The apartment data analytics firm also unveils study showing its client communities consistently outperform comps and experience higher rents.
As the provider of a cutting-edge, cloud-based market survey and data analytics platform, today we are proud to announce Radix is serving more than 5 million apartment homes.
Radix experienced extensive customer growth in 2020, enabling it to cross the 5-million-unit mark. Multifamily operators who began or expanded their use of the Radix solution in 2020 include RPM (Roscoe Property Management), Alliance Residential Co. (which has since been acquired by Greystar Real Estate Partners), Mill Creek Residential, Cushman & Wakefield, RKW Residential and RangeWater.
“Apartment operators of all asset types and in markets across the country are realizing the critical importance of real-time performance data and leading indicators about their comp sets and submarkets,” said Blerim Zeqiri, CEO and co-founder of Radix. “Focusing on traffic, occupancy, leasing and net effective rent enables property managers to make sound, quick decisions about pricing, concessions and marketing tactics. The value of our real-time data and business intelligence became readily apparent to many operators during the challenges of 2020, when the performance of a submarket could vary widely from week to week. We are honored that so many apartment operators trust us to provide the data that will drive the performance of their portfolios and enable them to make the best strategic business decisions possible.”
Radix Users Outperform Comp Set
Radix recently completed an analysis detailing the extent to which client communities outperform their comps. According to the study, Radix subscriber communities, on average, have 1.09% higher leased percentage and 0.54% higher occupancy rates than non-subscriber communities in their comp sets. In addition, subscriber communities have monthly net effective rents (NER) that are $23.86 higher than non-subscriber comps. For the average 250-unit community, that translates into $5,965 more NER each month.
“Radix enables an invaluable ecosystem in which communities in a comp set can easily and automatically swap performance data,” said Rachel Davidson, executive vice president at RPM. “The resulting real-time data tells you exactly what you need to know about the state of your comps and gives you unprecedented insight into how your community stacks up against the competition. Making critical pricing decisions is far more effective using real-time data that is reliable and provided on a much more frequent basis than other market data resources which tell you too late. This is not the kind of business intelligence you’re going to get from web scraping. The data from Radix has proven to be so valuable to our decision-making processes that we quickly realized it is a solution we needed to implement across our entire portfolio.”
Through its proprietary SurveySwap™ feature, Radix enables apartment properties to automate the production of market surveys. The observations and insights generated through SurveySwap™ compound with each new user, producing real-time and accurate performance data, enabling the ability to anticipate or uncover market opportunities through benchmarking and apples-to-apples comparisons. Radix also offers a ProForma solution that allows investors to create accurate and quick ad-hoc benchmarking analysis when considering the development of a new community, or the acquisition of an existing one.