Founded in 1985 and committed to creating quality living experiences for its residents, PRG Real Estate buys, improves and manages apartment rental communities in the Eastern United States.
Lack of Pricing Insight
PRG’s previous rental pricing software was complicated and did not integrate with the Yardi Voyager property management platform, creating difficulties for management when it came to applying pricing. It was unclear whether the suggested rent rates were in line with current market conditions and benchmarked against relevant competitors.
According to Sam Foster, PRG’s CEO (and degreed mathematician), “Before RENTmaximizer we had no insight into pricing, and our leasing agents could not understand why rents moved up or down.” Without confidence in pricing recommendations, PRG’s staff struggled to determine best rents.
RENTmaximizer utilizes rental pricing technology that leverages both property history and market comparisons to generate best rents in a way that is transparent to the property manager. The open calculation method, along with market data and analytics, helps PRG make effective pricing decisions across its portfolio.
Increased NRI and Occupancy
RENTmaximizer combines with PRG’s property data in Voyager to drive revenue with clear, comprehensive metrics focusing on operational components including rental income, concessions, occupancy and rental rates.
Foster stated, “RENTmaximizer is an invaluable tool for both our onsite and executive team members. Our property managers can focus on operations without the hassle of determining daily rents or renewal pricing.”
Foster elaborated that it’s “very powerful” that all levels of PRG’s property management teams can easily understand and interpret the data from RENTmaximizer. The system is simple to use, and Voyager integration provides total transparency — with analytic reporting — into portfolio performance to guide smart business decisions.
“RENTmaximizer is a game changer over other options because it includes a dedicated Yardi revenue analyst. We get insight, guidance and a wealth of information from our analyst to ensure daily pricing remains realistic while not only increasing occupancy but also improving PRG’s bottom line,” Foster added.