Multifamily Pricing & Lease Up Strategies: Will Stark - NRP Group

Sponsored by ApartmentIQ.

In Episode 62 of Deal Flow Friday, David Moghavem sits down with Will Stark, Director of Revenue and Asset Strategy at NRP Group, to break down how multifamily operators are approaching pricing, lease-ups, concessions, and revenue management in a more competitive market.

Will explains how NRP evaluates submarket health, comp sets, asking rents, and concessions when building lease-up strategies, and why operators need to get far more granular than broad market-level data. The conversation also covers renewal strategy, early-bird offers, the growing renter expectation for concessions, and the “game theory” that comes with pricing against nearby competitors.

David and Will also discuss how real-time data and AI are changing the revenue-management process, from tracking historical rent and concession trends to combining market data with on-the-ground observations from property tours. Will shares how NRP is beginning to integrate AI into lease-up reviews and reporting to help teams spend less time assembling data and more time making decisions.

The episode closes with a discussion on the art versus science of multifamily pricing, why knowing your true comp set matters, and NRP’s “Five Ps” framework: place, price, promotion, product, and people. The key takeaway: price may be the easiest lever to pull, but it should often be the last.

Chapters:

00:00 Introduction to Revenue Management in Multifamily Development
03:06 Understanding Lease-Up Strategies and Market Dynamics
06:20 Navigating Lease-Up Risks and Pricing Strategies
09:08 The Role of Concessions in a Competitive Market
11:48 The Game Theory of Multifamily Pricing
15:16 Integrating Technology and AI in Pricing Strategies
18:16 Future Trends and Strategies for NRP Group
19:25 Using AI to Automate Multifamily Reporting
21:49 The Art vs. Science of Multifamily Pricing
25:36 The Five Ps (not four!) of Multifamily Revenue Strategy

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