The ApartmentIQ Floor Plan Report will empower you to benchmark your properties floor plans against competitors. The intuitive interface and automatic floor plan detection will help you spend less time on data configuration and more time on strategic decision-making.
In this article, we will discuss the following:
Overview of Floor Plan Reporting
Floor Plan Reporting will empower you to seamlessly compare pricing, availability, and performance metrics across different floor plans for your properties compared to the market. Additionally, this feature will allow you to gain precise insights and allow you to make informed decisions with detailed floor plan analytics, all within a single, comprehensive report.
Key Features
- Seamless Viewing: Seamlessly view data by floor plan within ApartmentIQ.
- Automatic Detection: ApartmentIQ will automatically detect floor plans for you, eliminating the need for manual configuration.
- Consolidated Reporting: The Floor Plan Report consolidated Unit Type and Unit reporting into one page, offering a cohesive space for data review.
Benefits
- Understand which units in your market are similar to the floor plans of your subject property.
- Allows you to benchmark your properties floor plans against your competitors' floor plans.
- Facilitates adjustments in floor plan pricing to remain competitive in the marketplace.
- Provides Regional Managers and Ownership Groups with comprehensive floor plan reports.
- Identifies popular floor plans in a given market.
Use Cases
Regional Manager
- As a Regional Manager, I want to understand if I should adjust the pricing of a specific floor plan to remain competitive in the marketplace.
- As a Regional Manager, I want to understand which floor plans are the most popular in a given market.
Property Manager
- As a Property Manager, I want to easily understand which units from my comps are similar to the floor plans of my subject property.
- As a Property Manager, I want to benchmark my subject property to its comps by comparing floor plan performance.
- As a Property Manager, I want to provide my regional manager and ownership groups with a report that shows how our floor plans compare (in price, leases, vacancy, etc.) to our comps.
We know that the Floor Plan report will help you to accomplish these goals!
Metrics within the Floor Plans Report
Unit Mix
Unit Mix is the proportion of units a floor plan makes up relative to the total property units. This metric is projected based on the mix of units ever detected at this property. Please note, Unit Mix does not change based on a time frame configured - this metric shows the total number of units we’ve ever detected for that floor plan.
As you can see in the example below, at my property 1200 Broadway, my studio E1A floor plan is 467sq/ft and ApartmentIQ has detected 19 units for this floor plan. These 19 units make up 6.1% of the total detected availability for the overall property since it has been tracked in ApartmentIQ.
Leased
Leased metrics will show you metrics of all units leased within a chosen timeframe. You can view yesterday's data, and dive as far back as 3 years of historical data regarding leases.
Leased Rent
Leased Rent is rent as advertised before concessions. We will display the median of the last listed rents for all leased units of a specific floorplan within a chosen timeframe.
Availability
Availability will show metrics of all available units within a chosen time frame. So if you are viewing the data in the last 7 days, you will see how many units ApartmentIQ has detected as available. If you are viewing the data for the last 12 months, you will see the total number of units ApartmentIQ detected during that time. You will also be able to see the average days on market for that floor plan's available units. Want to see which units we detected? Simply click on the number to learn more.
Available Rent
Available Rent will showcase the rent amount as advertised before concessions. The rent shown here is the median of the most recently listed rent for all available units of a specific floor plan within a given timeframe (7 days, 30 days, 12 months etc). You’ll be able to quickly see the median asking rent, as well as the rent per square foot metrics for that floor plan as well.
Rent Trends
Rent Trends will allow you to see the change in asking rent for a configured time interval ( 7 days, 30 days, 12 months etc). This will allow you to quickly identify if pricing has increased, decreased or stayed the same over a given period of time.
Net Effective Rent
Need to view this data leveraging Net Effective Rent pricing? Simply toggle the Rent filter to Net Effective to see these values!
Bed Type Data
Toggling to "Bed Type" in the Floor Plan report allows you to quickly identify performance and trends for specific bed types across your market.
This can help you accomplish high-level tasks like setting pro-forma rents.
Should you have any additional questions regarding the Floor Plan Report, please contact our Support Team.