Tampa, Florida-based Avesta is a rapidly growing apartment investment and management firm with a large portfolio of apartments located throughout the Southeast. Avesta’s business model is to apply industry best practices to middle-income communities that were historically underserved.
Manual Lease Pricing
Avesta realized that without a dynamic revenue management system, it could not provide flexible lease terms and move-in dates. And most importantly, it was leaving money on the table by pricing units manually. To keep pace with (and outperform) its competition, Avesta sought a revenue management system to optimize rental pricing.
To automate and optimize rental pricing, Avesta chose RENTmaximizer — a dynamic revenue management system designed to maximize rental revenue by targeting the specific goals for each asset, and to optimize performance using real-time traffic, inventory, and market conditions.
Automated Pricing Increases Revenue
After implementing RENTmaximizer, Avesta saw a significant gain after only six months. For every dollar they invested in the system, they achieved a return of nearly $30. Will Newton, director of support systems, explained that as a resident-focused company, Avesta is delighted that RENTmaximizer makes it easy to offer customers a variety of lease terms and movein dates, so each resident can choose what works best for them and their budget.
Newton elaborated further, saying that the revenue and leasing metrics Avesta gets from RENTmaximizer — along with the support of a dedicated RENTmaximizer revenue expert — ensure they consistently make profitable pricing decisions for every property.