical Data for Property Benchmarking

ApartmentIQ’s Historicals Feature provides a powerful tool for property managers to access and analyze historical data that goes back three years. This feature allows users to self-serve insights and conduct in-depth analyses of lease trends, seasonality, and the impact of new and existing supply on the rental market. Here’s how you can make the most of this feature:

• Access Comprehensive Historical Data: Leverage market data dating back to 2020 to analyze the performance of similar properties and benchmark against your own. This extensive dataset allows you to identify key patterns and trends, providing the insights needed for informed decision-making.
• Identify Seasonality Trends: Utilize historical data to understand seasonality and its impact on property performance. By aligning your marketing and operational strategies with periods of high and low demand, you can maintain optimal occupancy rates throughout the year.
• Analyze the Impact of New & Existing Properties: Evaluate how both new and existing properties affect your rental trends and occupancy rates. This analysis helps you understand market saturation and potential challenges, enabling you to proactively adjust to your strategy.

Staying Current on Market Trends 

Understanding market trends is essential for successful benchmarking against competitors in property management. By leveraging historical data and analyzing performance trends, property managers can refine their strategies, boost operational efficiency, and increase occupancy rates. ApartmentIQ’s Historicals Feature equips you with the tools to make data-driven decisions, ensuring your properties excel in a competitive rental market.

Embrace the power of historical data to unlock new opportunities in property management. Start analyzing and benchmarking today to set the foundation for a prosperous future for your rental properties. Learn more about the platform →