Pricing and Revenue Management (PRM) in multifamily turned 18 years old this year. For those interested, the first-ever deployment of a PRM system took place in February 2001 at the Hunters Run apartment complex in Austin, TX. When we sat down recently with 20 multifamily executives to discuss the industry outlook towards 2020 and beyond, we invited them to provide their perspectives on the current state of PRM.
We discuss the results of our research in greater detail in our 20 for ’20 white paper. Below we have summarized the feedback that we received on possible future PRM advancements and areas of opportunity. We found that PRM system-specific feedback fell into two broad categories: how to improve the current models; and more radical improvements and future direction.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.