Multifamily developer and operator increases rental income and occupancy with transformative revenue management solution
SANTA BARBARA, Calif., Dec. 14, 2017 — Philadelphia-based PRG Real Estate (PRG) has achieved significant gains for its apartment communities using Yardi® RENTmaximizer™ from its full-business Yardi® Multifamily Suite platform. Since implementing the dynamic revenue management system, PRG has realized rental income growth of 19 percent.
According to Sam Foster, PRG’s CEO (and degreed mathematician), “RENTmaximizer has enabled us to exceed the market and increase our net rental income without losing occupancy. Since adopting RENTmaximizer in 2016, our rental income has increased an impressive 19%.
Foster stated that before implementing Yardi RENTmaximizer, PRG had no insight into pricing, and its leasing agents could not understand why rents moved up or down. As a result, PRG’s staff struggled to determine best rents.
Yardi RENTmaximizer utilizes proven rental pricing technology that leverages both property history and market comparisons to generate the right rents at the right time. The process is transparent to the property manager so they can understand what factors are influencing the provided pricing. The open calculation method, along with market data and analytics, helps PRG make smart and effective pricing decisions across its portfolio.
“Like PRG, our clients using RENTmaximizer can focus on operations instead of the hassle of determining daily rents or renewal prices, with the further benefit of increased rental income and improved occupancy,” said Terri Dowen, senior vice president of sales at Yardi.
Learn more about client successes with Yardi RENTmaximizer.
Founded in 1985, PRG Real Estate buys, improves and manages apartment rental communities in the Eastern United States, including over 11,000 apartment homes. For more information, visit prgrealestate.com.
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information about how Yardi is Energized for Tomorrow, visit yardi.com.