Entrata Announces New Student Housing Pricing Program
LEHI, Utah, Feb. 12, 2019 /PRNewswire/ -- Entrata, the multifamily industry's most comprehensive technology provider, today announced it's in the final development stages of the first-ever pricing platform designed specifically for the student housing industry, Entrata Student Pricing. Entrata will discuss the product this week at the CampusConnex conference in Orlando, Fla.
Entrata, which provides property management software for more Top 25 student housing properties than any other provider, noted that Entrata Student Pricing is designed to work seamlessly with the company's product for conventional apartment homes, Entrata Pricing. This enables apartment operators with both student and conventional properties to easily utilize both products.
"On the conventional side, the vast majority of properties still don't use a pricing tool despite having had mature products in the market for many years," said Chase Harrington, Entrata president and chief operating officer. "If we can demonstrate value to student operators, who are an innovative group, the adoption curve could be significantly more pronounced."
Entrata is on track to beta test Entrata Student Pricing with several student housing providers in March. The beta testing will continue throughout the second quarter with the intent to make the platform commercially viable by early Q3. The pricing platform is designed to optimize rents, maximize revenue and NOI, streamline the flow of reliable competitive data and ensure student apartment communities are setting competitive rates in their respective markets.
Entrata Student Pricing is the first AI-powered yield management system and utilizes a proprietary algorithm that factors multiple data sets and a user-driven strategy to optimize rents. Machine learning will train the pricing model on various data-driven relationships, and the learned output will serve as the primary driver of price recommendations.
Client feedback indicated a widespread desire for reliable competitive information, and Entrata is uniquely positioned to delve into the competitive-data spectrum with its impressive share of the student housing space.
"The commitment that Entrata has made to student housing is like no other software provider and a big reason why we've committed to working with them on the development of this first-of-its kind product in our industry," said Kevin Howe, senior vice president of operations at Landmark Properties. "We want to be a part of this revolutionary effort because we know it will provide a positive impact for the long term. We can't wait for our associates to interact with the platform and see it for themselves."
Visitors can inquire about Entrata Student Pricing at its booth (#501) at the CampusConnex conference, Feb. 12-13, at the Omni Orlando Resort at Championsgate.
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.
Nate Mathis, Public Relations Manager
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