Dynamic pricing may help leasing properties

Dynamic rental pricing can improve leasing, in some cases.

Many commercial property managers who dealt with difficult lease rates in the past may benefit from adopting a dynamic pricing system, according to the Chicago Tribune.

This method of payment could help keep up with the demand for rental properties, as a rate is produced by a computer to calculate what the property is worth. This includes various turnover expenses, where the apartment is, how long it has been without a tenant and how many people are looking for such properties, the news source explained.

The rent would be calculated after the potential resident offers an application and covers preliminary fees. After this, the number would be given to them, and they have a short period of time to accept the fee, or pass it up, the news source noted.

The type of program has been used for a number of years, but picked up significantly in recent times, Bryan Pritchard, principal of Tricap Preferred, told the news source.

Dynamic pricing could help convince some consumers to take advantage of properties more quickly than they would if they just looked at fixed prices, the news source added.

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