Frequently Asked Questions
1. What is the Market Rent (Rent column under market survey update wizard)?
Market Rent is the gross rent and does not include any concessions, loss-to-lease, specials, or other discounts.
2. Why should I enter the Market Rent?
By entering the Market Rent and (if applicable) any one-time or monthly concessions, the platform allows you to track rent changes over time and see when and what kind of concessions each property has offered. This gives you an overview of Net Effective Rent (NER) trends over time. When a property doesn't offer any concessions or discounts, by entering the Market Rent and $0 for one-time and monthly concessions, the platform allows you to track rents even when pricing has not changed over time.
3. What are one-time (upfront) concessions or look-and-lease specials?
Any concession, discount, or special offered as a one-time payment at the beginning of the lease. This is calculated as a discount over the life of the lease (12 months).
4. How to enter One-Time (Upfront) Concessions and/or Look-and-Lease Specials?
Enter the total value as a lump sum. For example, if a 1x1 unit Market Rent is $1,200 and the property offers two weeks upfront concession, the value is $600 (1/2 of $1,200). Under one-time concessions, the value would be $600.
5. What are recurring/ongoing/amortized/monthly concessions?
These are concessions offered throughout the term of the lease in an equal amount. For example, if a 1x1 unit with a Market Rent of $1,200 has a one-month concession amortized/recurring, the monthly discount is $100 (ex: $1,200/12 months). You would enter $100 under Monthly Concessions.
6. My property/competitors are using revenue management thus offering a wide range of rents for each unit type – which rent should I use when updating the market survey?
If a unit type has a wide range of rents, enter the rent available for a 12-month lease that is the base rent for that specific unit type. In other words, a base rent excluding any premiums such as short-term lease or premium amenities (ex: views, upgraded units, etc.).
7. What about shorter-term leases?
The average lease length in the industry is approximately 12 months, so the number of leases shorter than 12 months is relatively low. All calculations account for a 12-month lease, normalizing seasonality trends and shorter-term leases. When updating market surveys, always enter a 12-month lease.
8. What if the competitor does not have any units available for a specific unit type/floor plan in the foreseeable future?
If a competitor does not have any units available for a specific unit type, then you can input Market Rent for that unit, or the rent for which the unit was most recently leased.
9. What is percent (%) occupied?
Occupancy is a metric that measures how full is a property. Occupancy percentage is calculated by taking occupied units and dividing them by all units at the property.
10. What is percent (%) leased?
Leased Percentage is a metric that measures how many units are leased (occupied and vacant) at a property. Generally, all occupied units are leased as they are still under contract (even if monthly). However, there might be leased units that are vacant since the resident is moving in at a future date.
11. What is ATR?
ATR (apartments to rent) is calculated by inputting the number of units available to rent plus units on notice.
12. I can't find my welcome email with the initial login. What should I do? How do I access the Radix system?
If you do not see the welcome email, please check your spam/junk folder. If you cannot find the welcome email in the spam/junk folder, please go to https://platform.radix.com, enter your email address as your username and click on Forgot Password to reset your password. The system will reset the password and send a link where you can update the password.
13. I don't have the data/numbers for ATR, occupancy, leased, etc. What should I do? Can I enter zero?
14. I don't have the data/numbers for rents. What should I do? Can I enter zero, or one dollar?
15. How does Radix ensure the accuracy of data?
Data Integrity is our proprietary algorithmic approach that allows Radix to automatically flag any updates within three categories: plausible, improbably, and impossible based on any mathematical changes in rents, concessions, occupancy, leased %, ATR, etc. For example, if the leased % goes from 31% to 90% in one week, but there were not enough leases within that week to make it possible, our system flags it as a likely error, and our team is then following up and handling any issues daily. Furthermore, data is collected weekly. The platform accumulates at least 52 data points annually, not 12 or 4 (once per month or once per quarter). Monthly market surveys increase the average error by +16%. On our platform, the data is much more frequent and accurate. Data comes from all stakeholders participating and interested in seeing this data for each other. The platform allows users to view edits done in real-time, so any inaccuracy is visible to multiple properties and users.
16. What is SurveySwap and how does it work?
SurveySwap™ is a feature that lets you swap weekly surveys with other properties in your area without having to spend hours calling each property. It saves a significant amount of time for both you and the property initiating the SurveySwap. Each Subject property using Radix will set your property with a contact email. You will receive a weekly email regarding your Subject property via the Support Team at Radix (email@example.com). This email will request you to click on a link that will log you in to update your property rents, concessions, occupancy and leased percentage, traffic, leases, etc. It usually takes about 2 minutes to update your property. Once completed, you will have access to the comparative data from the subject property and all other properties on the Radix platform that have your property listed as a comp.