RealPageŽ AI Revenue Management Software Allows Rose Associates to Optimize Pricing and Reduce Vacancies at Market Rate Assets
Posted On August 16, 2022
Rose Associates, Inc., the New York-based multifamily real estate developer and manager, has been employing RealPage's AI Revenue Management (AIRM) solution at select properties to optimize pricing and reduce vacancies. Since January of this year, Rose has utilized the machine learning model at nine of its fully market rate properties, including Manhattan properties The Ventura, 70 Pine Street, and Riverwalk in Port Imperial, New Jersey.
"We are leveraging AIRM at a limited number of properties, and it is clearly proving to be a valuable revenue management tool," said Scott Marino, executive director of multifamily at Rose Associates. "The intelligence we are accessing informs our pricing and allows us to reduce vacancies. There are a number of benefits, with asset optimization being primary among them."
The backbone of the AIRM solution is made up of historical data from 6M lease transactions across the US over the last five years. The data set is far too large for an individual to analyze, but the technology can quickly deliver an analysis that allows leasing professionals to better predict supply and demand, and to better forecast whether a tenant with an expiring lease is likely to renew.
Rose's Revenue and Analytics team has decades of experience pricing rentals in the NYC Metro Area. AIRM is an additional tool that the team now has at its fingertips. While the technology proposes a price based purely on data, Rose team members still have the ability to adjust pricing based on their knowledge of the market. At the properties where AIRM is deployed, Rose can adjust pricing daily and react quickly to trends.
Renters also benefit thanks to the clarity the technology provides. Rose leasing agents present pricing and, on many occasions, renters learn they can save simply by changing their move-in date or the length of their lease.
Marino added, "We're learning how our AIRM tool can help us meet the needs of renters who are looking for both short and long-term leases. We are able to give renters what they need and want, and owners are enjoying how their properties are positioned for sustained and more robust income streams going forward."
About Rose Associates, Inc.
Established in 1925, Rose Associates is a premier real estate firm specializing in multifamily rental properties in New York City and the tristate area. Focused on the development, acquisition and management of the highest quality assets, the firm is currently developing six properties in the New York City metropolitan area. Rose's management platform incorporates state-of-the-art services to maximize revenue and enhance asset value, ensuring that Rose properties consistently outperform the market. Under the leadership of CEO and President Amy Rose, the firm is a certified Women's Business Enterprise that is currently pursuing a diverse and aggressive growth strategy.
RealPage provides a technology platform that enables real estate owners and managers to change how people experience and use rental space. Clients use the platform to gain transparency into asset performance, leverage data insights and monetize space to create incremental yields. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves over 19 million units worldwide from offices in North America, Europe and Asia. For more information, visit https://www.RealPage.com.SOURCE:
About Rose Associates, Inc.
Based in New York, Rose Associates is a developer, owner and operator of premium residential properties. From planning a new development to managing day-to-day property operations, the Rose 360 Platform offers a full range of services designed to maximize the value of real estate. The firm oversees more than 26,000 units across New York, with approximately $2 billion in projects under development. Rose recently opened the historic skyscraper 70 Pine Street, which the firm is transforming into a luxury rental property with 644 residential units, 132 extend-stay apartments and a destination restaurant/lounge occupying the top four floors.