Property managers have a difficult job, with one of the most challenging tasks being setting rental prices. Because rental prices are basically always in flux, it’s essential to use the right tools for setting prices. Property management data is absolutely essential for making sure prices are fair and guaranteed to attract renters. In this article, we’ll discuss some things to know about floor plan pricing for apartments and data-driven ways to ensure your rates are optimized.
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Using Property Management Data to Set Prices Per Floor Plan
Rental prices for apartment communities are generally sectioned into different types of floor plans. This is because renters tend to look at floor plans first before they look at square footage. So, rent rates will typically vary by floor plan and then by square footage size. Of course, setting these prices can be tricky. Overshoot and you risk high vacancy rates, but underprice and you’re risking the profitability of the property. That’s why it’s so important to use the right tools to set unit prices. Multifamily data can be incredibly effective when determining prices and budgets for your property.
Factors That Affect Rental Prices
Before we get into the specific property management data tools that can help as you set floor plan pricing, let’s first discuss some common factors that can affect rental rates for your property. There are a number of things that can increase or decrease fair rent prices for a given unit. Here are some of the things that tend to have the most impact:
- Floor plan
- Pet policies
- Parking options
- Square footage
Local market conditions are incredibly important, so make sure you know what matters most to renters in your area.
Important Reasons to Use Multifamily Data About Your Competitors When Determining Floor Plan Pricing
Of course, without proper data, setting rental prices can feel a bit more like guesswork. No property exists in a vacuum, so it’s critical to know what’s going on around you, particularly with your direct competitors. That’s where property management data reports can be so essential.
Your competitors are constantly trying to steal your renters by adjusting rent prices, tweaking policies, and offering concessions. To keep up with the competition, you need to know what other properties in your market are doing. With Competition Radar and other apartment market data, you can know exactly what’s going on at competitor properties to ensure your floor plan pricing is on point for profitability and to attract renters in the area.
Get Superior Apartment Market Data from Apartment Data
Our data solutions at Apartment Data help apartments optimize ROI and profitability. If you need accurate, up-to-date property management data, look no further. We contact every property in our extensive database every single month to provide you competitive intel on things like concessions, floor plan prices, policies, and new multifamily builds to ensure your property is successful. Contact us now to request a demonstration!