LEHI, Utah, April 9, 2020 /PRNewswire/ -- Entrata, a leading technology provider for the property management industry, today announced the release of comprehensive data reports analyzing industry trends the company has identified through the COVID-19 outbreak.
The findings, specific to Entrata's conventional and student housing clients, include information associated with payments, fees, repayment agreements, leasing and operations. Entrata will update the data, housed at the company's COVID-19 resource center, on a bi-weekly basis as the virus's economic and operational impact on the property management industry continues to evolve.
"We're seeing some encouraging trends with the early data," said Chase Harrington, president and chief operating officer at Entrata. "Despite the extreme impact COVID-19 is having on society, the numbers show that most residents were able to make their rent payments for the month of April. Much of this success can be attributed to the initiatives our clients are taking to improve the rent week experience for their residents during these challenging times."
Initial key findings of the report, assembled using data available through the first week of April, include:
- Payment data shows that units on Entrata Core outperformed industry baselines by nearly 12 percent in the first week of April.
- Over 83 percent of occupied units at conventional properties made a rent payment by April 7, down only slightly from 84 percent in March 2020. Only five percent of April 2020 payments were partial payments.
- Residents at conventional properties with a free online payment option submitted a rent payment, on average, seven percent more than residents whose properties did not absorb transaction fees.
- Entrata has observed a significant spike in the number of repayment agreements created in April. In the first week properties generated 1,162 repayment agreements compared to 32 in April 2019. It is anticipated this number will continue to rise sharply as more properties work with their residents to make payment plans.
- Early indications show mild dips in most of the leasing metrics Entrata monitors, but the data will be closely monitored as additional information is gathered in the coming weeks and months.
"The difficult challenges our industry is facing are far-reaching and unprecedented," said Maria Banks, president and CEO at AMLI Management Company. "While we're hopeful the effects of this outbreak will be short-lived, having access to this type of data is critical to making informed decisions and strategizing for the days ahead."
To see the full conventional properties report, click here.
To see the full student housing report, click here.
Be aware that factors such as days of the week, property policies and office closures, local shelter-in-place regulations and other circumstances may affect how this data is processed, recorded and interpreted.
Founded in 2003, Entrata® is the only comprehensive property management software provider with a single-login, open-access Platform as a Service (PaaS) system. Offering a wide variety of online tools including websites, mobile apps, payments, lease signing, accounting, and resident management, Entrata® PaaS currently serves more than 20,000 apartment communities nationwide. Entrata's open API and superior selection of third-party integrations offer management companies the freedom to choose the technology and software that best fit their needs. For more information, go to www.entrata.com.