New from redIQ: The valuationIQ Lease-up Module
New from redIQ: The valuationIQ Lease-up Module
Multifamily developers are in overdrive.
In 2023, developers and builders completed a whopping 416,500 new apartments. That’s the most units to become available in a calendar year in almost three decades. 2024 will be another banner year, with an anticipated 670,000 apartments likely to go live by the end of December. Multifamily investors, brokers, and lenders have all had to adjust their work accordingly, with fewer stabilized acquisitions and far more lease-up multifamily deals to underwrite. Due to this rate of new development deliveries, the ability to model lease-up deals quickly and accurately has become necessary to remain competitive.
With redIQ’s new valuationIQ Lease-up Module, we are actively equipping our users to better respond to market conditions. Our users can rely on the Module to accurately model vacancy on a monthly level until stabilization, enabling more granularity. With the granular insights the Module provides, our users can employ a more realistic leasing velocity, which has a significant impact on proforma NOI. Armed with this accurate proforma NOI, our users can avoid overpaying based on an inflated number. The Module can also help inform leasing tactics, such as when to offer concessions, and can help investors determine when they can switch from a short-term loan to permanent financing.
The Lease-up Module was built for valuationIQ subscribers. If your team currently uses valuationIQ, you can begin using the Module to power your underwriting process and adapt to the market today. Click here to learn more and to begin using the Module.
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If you’re a redIQ user but not a valuationIQ subscriber, you can contact Jordan Cohen (jcohen@redIQ.com) to learn more.
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About redIQ
For over ten years, redIQ has provided a comprehensive and dependable underwriting service for multifamily acquisition teams, brokers, and lenders focused on mid and large-size assets. redIQ’s solutions lead the industry and support the full underwriting process, from standardizing financial documents to producing a final valuation. With our system, analysis takes less time and decision makers can move forward with greater confidence. redIQ users can close more deals, produce better returns, and spend less time worrying about downside.
