Scottsdale, Arizona, January 24, 2008 — According to Realty DataTrust, the apartment industry’s first up-to-date source for aggregated leasing data, average nationwide apartment rental rates increased 1.9% in 2007. During the same period vacancy decreased from 5.4% to 5.3%. The findings are based on data collected from nearly 900,000 apartment units nationwide, representing nearly 100 management companies. Unlike other indices, this data is automatically acquired from each contributing company’s property management system and reported back as an aggregated total.
National Year-over-Year Difference Index January '07 January '08 Change % Change Average Rent $1,082 $1,103 $21 1.9% Vacancy 5.4% 5.3% -0.1% -1.9% Rent/Sq. Ft. $1.20 $1.21 $0.01 0.8%
A snapshot of current market conditions for all the major metropolitan areas by county is available at www.padzing.com, the reporting site for Realty DataTrust. The snapshot includes pricing, vacancy and rent per square foot by floor plan, making it easy to compare markets.
“Having access to real-time information through PadZing.com is extremely valuable for property owners and managers. Understanding trends that are localized as well as those on a national level helps bring to light rent and vacancy variations and deviations that we used to have to wait months to collect and analyze,” said Jack Kern, an industry consultant and vice chairman of the National Multi Housing Council’s Research Committee.
The reporting site, www.PadZing.com is currently in beta and will be fully launched in the spring with additional tools and an enhanced interface to view data in more detail.
About Realty DataTrust Corporation
A leader in the multifamily housing industry, Realty DataTrust Corporation, developed the award-winning VaultWare online leasing solution in 2003, and spearheaded the industry’s movement in Internet marketing when it created the Internet educational forum, the Apartment Internet Marketing Conference in 2005. In 2007 the company launched the beta version of the PadZing.com apartment market trends website by aggregating data from a contributor base of nearly 900,000 apartment units. PadZing.com will be fully launched in spring 2008 and will offer free, as well as paid subscription-based access, to information about current apartment vacancy rates and rents. To learn more about Realty DataTrust, VaultWare or PadZing.com, visit the company’s website at www.realtydatatrust.com.