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property management data report and graph for multifamily submarket
Property management data for submarkets helps give you information about competitors in your area.

Looking for the right property management data to help you make decisions for your community? Many managers look at metro data, but don’t forget about looking at your specific submarket! Many property managers underestimate the importance of submarket data. However, this could be negatively impacting the communities you manage.

Why is Submarket Property Management Data Important?

First of all, what is submarket data? This is important market data for communities that directly compete with each other. Usually submarkets are in a specific geographic area with similar properties and demographics. Most metro areas are made up of several submarkets. 

The difference between metropolitan and submarket reports is kind of like the difference between national and local news stations. Both are important, but often the local news is often more relevant to your daily life. Submarket data offers insights that directly impact your occupancy rates, unit prices, and more. Typically, these reports have data on your direct competitors, which can offer you a key advantage over them. So, with the right data you can stay ahead of the curve in your specific neighborhood to dominate your local market.

Using Metro and Submarket Data for Your Multifamily Community

However, just because multifamily submarket data is important doesn’t mean you don’t need data about metropolitan areas. Metro areas are great for seeing general trends in the multifamily market. A lot of the data does affect your community, which is why it’s important to get apartment market data for nearby metros. Then, you can use submarket data to help home in on characteristics more specific to your community. 

For example, you might use metropolitan property management data to determine how fast your broad geographical area is becoming. The population might be trending upward, which is good to know. You might keep in mind that things are becoming more competitive and you may need to do things to help stand out against other communities. Then, you can use submarket reports to determine more specific things like how many two bedroom units exist in your area versus how many families are looking for two bedroom units. If they’re in high demand and you have several available two bedroom units, you might focus more of your marketing efforts on those units. This is just a general example of how you can use metro and submarket reports for rental housing together to make decisions for your multifamily properties. 

Advanced Apartment Market Data Reports from Apartment Data Services

When you need multifamily data solutions for your community, our team at Apartment Data is here to help. We offer services designed for property managers, owners, leasing agents, and more to help you make decisions for your business. We contact every property in our database once a month for the most accurate and up-to-date information available. Contact us now to request a free demo of our services!