ATLANTA, June 15, 2016 /PRNewswire/ -- Apartment communities that use data about their competitive set increased their rents two to three times more than peers who didn't use data, according to a recent RentPath analysis of internal data.
The study compared the rent growth of clients who used Insight Reports™ data with those clients who did not use the data to help set rental rates between March and May 2016. Insight Reports provides clients with effective rent, occupancy and concessions down to the floor plan level for their market and closest comparables.
"The multifamily industry has been discussing the value of using data for decision making for years at conferences, in the media and inside apartment companies," said Rob Sternot, chief strategy officer of RentPath. "Our analysis confirms that using data to make important decisions, like rental rates, has a real, meaningful impact on the financial strength of apartment companies of all sizes."
Apartment companies utilize Insight Reports to track their performance in the market against their closest comparables and to assist them with rent and occupancy analysis. The decisions they make from the reports help them maximize revenue and determine the value of existing assets and potential new acquisitions.
During the analysis, RentPath also found that management companies that use data for decision making increased their portfolio size in the first half of 2016, while companies that don't use data did not.
"Determining whether to acquire or build new communities is an intense process that can take months and even years to result in portfolio growth," Sternot said. "Having and using the right data streamlines the process, making it easier and faster to decide whether an acquisition or new development will be financially lucrative."
Insight Reports will be demonstrated at the RentPath Booth (#1227) June 16th and 17th at the National Apartment Association's Education Conference & Exposition in San Francisco.
About RentPath
RentPath is a leading digital marketplace connecting millions of consumers with apartments, condos and houses for rent through its network of websites and mobile apps. RentPath's category-leading brands include Apartment Guide, Rent.com, Lovely, Rentals.com, and RentalHouses.com. With an unmatched search capability, amplified by constantly refined tools and industry insights, RentPath provides consumers with a clear and simple guide to apartment living through content-rich apartment listings in a user-friendly format with Internet, mobile and social media solutions. The brand's commitment to maximizing owner and manager value makes RentPath a leading multifamily housing industry partner. For more information, visit www.rentpath.com.
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SOURCE RentPath