Join us at Connect Southeast Multifamily 2024 on Thursday, December 5th at the Rusty Pelican in Key Biscayne, FL to gain insights from top owners and operators in the region. One of our expert panelists is Michael Broder, founder and CEO of RCKRBRX. In an interview with Connect CRE, he provided a preview of their discussion on renter behavior and preferences.
Q: What does RCKRBX data reveal about renters’ decision-making process in the Southeast? Is there a difference between this region’s renters compared to those in other areas like the Midwest or California?
A: Generally speaking, renter decision drivers are consistent across different regions but their priorities have shifted over time. There may be some variation among specific subsets of renters within each market when it comes to desired unit types (such as configurations, finishes and features), property amenities or location preferences. It’s important for developers to understand these differences between all renters versus high propensity targets for a particular property because oversupply concerns are growing. Knowing what factors influence demand among specific groups as well as how they impact decision-making can greatly affect an asset’s performance once it hits the market.
Q: Have you noticed any changes in renter expectations since launching RCKRBX?
A: Since our launch, we’ve seen that renters have become more sophisticated when making leasing decisions based on what matters most to them. They also tend to be more rigid with their criteria which challenges traditional thinking within multifamily industry.
Q: How can RCKRBX data inform development strategies?
A: Using techniques from political campaign research combined with machine learning and big data analysis methods allows us provide developers with valuable insights into today’s highly competitive multifamily market . By understanding what live-space programming attributes matter most for target audiences along with how they drive lease-up rates and premium rents , developers can optimize project development paths by testing multiple scenarios and forecasting demand. This ensures that the right asset is delivered in the right location, at the right price point, to attract the desired audience.
Q: How does RCKRBX data assist with underwriting for investors?
A: Our data has helped top real estate investment firms strengthen their due diligence processes by providing a unique understanding of prospective customers’ preferences and future market trends. This supports smarter decision-making, maximized returns and minimized risks throughout all stages of an investment’s lifecycle. For example, our data can be used during underwriting to evaluate programmatic elements of multifamily projects by identifying variables that traditional market studies may not capture or forecast accurately. It also helps validate investments where there is limited historical supply-side baseline information available.
Don’t miss out on Connect Southeast Multifamily 2024 this Thursday in Key Biscayne! Hear from industry leaders like Lument, TruAmerica Multifamily , Transwestern , CoStar Group , Trimont , Berkadia Wells Fargo and more as they discuss what’s ahead for dealmaking, development management financing throughout Southeast states . Register now at www.ConnectSEMF2024.com
