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Multifamily data research gives you the information you need to set prices for your apartment units.

Setting prices for your apartment units has a direct impact on occupancy and profits. Multifamily data research can help you understand market rate based on your floor plan. This can help you attract more potential tenants than your competitors. With competition radar and other apartment market reports, you can accurately price your units based on floor plan and other specifics.

Why Use Multifamily Data Research for Apartment Pricing?

Apartment market data is necessary to stay competitive in the rental market. Data from your competitors can help you determine market rate for your units. This also helps you understand what prospective tenants are willing to pay. While market surveys are important, they may not offer the detailed information needed to set prices for your units.

With comprehensive multifamily data research, you can identify current and potential competitors easily. With this information, you can look at many different factors that make them a direct competitor. For instance, maybe they have similar units to yours and also have pet-friendly policies. Or, maybe they have similar amenities and their units are about the same size. These elements may lead renters to compare the two properties. 

Of course, you likely won’t find an identical property to yours. Generally, there will be differences, like in your policies or amenities. However, looking at competitors can still help you get a good estimate for what you should charge for your units. Having information about what competing apartment properties near you are charging can help you make informed decisions on not only rental prices, but also rental concessions to offer. 

Using Pricing By Floor Plan Data from Your Competitors

Pricing rental units by floor plan is often a more effective strategy than pricing by square footage. While square footage is important, many renters are looking at floor plans before square footage. For instance, your tenant may prefer a 1 bedroom unit to a studio apartment. In most cases, they will filter units they look at on this criteria. After determining the floor plan, then they may consider their preferred square footage. 

Because this is how renters look for available units, it makes sense to create price ranges for each type of floor plan in your property. Multifamily data research from your competitors can help with this. These reports help you learn what renters in your area are willing to pay for each type of floor plan.

Once you know what renters are paying based on floor plan, you can start looking at other factors to help you set a specific price. For instance, you can look at average square feet for each of these types of units or amenities offered by competing properties. It’s also important to note that in most cases you don’t want to set one price for all of your units that use a certain floor plan. Some units will be more desirable than others because of things like floor level, number of windows, or views. However, the information from competition radar can help give a range or estimation to start with.

Sophisticated Data Solutions from Apartment Data Services

Whether you need multifamily data research to help you strategize for better occupancy rates and profits or you need leasing agent data to help you find your clients the perfect apartment, our team at Apartment Data Services is here to help. We offer advanced data solutions for apartment markets throughout the country. If you’re ready to start optimizing your property, we have research and data solutions for you. Contact us now to request a demonstration of our services.