Methodology
Axiometrics proactively surveys 100% of over 14,400 properties or 4.1 million units by phone once a month. Additionally, properties on daily pricing programs (revenue management) are updated weekly, currently about 1,800 properties. 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 and unit, concessions, amenities, and renovations.
Sophisticated Performance Measures. These performance measures drill down to the level of effectiveness of the leasing and management staff to drive traffic to a property and extend on a macro-level to the competitive properties, neighborhoods, metropolitan areas, regions, portfolios and companies.
Sophisticated Performance Measures. These performance measures drill down to the level of effectiveness of the leasing and management staff to drive traffic to a property and extend on a macro-level to the competitive properties, neighborhoods, metropolitan areas, regions, portfolios and companies.
Mr. Johnsey received a B.A. from Birmingham Southern College, an M.B.A. from Emory University, and a J.D. from Cumberland School of Law. He has been active in the Rotary Club, the United Way, the Chamber of Commerce (Chairman of the Legislative Action Committee), the Christian Home for Children, and others.
Our detailed database includes the following information:
- 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.
- Asking Rent – Also known as the "market or street 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 $1,000,00 per month for a one bedroom/one bath unit, but they are offering one-month free upfront with a 12-month lease. The reference rent or asking rent for this unit would be $1,000.00.
- 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 unit normally leases for $1,000.00 per month, but they are offering one-month free upfront, and one-month prorated with a 12-month lease. The effective or net rent for this unit would be $833.00.
- 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.
- Value of Economic Leasing Concessions – The dollar amount difference between the asking rent and the Effective rent, and what percentage of that dollar amount each type of concession represents. Example – asking rent is $1,000.00 and the concession being offered is one-month prorated with a twelve-month lease. The Effective rent is $917. The dollar difference between the asking rent and the Effective rent is $83.00 and 100% of the value of the economic concession is free rent prorated.
- 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
- Concession ID's – The identifiers that we use within our database to represent the concession being offered.
- Free Rent
- Prorated Rent
- Free & Prorated Rent
- Free & Reduced Rent
- Prorated & Reduced Rent
- Reduced, Prorated & Free
- Reduced Rent
- No Deposit
- Lowered Deposit
