AXIOMETRICS proactively surveys 100% of over 12,600 properties or 3.6 million units by phone once a month. Our unbiased methodology does not depend upon the owner or management of the properties to deliver our survey results. Instead, our trained researchers converse with the on-site leasing agents, giving us additional information about a property’s performance, current pricing by floor plan, concessions, amenities, and renovations. By using our unique surveying methods, Axiometrics can even rate and evaluate customer service performance.

Our detailed database includes the following information:

1. Same Store – A property generally must be in our database, stabilized (meaning it reaches 90% occupancy and is no longer under construction, lease-up, or rehabilitation), and tracked for five (5) sequential quarters to be considered a same store property. In some instances we have reports that are based upon (3) sequential quarters, or (2) sequential quarters, based upon a clients’ individual needs.

2. Asking Rent – also known as the “asking rent”. We include this rent as a reference point for our clients so they can see the price that the concessions come off of. Example – A leasing agent at the property being surveyed tells us that the rent is normally $1000,00 per month for the one bedroom/one bath, but they are offering one month free upfront with a 12 month lease. The reference rent or face rent for this unit would be $1,000.00.

3. Effective Rent – also known as the “net rent”. This rent shows what the unit is actually leasing for after all concessions (both upfront and prorated) are taken out of the price. Example – A leasing agent at the property being surveyed tells us that a one bedroom/one bath normally leases for $1,000.00 per month, but they are offering 1 month free upfront, and 1 month prorated with a 12 month lease. The effective or net rent for this unit would be $833.00.

4. Level of Economic Leasing Concessions - Percentage of the units within a portfolio or market that are offering economic concessions. Example – The level of economic leasing concessions decreased for the fifth quarter in a row, dropping from 50.6% of the units offering concessions in 4Q02 to only 28.9% of the units offering concessions this quarter.

5. Value of Economic Leasing Concessions – The dollar amount difference between the Reference/Face rent and the Effective/Net rent, and what percentage of that dollar amount each type of concession represents. Example – Reference/Face rent is $1,000.00 and the concession being offered is 1 month prorated with a twelve month lease. The Effective/Net rent is $917. The dollar difference between the Reference/Face rent and the Effective/Net rent is $83.00 and 100% of the value of the economic concession is free rent prorated.

6. Concession Abbreviations – The meanings of the abbreviations that we use to identify the different concession types within our database.
   • CN – Concession Type
   • MU – Month Free Upfront
   • DU – Dollar Amount Free Upfront
   • MP – Month Free Prorated
   • DP - Dollar Amount Free Prorated
   • DR – Dollar Amount Reduced
   • LT – Lease Term
   • CT – Concession Term

7. Concession ID’s – The identifiers that we use within our database to represent the concession being offered.
   • 1 – Free Rent
   • 2 – Prorated Rent
   • 3 – Free & Prorated Rent
   • 4 – Free & Reduced Rent
   • 5 – Prorated & Reduced Rent
   • 6 – Reduced, Prorated & Free
   • 21 – Reduced Rent
   • 22 – No Deposit
   • 23 – Lowered Deposit