Introducing RealPage Data Analytics: A One-Stop-Shop for Apartment Market Intelligence
Multifamily housing now is getting closer to fully embracing the holy grail of apartment market intelligence data. And the timing couldn’t be better.
As the apartment industry rapidly adjusts to the changing landscape of the current cycle, RealPage Data Analytics will soon provide a singular source for critical market information. The new platform blends key data from a quartet of apartment market data powers and is expected to satisfy the need for a total market intelligence solution in one package.
Clients and attendees voiced their approval at RealWorld 2017 in July in Las Vegas.
Data Analytics unites best data point sources into one platform
After its introduction on the big screen at the morning keynote kickoff before record attendance, RealPage Data Analytics drew applause during a more intimate look hosted by leading economists, Jay Denton and Jay Parsons.
The well-versed duo of everything apartment market analysis detailed the enhanced platform, which combines the analytical powers of Axiometrics (apartment rent comps), Real Capital Analytics (sales comps and capital trends) and MPF Research (market research and forecasting), announced earlier this year.
Combined and expanded analytics will be integrated into one platform to provide a greater view of the multifamily industry with the most recent data.
“This is a big advancement for our industry,” Parsons said. “We aren’t just checking all the boxes. We’re bringing together the best sources for every key data point into a single one-stop shop – which is exactly what our partners asked us to do.”
RealPage Data Analytics will provide the most accurate market fundamentals, forecasts, capital trends and asset-level granularity. Furthermore, the platform brings together a client’s internal data – directly from any major property management system, updated daily – with external data, eliminating the need to go multiple places for information. The commingling of all the data and analytical tools enables clients to make informed decisions regarding apartment acquisitions, dispositions, renovations, operations and development, Parsons said.
“It’s going to be very easy to find what you’re looking for,” he said. “And all the key stakeholders you collaborate with can work from the same sheet of music.”
Axiometrics gained market acceptance through granular approach
The expanded platform has been in the works since January when RealPage, Inc. agreed to acquire the substantial assets of Axiometrics with plans to blend its market data solutions with that of longtime apartment market intelligence purveyor, MPF Research. At the same time, RealPage entered into a long-term relationship with Real Capital Analytics (RCA), a leading authority on multifamily sales transaction data.
Axiometrics has become a recognized source of market intelligence in multifamily and student housing since its founding in 1995.
Denton, who joined the company in 2002, became the company’s voice and is known for refining research methodologies, processes, products and scheduling. Under his leadership, Axiometrics focused a significant portion of its market data mining at a granular level, right down to neighborhoods.
Now vice president Axiometrics, RealPage, Denton is working side-by-side with Parsons to bring a more holistic view of apartment market intelligence. At the beginning of the summer, Axiometrics’s team moved into RealPage’s new, expansive headquarters in Richardson, Texas, to begin what has been a speedy collaboration.
“Things have been absolutely fantastic,” Denton said. “The communication has been incredibly fast since we got in the building.”
An industry data intelligence leader gets stronger, smarter
Axiometrics’ union with MPF Research strengthens an already sculpted apartment market intelligence giant.
MPF Research has been a go-to source for multifamily market information since 1961 and became the only provider of real, lease-transaction data designed to give customers transparency for making investment, operations and development decisions. The lease-transaction data provides insights into the daily renewal, lease trade-out, in-place rent, rent roll growth, retention rate, average vacant day and affordability data collected from more than 10 million apartment units.
With coverage of 200 markets and 1,000 submarkets, MPF Research grew to house the industry’s most robust collection of quarterly survey data. In addition, collaborating with Real Capital Analytics created access to the most current and comprehensive investment transaction trends available.
About 18 months ago, RealPage rolled out Investment Analytics, which brings all lease-transaction data with actual rent rolls and reports transactional trends for customers who want a deeper market dive. The platform identifies trends in lease trade-outs, retention rates, average vacant days, true rent roll growth, revenue growth and advanced forecasting.
But, there was a missing piece, said Parsons, who joined the company eight years ago.
“Our clients told us that they loved the macro analysis but they really wanted the granular data,” he told RealWorld attendees. “We were very fortunate in February to close the acquisition of Axiometrics.”
After the acquisition, Parsons said the MPF team canvassed a number of Axiometrics clients about their likes and dislikes of RealPage’s market intelligence platform and what could be done better.
“What we heard again and again was that Axiometrics was the gold standard for the granular rent comps data,” he said. “And that they go through incredible lengths to make sure they’re getting everything about every single property. They will knock on your door to be able to get the data.
“We’re taking the methodology and we’re running with it.”
A potent source of apartment market intelligence
The combination of multifamily data superpowers make for a potent source of apartment market intelligence. RealPage expects Data Analytics to be the most-referenced apartment data analytics solution in the U.S.
Existing Axiometrics clients, which joined the RealPage family in February, will benefit, Denton noted. Among the perks are enhanced forecasting and asset classifications, additional granular submarket definitions and access to RealPage’s greatly expanded cache of professionally managed apartment properties tracked every month.
“We are going to continue to track properties the way we have, but the difference is we now have more resources to do things we couldn’t do before joining RealPage,” Denton said.