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Data REVolution: Public Data

by | Oct 21, 2024 | Market Surveys, Public Data, Revenue Management

When data integrity is challenged, it becomes necessary for the industry to dissolve its dependence on private and semi-private data, and to assume transparent and accurate insights in which they’re entitled. 

Trust is eroding—and at such a critical time—as the industry faces heightened scrutiny from the DOJ. This growing distrust doesn’t just impact your pricing processes; it fuels the perception that the industry lacks empathy toward the deeply concerning housing affordability crisis.

You’re stuck in a catch-22. Profitability is a must, but when your legacy platform is under fire, what’s the right move? Do you push for revenue growth despite the looming threat of legal and reputational risk, or abandon it altogether, knowing you could fall behind in a fiercely competitive market?

Revenue management was designed to optimize occupancy by perfectly balancing supply and demand. But the reliance on closed, proprietary data has shattered that promise. This is a rallying cry—a manifesto to recognize the undeniable value of Public Data in restoring confidence, building transparency, and driving ethical, sustainable growth for multifamily teams.

Key Principles of Public Data Shaping Revenue Management

1. Builds Trust & Transparency

Trust and transparency are essential to restoring confidence in multifamily data. Comp data should be accessible to all users, with clearly stated and easily interpreted methodologies, enabling teams to make decisions with renewed confidence and certainty. When everyone operates from the same transparent dataset, collaboration strengthens, decision-making improves, and the risk of biased or incomplete data significantly diminishes, leading to better outcomes. We believe in the power of trust and transparency.

2. Most Reliable Insights

Accuracy is non-negotiable. Reliable data is the bedrock upon which sound decisions are made. High-level market data alone is insufficient for making informed decisions at the sub-market and neighborhood levels. We advocate for the use of public data sources, combined with rigorous data collection and validation processes, to ensure the information guiding multifamily real estate practices is both precise and dependable.

3. Adaptable to Change

The multifamily sector is constantly evolving, and so should our data. Public data must be adaptable to reflect changes in market conditions, regulations, and technological advancements. We support the continuous updating and refinement of data aggregation and insight display to stay relevant and compliant in an ever-changing industry landscape.

4. Sustains Growth

Data should be the cornerstone of sustainable growth. By leveraging public, regularly refreshed data, multifamily businesses can accurately identify trends, forecast market movements, and uncover actionable development opportunities. This approach reduces dependence on limited paid datasets, empowering businesses to make informed decisions that align with both immediate objectives and long-term growth strategies. Our commitment is to provide transparent, precise data that promotes growth, ensuring a future-ready approach that benefits all stakeholders.

5. Drives Innovation

Innovation fuels growth. By harnessing public data in today’s competitive landscape, multifamily teams can craft tailored, data-driven solutions that meet the evolving needs of their business and renters. Our commitment to enhancing user experience introduces advanced dashboards and features that enable teams to optimize pricing strategies, boost occupancy, and elevate resident retention. With public data, multifamily teams stay competitive, anticipate and proactively respond to market changes with confidence.

The multifamily sector stands on the threshold of a data-driven revolution. By embracing the value of public data, we can create a future where data doesn’t just inform—it transforms how we approach revenue management in the multifamily real estate landscape. At ApartmentIQ, we have long championed the power of public data and remain committed to redefining what’s possible for the industry. We believe it is not only beneficial—but essential—to healthy markets and happy communities.

Join us in driving this change and making a lasting impact across your portfolio. Let’s build the future, together. →


ApartmentIQ early champions of public data