- While energy and mining stocks struggle this week, real-estate stocks are showing strength, led by H&R REIT (TSX:HR.UN)
- On Tuesday, its subsidiary Lantower Residential had implemented a unique platform at more than 9,000 apartment homes in the Sun Belt region across the Southeast and Southwest U.S.
- While the stock has fallen 26.64 per cent in the past year, it has been on a turnaround of late, gaining 4.27 per cent in the past week and was up 1.75 per cent on Monday
- H&R REIT opened trading at C$9.33 per share
While energy and mining stocks struggle this week, real-estate stocks are showing strength, led by H&R REIT (TSX:HR.UN).
On Tuesday, its subsidiary Lantower Residential, a real estate company that focuses on acquiring, financing, and managing multifamily communities in the U.S. had implemented a unique platform at more than 9,000 apartment homes in the Sun Belt region across the Southeast and Southwest.
Lantower Residential is a Dallas-based operator with communities in Texas, Florida and the Carolinas. It first piloted the platform at 2,200 homes in July before rolling it out across its portfolio this fall.
The platform that it has utilized was developed by Renew, a cutting-edge solution that automates and optimizes the entire resident renewal process. The software automates outreach to residents to help understand a renter’s propensity to renew. The software also captures valuable data about resident needs and living experiences, while providing team members with unparalleled visibility into renewal pricing and where individual renters are in the renewal process.
“We experienced such strong results in the pilot program that we decided to roll out Renew’s solution across the board before the pilot ended,” Nick Amy, vice president of operations for Lantower Residential said in a news release. “With resident retention being so crucial, particularly in the current market, we needed a more efficient way to drive quicker renewal decisions and gain insights into the reasons behind those decisions. With Renew, we have experienced an immediate uptick in speed to decision, which enables us to accurately forecast occupancy trends and provides a better opportunity to keep any departing residents within our portfolio.”
H&R Real Estate Investment Trust owns, operates, and develops residential and commercial properties across Canada and in the United States. The company operates through the four segments: Residential, industrial, office and retail. The company recently reported that its net operating income increased by 0.7 per cent in Q3 2023 compared to Q3 2022. Property dispositions in the past 12 months totalled C$443.0 million.
H&R REIT opened 0.5 per cent higher on Tuesday at C$9.33 per share. While the stock has fallen 26.17 per cent in the past year, it has been on a turnaround of late, gaining 4.01 per cent in the past week.
Join the discussion: Find out what everybody’s saying about this stock on the H&R REIT Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
