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| Term | ApartmentIQ Definition | What Does This Mean? |
| General Terminology | ||
| ApartmentIQ's Market Survey tool is the multifamily industry’s most comprehensive market intelligence platform, tracking 37M+ units nationwide to deliver the accuracy and transparency trusted by 65% of the NMHC Top 50. | ApartmentIQ pioneered the automated daily market survey, setting the standard for real-time multifamily intelligence. With unmatched historical depth, the highest accuracy, and the broadest market coverage, ApartmentIQ equips revenue, operations, and asset management teams to outpace competitors – driving smarter decisions, optimized pricing, and superior portfolio performance. | |
| Daily Data | Frequency of data updates. | Data is collected after 6pm ET and posted to ApartmentIQ at 7am ET each day. |
| Observed Metrics | ||
| Distance | Distance in miles from subject property | This metrics shows you how far your comps are to your property. |
| Year Built | The year the property was originally built | This metric shows you when properties were originally built. |
| Property Class | Property classification based on relative quality, location, and condition. | ApartmentIQ bases Property Class on a combination of factors including: amenities, finishes, location, year built, and rent/rent sq ft. |
| Total Units | The total number of units as built in the property. | This value is based on the total units advertised on public sources. |
| Property Type | Property Type classification based on if the property is Built to Rent (BTR), Conventional, Senior, Student, or Affordable | This metric shows you the primary property type for the asset as projected on public sources |
| Management Company | The Property Management Company overseeing the asset | This helps you see which management companies are operating in the area. |
| Reviews | Google reviews are updated every Sunday. | Quickly see how your property is performing on Google. Should you want to see your reviews, click on the metric to navigate to Google. |
| Rent | The average starting rent for all available units in the property. | This metric will give you average starting rents for all available units at a property, irrespective of rent term, based on what is shown on public sources. The rent value shown here is averaging all available units, across all bed types, for the current time frame selected. You are also able to see rent by bed type by scrolling down to pricing and availability. Rent can be viewed as lowest rent, average and absolute minimum values for the advertised units at a property. |
| Rent/ft2 | The average rent per square foot for all advertised units (N/A when Sq foot data is not advertised) | Rent/Sq Foot showcases an average value for all advertised units in the property during the selected timeframe. Units without advertised square footage will be excluded from the calculation. |
| Net Effective Rent (NER) | The average rent of all available units after concession values are deducted from units with a concession. | This metric will give you an average NER for all advertised units in which the concession applies to. NER accounts for any rent-applicable concessions- for example, excluding concessions like "call for specials". NER will show you how much your prospective renter will be paying month to month after the concession is accounted for. Assuming Property A has a concession offering 2 months free rent. Their units are listed at $1000 / month asking rent. NER = $833 To calculate NER we will look at the 12 month value of the concession. 2 months free x $1000 = $2,000. Asking Rent x 12 = $12,000. $12,000 - $2,000 = $10,000 (Annual NER). Monthly NER would be $10,000 / 12 = $833 |
| NER/ft2 | The average NER per square foot for all advertised units when applicable concessions are deducted (N/A when Sq foot data is not advertised). | NER/Sq Foot is displayed as an average value for all advertised units in the property. Units without advertised square footage will be excluded from the calculation. |
| Square Feet | The average square feet per unit for all advertised units. (N/A when SQft data is not advertised) | Average square footage of available units at a property. This is based on what is currently available for the timeframe selected. |
| Concessions | Average of all concession values for all available units, including units with no concessions. | Concession Value of all Available Units / Total Available Units The lowest concession value by bedroom count. Note: One month is divided into 4.34 weeks. |
| Concession % | The percentage of the average concession value relative to the gross rent. | This metric enables you to view the concession value as a percentage of rent, helping to standardize concession amounts across your market. It also provides context for determining whether a concession holds significant value, facilitating quicker concession benchmarking. |
| Concession Details | The list of all concessions offered by the property. | ApartmentIQ itemizes advertised concessions including rent specials, fee discounts, and effective rent concessions. Concession Details include any notes, expiration dates, and Bed Type or Unit specific restrictions if presented publically. We detect concessions listed on public websites and apply them down to the bed type or unit level when specified. If a rent special is advertised without a specific amount, ApartmentIQ will indicate accordingly. |
| Calculated Metrics | ||
| Advertised Occupancy % | The projected percentage of occupied units, calculated by subtracting vacant units from the total units and dividing the result by the total units. |
(Total Units - Vacant Units) / Total Units Please review this article for more information. |
| Leased % | The percentage of all active leases, including upcoming move in dates, relative to the total property count. | (Total Units - (Vacant Units - Vacant Leased)) / Total Units |
| Pre-Leased% | The percentage of active leases, excluding on notice units, relative to the total property count. | Pre-lease % removes on-notice units (even if it’s currently occupied) from leased % |
| Exposure % | The percent of total units that are available for rent. | (Total Available Units / Total Units) ApartmentIQ pulls in units with future availability dates up to 6 months into the future. This metric looks at all advertised units, inclusive of all current and future move-in dates. |
| Exposure % Next 30 Days | The percent total units that are available for rent in the next 30 days. | Percentage of a property's advertised units with move-in dates within the next 30 days. |
| Exposure% Next 60 Days | The percent of total units that are available for rent in the next 60 days. | Percentage of a property's advertised units with move-in dates within the next 60 days. |
| Vacant Units | Available, leased, or applied units with a date available within the next 10 days. | ApartmentIQ considers the average turn time to be 10 days for most properties. ApartmentIQ classifies vacant units based on their move-in dates. A unit can be considered vacant if it is currently advertised, or it could be considered a leased-vacant unit if it was advertised and leased. |
| Available Units | All advertised units that are available for immediate or future move in. | Our daily market survey lists a count of total units at the property and can be segmented by Unit Type. Future availability can be pulled in up to 6 months ahead if that is within the property's advertising practices. |
| New Available Units (Last 7 days) | Advertised units that became available within the last 7 days. | This metric gives a total count of new inventory that became available in your market in the last 7 days. |
| New Available Units (Last 30 days) | Advertised units that became available within the last 30 days. | This metric gives a total count of new inventory that became available in your market in the last 30 days. |
| New Available Units (Total) | Units that became available in total, respective of the selected timeframe. | You are able to leverage the Market Survey time frame selector to review time frames of interest. For example, if you select "last 6 months" of data, you would be able to see the total number of newly Available units over the last 6 months. |
| New Available Units (Last 4 weeks) | The number of new advertised units per week averaged over the last 4 weeks | The average count of new inventory that became available on a weekly basis over the last 4 weeks. |
| Applications (Last 7 Days) | Units removed from the website in the last 7 days. | Units are held in the Application metric for 7 days. After 7 days, units will move to "Leased" status if they are not re-advertised within 7 days of being delisted. Example: A prospect applies to a unit. This unit is removed from your website and shown in ApartmentIQ tomorrow as a unit that has been applied to. |
| Applications (Last 30 Days) | Units removed from the website in the last 30 days. | This will show you how many applications your property has seen in the last 30 days. |
| Cancels (Last 7 days) | Number of applications that resulted in a re-listed unit (last 7 days) | Helps you to understand how many applications did not convert into a lease. |
| Cancels (Last 30 days) | Number of applications that resulted in a re-listed unit (last 30 days) | Helps you to understand how many applications in the last 30 days did not convert into a lease. |
| Cancels (Total) | Number of applications that resulted in a re-listed unit (total) | Helps you to understand how many of your applicants have canceled during your selected time frame. For example, if the time frame selector is set to the last 3 months, you will see how many applicants canceled in the last 3 months. |
| Cancel % (Last 7 Days) | Percentage of application that resulted in a re-listed unit relative to total applications (last 7 days) | Helps you to understand what percentage of your applicants are canceling. |
| Cancel % (Last 30 Days) | Percentage of application that resulted in a re-listed unit relative to total applications (last 30 days) | Helps you to understand what percentage of your applicants have canceled their application in the last 30 days. |
| Cancels % (Total) | Percentage of application that resulted in a re-listed unit relative to total applications | Helps you to understand what percentage of your applicants have canceled during your selected time frame. For example, if the time frame selector is set to the last 3 months, you will see what percentage of applicants canceled in the last 3 months. |
| Re-listed Units (Last 7 Days) | Units reposted to the website in the last 7 days | A unit is removed from your website. ApartmentIQ holds it as an application. If the unit is relisted for any reason (cancel, denial, ect.) during this 7 day window, we will capture it as a relisted unit. |
| Re-listed Units (Last 30 Days) | Units reposted to the website in the last 30 days | Re-listed units typically appear due to rejected applications or the applicant decided to not move forward. |
| Re-listed Units (Total) | Units re-listed to the website in total, for the respective timeframe selected. | You are able to leverage the Market Survey timeframe selector to review timeframes of interest. For example, if you select "last 6 months" of data, you would be able to see the total number of re-listed units over the last 6 months. |
| Leases (Last 7 days) | Units that were delisted for 7 days and are now converted from applications into leases. | A unit was removed from your website and held as an application for 7 days. The renter was approved for a lease and the unit was not re-listed (canceled) on a property website within 7 days of being applied. It is now counted as a lease in the last 7 days. Think of this metric as a rolling scale- the unit must be held in the application status for a full 7 days. Once the unit has stayed offline for 7 days, it is now classified as a lease in the last 7 days. |
| Leases (Last 30 Days) | Units that were dlisted for 30 days and are now converted from applications to leases. | The number of units leased across your market in the last 30 days. |
| Leases (Total) | Units that were delisted and are no converted from applications to leases. | You are able to leverage the Market Survey time frame selector to review time frames of interest. For example, if you select "last 6 months" of data, you would be able to see the total number of leased units over the last 6 months. |
| Leases Per Week (Last 4 Weeks) | The number of leases per week, averaged over the last 4 weeks | Your average leasing activity in the last 4 weeks. |