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Landlords Use Technology to Monitor Rent Fluctuations and Employ Web Self-Service

January 15, 2011 Leave a comment Go to comments

Certain apartment complex developers have taken advantage of recent upgrades in the rent monitoring software industry that enable them to closely examine the ever-fluctuating rent prices in varying parts of the country, according to an article from the Wall Street Journal.

Computerized models have come out recently that enable apartment developers to monitor their competition and what they are advertising for rent. The software enables landlords to quickly adjust to rent prices should their competitors lower or raise theirs.

AvalonBay Communities, a fashionable and chic apartment complex developer, uses Rainmaker LRO, developed from The Rainmaker Group Holdings Inc., and UDR Inc., another apartment owner and developers, uses RealPage’s YieldStar Price Optimizer. UDR reportedly witnessed rents in the D.C. area climb 7 percent in December using the software. AvalonBay also witnessed increases.

Haendel St. Juste, a senior REIT analyst with Keefe stated that, for landlords, it’s about “being able to react quicker, changing your pricing more effectively to capture that incremental dollar.”

But the new software is not for everyone, especially landlords in popular places to live such as New York City. The WSJ noted that landlords can find renters easily without even having to advertise since there is a constant influx of people moving to the city.

However, the larger developers find it more easily manages their rent pricing systems. Kevin Thompson, vice president of marketing for AvalonBay stated, “Prospects can get a better rate if they’re flexible. It’s added real science, it’s taken away the guess work.”

Additionally, some landlords are making the move towards electronic applications, and accepting them online. It’s about time!

Originally posted at: http://web-self-service.tmcnet.com/topics/web-self-service/articles/131586-landlords-use-technology-monitor-rent-fluctuations-employ-web.htm

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