Understanding the Full Story of Market Performance through the Broader Dataset within Multifamily Housing
The backstory is often more telling than what actually happened or appears to be unfolding in front of your very eyes. Every great story has one, the culmination of sub-plots that develop over time to create a captivating yarn.
In the multifamily housing industry, the surface story about a market or submarket may give developers and investors a false impression. That tale could be spun on just asking rents and occupancy that do not provide complete visibility of what is driving the market.
Thus, key stakeholders see a distorted picture based on a poorly developed backstory that really accounts for about 5 percent of the narrative. The story is missing deeply rooted transactional data.
Asking rent data is no longer enough. It is an important marketing metric, but rarely reflects signed rents on the rent roll – and therefore shouldn’t be used for underwriting or benchmarking. A robust dataset from multiple sources – rent rolls being the most important – is required to effectively build or manage a multifamily portfolio.
A wealth of rich market data offers greater insight that enables developers and investors to make sound business decisions.
Achieving 100 percent market visibility
RealPage Market Analytics is a multifamily market intelligence platform that enables greater visibility into market, portfolio and asset performance. Stakeholders can view, visualize, and leverage insights, information and reports at market, submarket and property and floorplan levels.
The data is most useful for making decisions about capital allocation, construction, development, lease-up, acquisition, management and disposition opportunities.
The fullness of the solution, says RealPage Vice President, Market Analytics Scott Herring, is based on several variables that provide a broad and deep look at the market.
Asking rents and occupancy are important to understanding a market, he says, but those data points are just two of many behind RealPage...