You've seen it on the news and splashed across your social media feed. The legal effects of private data sharing are dominating multifamily conversations. These concerns have led many owners and managers to shift to public data for their competitor intelligence analyses.

Just in the past year, 40% of the NMHC Top 50 have moved from private to public data sources for their market surveys. 

What Your Colleagues Are Saying

Owners and managers are reflecting on the urgencies that led to their requisites for public data. Here's what your colleagues are saying about the shift: 

"We are preparing for a world where we will not be able to use private data."

Vice President, Revenue Management

"We want to be sure we are using the most ethical, accurate data we can have."

Vice President of Data and Analytics

Public Data is the Best Approach for Competitor Intelligence

Public data is helping multifamily professionals implement a new best practice for a standardized, productive data aggregation process. It's the compliant solution for enterprise companies because:

Public data is powered by AI technology

Public data is the most accurate data

Publicly available data provides a comprehensive view of the most accurate property, pricing, and availability insights across the United States. This precision comes from AI's configuration to gather data from only public sources.

Owners and managers can obtain complete data sets and accurate insights, accelerating strategic pricing recommendations that align more competitively against properties with similar offerings. 

Public data is ethically sourced

The legal environment is changing around us. As an industry, we need to adapt how we approach data aggregation. Public data is an ethical and compliant alternative to private data sharing.

There's no legality concerns since public data comes directly from the source. This is where the most authentic data metrics are returned that help drive critical business decisions. 

Conclusion

The industry is sprinting away from private data sharing and into a public data approach. Forty percent of owners and managers have already implemented public data services as a best practice.

What are your thoughts on public and private data? Are you prioritizing public data in 2024?

A more modern approach to competitive intelligence using public data can yield greater revenue results and lower risk. I've seen it happen, and your colleagues are too. There's too much at stake to bet it all on inadequate insights.

I believe a full-scale adoption of public data will be quick this year, especially for mid-market and enterprise property groups. It's the way our industry is moving, helping owners and managers make clear, concise, and compliant decisions in their markets.