When you need to optimize your net operating income, or NOI, property management data is an invaluable tool. Your NOI is an indication of how profitable your rental property is. Therefore, you want to do everything possible to enhance the value of your investment. Property management data can help you do so by giving you the information you need about the rental market in your area.
How to Increase NOI
When you boil it down, there are two basic ways you can improve your NOI. The first is to increase your rental income. Use property management data to discover how you compare to other properties in your area. Rental market reports can help you determine where to make changes and how to increase the amount of revenue your property brings in each year.
The other way you can increase your NOI is to save on your necessary operating expenses. While some costs may be a little more difficult to change, such as your property taxes, others may be simpler. For example, reducing your rental concessions is a great way to lower your operating costs and improve your NOI. However, making changes without up-to-date multifamily data could hurt you in the long run.
Using Property Management Data For NOI Improvements
Property management data reports include many different pieces of information that you need to know when looking at improving your NOI. First, you need to determine if your rent prices are up to market rates. Your property management data information gives you current price trends for apartments based on floor plans and can help you determine if it’s time for a rent increase or if you are in the correct range for your area.
Another way you can improve your NOI is to increase your occupancy rates. Multifamily data will help you compare your occupancy rates to other properties in your area. If you’re lagging behind, this may indicate that you need additional amenities, more marketing, or lower rental rates. Your multifamily reports give you information about your competitors’ occupancy rates, operating policies, and other factors that may explain why your occupancy rates are lower than average.
Finally, determine if you have something to offer that will attract prospective tenants. Anything from laminated wood flooring to energy and water saving fixtures may help draw in more tenants and help you improve both your rental income and your operating costs. Take a look at your competitors with the most reliable multifamily data research to improve and maintain your NOI.
At ApartmentData.com, we provide continuously updated property information to help you improve your rental property. Our customizable market reports help you build budgets, increase occupancy rates, and get the upper hand against your competition. Our team contacts each property in our database monthly to ensure the information you have is the most accurate and up-to-date. Call us today at (800) 595-8730 to talk to one of our experts and request a demonstration of our services. We are here to serve you.