This guide covers:
- Renewals Dashboard: Property-level and bed group metrics explained, including expiring units, renewal tradeout, occupancy, and exposure
- Configure Renewal Settings (Admin only): Set your pricing basis, new lease methodology, pricing method, and settings scope
- Renewal Rent Matrix: Configure lease term ranges, best terms, renewal cost, and premiums per bed group
- Review the Renewal Matrix: How to read renewal offers by term, trade-out percentages, and manage best price terms
- Generate and Push Renewal Offers: Step-by-step workflow to review, approve, and push renewal rates to Yardi/PMS
- Reporting & Performance: Track renewal outcomes using the Lease Compliance and Renewal Performance reports
Renewal Dashboard Overview: Property Level Dashboard at a Glance
To access the Renewals Dashboard, log in to ApartmentIQ and navigate to Daylight Revenue Management > Renewals.
Metric |
What It Means
|
|---|---|
Expiring Units |
Count of units with an expiration date that falls within the Lease Expiration Date filter, configured in settings. |
Renewal Conversion Rate (12m) |
Percentage of successful renewals from the last 12 months. |
Renewal Tradeout |
Average renewal rent increase for all renewal offers in the selected timeframe for the property. |
Diff From New Lease |
Percentage difference of the average renewal rent from the average new lease rent. |
Occupied % |
Current percentage of units that are occupied at a property. |
Exposure |
Units at risk of becoming vacant within the configured timeframe. |
Renewal Dashboard: Bed Group Dashboard at a Glance
Metric |
What It Means
|
|---|---|
Expiring Units |
Total number of units expiring in the bed group for the configured timeframe. |
Current Rent |
Average rent for the current expiring units, including amenities. |
Renewal Rent |
Average rent suggestion, including amenities. |
Renewal Tradeout |
Difference between renewal rent and new lease rent. |
New Lease Recommended Rent |
Average rent based on the Daylight recommendation. |
Difference from New Lease Recommended Rent |
How the suggested renewal rent compares to the new lease recommended rent. |
Min/Max Price Change |
Price change minimum and maximum based on established thresholds in settings (established by Admin). |
Configure Renewal Settings
Admin users will determine renewal settings for each property on Revenue Management. The settings configured will impact how the model generates renewal pricing.
To establish Renewal Settings for a property, navigate to Daylight > Renewals. Then, click the gear icon to access the property level settings.
Pricing
1. Define the Change
First, define how the renewal offers will change resident rent. This can be based on Gross Rent or Net Effective Rent. Our recommendation is to leave this set to Gross Rent.
Option |
Description |
|---|---|
Gross Rent |
Total rent amount listed on the lease, before applying any concessions or discounts. |
Net Effective Rent |
Average monthly rent after accounting for concessions. |
2. Choose the New Lease Methodology
Next, determine the new lease methodology. This is the most critical setting, as it determines the market benchmark used to compare a resident's current rent.
Option |
What It Does |
Best For |
|---|---|---|
Today's Recommended Rent |
Uses pricing determined by Daylight's New Lease Algorithm. |
Standard use; stable markets. |
Forecasted Market Rent (★ Recommended) |
Uses sub-market level forecasted rent growth to estimate market rent at the expected lease start date. |
Forward-looking accuracy in most markets. |
Average Recently Achieved Rent |
Uses the average of the last 5 most recent leases within the past 180 days. |
High-velocity markets; lease-up phase. |
Last Leased Rent |
Uses the most recent unit's leased rate. |
Simple, less forward-looking benchmarks. |
3. Configure Pricing Method
You will then set change limits and establish your pricing method.
Option |
Description |
|---|---|
Current Lease Basis |
Set renewal offers at a percentage above or below a resident's current in place rent. |
New Lease Basis |
Brings residents up to a percentage above or below new lease pricing. These are boundaries based on resident position vs. market (e.g., bringing those below 90% up to 90%) |
Gap to Market Tiers (★ Recommended) |
Refers to both current and new lease rents when setting renewal pricing by tiers. This setting allows custom rules per tier based on market position. This is the most commonly used option. |
4. Determine Settings Scope
Finally, determine if the established settings should be applied at the property level or at a bed group level.
Option |
Description |
|---|---|
Property |
Group tenants into a single group and define offer limits. Establish rules regarding offers. Group tenants into a single group, and define offer limits |
Bed Group |
Group tenants by bed group and define offer limits. Group tenants by bed group, and define offer limits for each. |
Renewal Rent Matrix
For this section, you will configure lease term ranges for renewal offers per bed group.
Field |
Description |
|---|---|
Offered Lease Term |
Set the minimum and maximum term lengths a resident can be offered for a renewal. |
Best Terms |
Set which offered lease terms can be assigned as the best (lowest priced) term. |
Renewal Cost |
Percentage of base cost incurred when renewing a unit — accounts for future vacancy risk, administrative overhead, etc. |
Short Term Premium |
Adds specified premiums on top of turn cost to target shorter leases only. Recovers turn risk through a per-month premium amortized across the rent. |
MTM Premium |
Adds a month-to-month premium to the tenant's current rent. |
Example
Your renewal settings are now complete. Complete these steps for all properties on Daylight.
Review the Renewal Matrix
Click any bed group to view the Renewal Rent Matrix, which includes:
- Current rent and lease term
- Renewal offers by term, new lease rent, and forecasted market rent
- Trade-out percentages and offer limit flags
Best Price Term
Daylight prioritizes filling expiration slots closest to today. If an 11-month term is available, it may be chosen over 12 months. To prevent this, uncheck shorter terms under Renewal Settings > Best Price Terms.
Generate and Push Renewal Offers
Once your settings are configured, you are ready to generate renewal offers.
- Set the timeframe you wish to generate offers for. For example June 1st to June 30th.
- Click into the property. Review all units due for renewal at the property level or by bed group. Click Review Units to begin.
-
Review each unit due for renewal. Key metrics to consider before approving:
- Current Rent: The rent value pulling in from your PMS for the unit.
- New Lease Rent: What a new renter would pay, with amenities and floor plan premiums included, based on your configured settings. This is the advertised rent if the unit becomes available to a new renter.
- Renewal Rent: The rent Daylight is suggesting for the renewal, based on the best lease term. Click to access additional lease terms and suggested values. This is what would appear on the renewal letter.
- Review the matrix for trade-out percentages and outliers.
- Override best price terms for specific units if necessary.
- Approve units one at a time or all at once by clicking the checkmark on the left-hand side.
- Rates are locked once approved. They will not update automatically if new lease rents change. Regenerate every two weeks to capture market shifts.
-
Approved data pushes to your PMS automatically.
Please Note
Pushing data to your PMS does not send renewal letters. The on-site team must still go into the PMS to generate and send renewal letters to residents.
Reporting & Performance
Use the following reports to track renewal outcomes.
Report |
What It Tracks |
|---|---|
Lease Compliance |
Compares approved rent vs. actual leased rent. |
Renewal Performance Report |
Tracks offers sent, renewals vs. move-outs, and trade-out details. |
Have more questions? Please review the Daylight: FAQ , or Contact the ApartmentIQ Support Team.