AptData

The Multifamily Housing Institute (MFHI) is a 501c3 that was founded with the mission of improving the quality and quantity of information available regarding risk, returns and leading practices in underwriting, financing and managing affordable rental housing. To accomplish this mission, MFHI developed the Apartment Performance and Trends Data Source (AptData).

AptData provides information on the performance of multifamily housing assets (properties and loans) that balances the confidentiality requirements of participating firms with the ability to perform broad and useful analysis. This information is useful to the capital markets and public-policy makers, as well as the various disciplines within the multifamily housing business (underwriting, valuation, portfolio analysis, risk management, expert testimony, loan structuring, etc.).

How AptData Works

Through online and other means, the Institute collects performance data for properties and loans directly from owners, lenders, investors, and property managers. Although initially restricted to data providers to encourage and reward their participation, the service was opened non-members who can query AptData on-line for a fee to obtain a set of standard statistical and other data on different types of properties, loans, and markets.

Data Collection Methods Assure Integrity And Reliability – And Minimize Work For Data Providers

The Institute works with its members and others to update the data electronically bi-annually, and in some cases quarterly. The Institute provides the technical infrastructure or services members need to facilitate collection, assure data integrity and reliability, while minimizing work for data providers.

AptData Includes All Multifamily Property Types

The Institute’s initial participants represent a deserve mix of the rental market, including some of the nation’s largest and most successful owners, lenders and property managers. Consequently, the resulting pool of data contains a large, comprehensive set of property types. The goal is to continually increase efforts to expand the number and size of properties by working with property management, listing, and marketing services to electronically extract the data for our members, as well as provide means for smaller owners and managers to upload or input the data directly.

Confidentiality For Data Providers

AptData’s tested security and reporting process assures data providers that their proprietary information will be protected. The system gives users only aggregated information from 10 or more properties provided by at least three different sources. The system never releases information on individual assets, unless specifically authorized by the related data provider.

Users Benefit From A Rich Pool of Data

AptData has more than 200 data fields, including occupancies, effective market rents, actual revenues and expenses, financing type, terms and status, number of units along with city, state and zip code. About half of the fields represent constant features of each asset, such as its physical attributes, and about half represent changing features, such as its performance. The Institute’s staff can work with members to combine this asset-specific data with information on income, neighborhood services, demographics, economic trends and a host of other variables to enhance AptData’s analytical power.

Standardized reports are based on user selected criteria  

Using a flexible on-line query tool, and the largest data warehouse of apartment properties and loans ever created, AptData’s on-line service gives users the power to instantly call-up aggregated performance characteristics for any peer group selected.

  • Users begin defining their peer group using geographic parameters such as zip codes and metropolitan statistical areas (MSAs).
  • Users determine whether they want to review quarterly or annual results.
  • Then, users select general property characteristics for their peer groups. These include number of units, amenities and whether residents or owners pay for utilities.
  • Finally, users select the financing type they want to investigate. The service tracks more than 20 possibilities including FHA-insured and a variety of conventional options.

Each on-line search produces two basic reports:

  • A Summary Report covering various measures of performance, property data and property characteristics.
  • A detailed, aggregated Profit and Loss Statement that includes unit mix information.

With these reports, AptData users can get answers to many questions, and pursue many lines of inquiry that can greatly enhance performance. For instance – What has been net income growth for market rate properties in the Chicago MSA with 100+ units? Then, compare property income growth in the city vs. the suburbs. Then, within each geographic sector, compare growth for properties in the upper rent quartile to those in the second tier. Then, compare these averages to same store sale trends. Then, research Memphis, Seattle and Dallas.

There are many types of AptData users including loan originators, loan underwriters, asset managers, CMBS underwriters on Wall Street, public policy makers, deal makers acquiring properties, researchers. Each will use AptData differently. For example,

  • Some will use it to understand current income and expenses in given markets.
  • Some will benchmark property performance against selected peers.
  • Some will use it to select markets or property types for investment.
  • Some will evaluate risk for different investment or financing structures.

Participation

AptData is overseen by the members of the Institute and reflects their unselfish commitment to create and maintain this very valuable shared industry resource.  Members and data providers receive preferential pricing to access the service, as do community-based non-profit organizations.