Real estate has become increasingly sophisticated in collecting feedback from residents, prospects, tenants, employees and communities. AI and technology are transforming how we gather this data, but collecting it is only part of the story. Significant value lies in what we do with it and how we use it. 

The real value is what an organization does differently because of the data. How does it influence leasing strategies, improve building operations, measure property managers and investment partners against performance objectives, guide capital allocation or validate investment decisions? And ultimately, how does it improve asset performance and drive revenue?

Whether surveying a single property, evaluating fund and operating partners, assessing an entire portfolio or testing an investment thesis, the goal should never be simply to produce another report or dashboard. The decisions the data is intended to inform should shape the questions we ask from the outset.

That is the difference between collecting feedback and turning intelligence into measurable business value. Let’s use multifamily lease-up as a simple example of this data in action.

Are we offering the right incentive?

When a rental property is struggling with velocity, one of the first levers available to a leasing team is often an incentive. Perhaps it is one month free. Maybe it is discounted rent, free parking, utilities, a gift card or another move-in offer. But there is an important question that often gets overlooked:

Is the incentive being offered actually the incentive that will change the prospect's decision?

Our 2026 Rental Housing Study provides some insights as we looked specifically at what renters identify as an incentive deal-maker.

Free electricity or water for the term of the lease ranked highest, with 36 per cent of respondents identifying it as a deal-maker, followed by free parking at 33 per cent, ongoing monthly rent reductions at 28 per cent and free internet at 28 per cent. By comparison, just 19 per cent considered one month of free rent a deal-maker.

The most commonly offered incentive is not necessarily the one most likely to convert a prospect. Renters appear to place greater value on incentives that reduce their ongoing monthly costs rather than those providing a one-time benefit.

For leasing and asset management teams, this raises an important question: Are we allocating incentive dollars based on what has traditionally been offered, or on what actually influences a prospect's decision to sign?

That does not mean free rent is a bad incentive. It means the data should cause us to ask a better question. Who are we trying to convert, and what does that prospect value?

One building, many different prospect profiles 

This is where segmentation becomes particularly powerful. A building does not have one generic "renter." It has different prospect groups with different budgets, ages, household structures, employment situations, life stages and priorities.

Our data also shows how the incentives that make a difference change with age. Free utilities for the term of a lease were considered a deal-maker by 47 per cent of renters aged 19-24, declining to 39 per cent among those aged 30-34 and 26 per cent among those aged 60-64. Free parking remained a powerful incentive across age groups, with approximately 37 to 38 per cent of renters aged 19-34 identifying it as a deal-maker.

Other incentives show different patterns. Free gym memberships and waived amenity fees generally have greater deal-making influence among younger renters, while the appeal of longer leases at reduced monthly rents becomes more relevant among certain older age groups. Beyond incentives, building priorities also evolve, with younger renters placing relatively greater emphasis on amenities and older renters increasingly prioritizing building structure and reputation.

A leasing incentive that converts one age group may have significantly less influence on another. Understanding these differences allows leasing teams to spend more strategically rather than offering the same concession to everyone.

Budget provides another layer. As monthly housing budgets increase, the importance of certain financial incentives as deal-makers declines. Free utilities are a deal-maker for approximately 41 per cent of renters budgeting $1,000-$1,999, compared with 32 per cent at $2,000-$2,999 and 28 per cent at $3,000-$3,999. Meanwhile, when asked to choose just one preferred incentive, ongoing monthly rent reductions remain the top choice across all three budget groups (23 per cent, 23 per cent and 22 per cent), while free parking becomes increasingly attractive (12 per cent, 18 per cent and 20 per cent).

But incentives are only part of the equation. As budgets increase, renters also place greater emphasis on the physical product, including suite size, layout, location and modern design. The opportunity for leasing teams is to understand when an incentive can influence a decision and when the building itself needs to deliver greater value. This intelligence allows operators to tailor leasing strategies by budget rather than applying the same concessions across every prospect group. That information becomes actionable. Instead of saying, "This building is offering one month free," a leasing team can begin asking:

• Who is coming through the door? 
• What are they looking for?
• Why aren't they converting? 
• And are we spending money on incentives they value?

From survey response to leasing strategy

Imagine a lease-up with 200 available suites. Traditionally, leasing strategies might be shaped by what worked at the last development, what competitors are offering or simply what the team believes will attract renters. But what if those decisions were informed by actual market intelligence?

Occupant intelligence can reveal which incentives are most likely to influence leasing decisions across different budgets, ages and renter profiles, helping teams align their strategies with what prospective residents actually value. Rather than relying on historical success, anecdotal feedback or instinct, leasing and asset management teams can make evidence-based decisions about incentives, pricing, positioning and where to allocate leasing dollars. The value isn't simply knowing what renters want. It's using that intelligence to make better decisions, improve conversion and drive stronger financial performance.

The same data can inform the asset plan

The value also extends well beyond leasing. If prospects consistently value free parking more than a generic concession, that has implications for parking strategy.

If residents strongly prefer predictable monthly affordability to upfront concessions, that may influence how an asset manager thinks about incentive budgets. And if the same questions are asked consistently across multiple assets, suddenly an owner has something even more valuable: a portfolio dataset.

Teams can compare buildings, markets and prospect segments. They can identify where an issue is property-specific and where it reflects a broader market trend.

A few questions can create an incredibly valuable asset

There is sometimes a tendency to equate sophisticated research with long surveys. It doesn't have to be. A handful of consistent, well-designed questions asked at the right points in the real estate lifecycle can create an extraordinarily valuable dataset over time. The important part is designing those questions backwards from the decisions the organization needs to make.

• What would leasing do differently if it knew the answer?
• What would asset management change?
• Could development alter the design?
• Could an investment team challenge an underwriting assumption?
• Could ownership allocate capital differently?

If the answer to those questions is "nothing," then perhaps we are asking the wrong survey question. Because the goal should never simply be to ask people what they think. The goal is to connect what they tell us to the decisions we make about the properties, portfolios and investments they ultimately occupy. The survey is where the data collection starts. The value begins with what we do next.