Because we monitor property websites and listing sites every day, we see whenever new specials are posted. We account for the dates over which specials were listed in the interface, and we use AI to extract the number of free months offered, one-time dollars off, recurring dollars off, reduced rents, lease term conditions, deadlines (usually the date by which you have to move in to qualify for the concession), and waived fees.
When we calculate effective rents, we determine which concessions were present at the time the listing was removed from the market, apply any discounts to the last listed rent (or leased rent) and amortize the discount over the term of the lease. If the lease term is not mentioned in the special text, we assume a 12-month lease.
