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About the Author:
Terry Kiwala
Vice President
Terry Kiwala has worked in finance and investment for more than two decades and joined First Analysis in 2019. He works with entrepreneurs as an investor and as an advisor on growth transactions to help build leading enterprise productivity software businesses. He is a thought leader in his sector, having authored widely read industry research. He supports First Analysis' investments in Drive My Way, Insellerate, Lender Price, PCMI, SmartCommerce and Visage. Prior to joining First Analysis, he was chief financial officer of Vokal, a software development company, senior vice president at Tribeca Flashpoint Media Arts Academy, and associate vice president at National-Louis University. Earlier, he was an investment banking analyst at Lehman Brothers. He earned a bachelor’s degree in economics and government from the University of Notre Dame. He is a CFA charterholder.
First Analysis Enterprise Productivity Technology Team
Terry Kiwala
Vice President
Corey Greendale
Managing Director
Richard Conklin
Managing Director
Matthew Nicklin
Managing Director
First Analysis Quarterly Insights
Enterprise productivity
Multifamily landlords use leasing automation to counter economic hit of higher rates
June 29, 2023
  • The phenomenon of low interest rates lasted far longer than most expected but was destined to end eventually. As such, it was an inherently unstable foundation for long-term value in multifamily property portfolios and one over which landlords had virtually no sway.
  • To offset the erosion of cash flow by higher interest costs, multifamily property landlords are racing to deploy technology that optimizes revenue and minimizes costs, helping ensure their cash flows remain stable or increase.
  • One of the technologies that can yield substantial operating cost savings, productivity gains and revenue gains is leasing management software. Leasing management systems help landlords maximize the leads they ingest and help sales teams be as efficient as possible.
  • We profile several companies that provide leasing management systems. Given prospects for sustained high interest rates, we expect these companies and other providers to see increasing demand for their solutions.


Includes discussion of six private companies

No more low-interest-rate cushion for multifamily landlords

Multifamily property management technology can increase cash flows

Leasing automation platforms among the most compelling technologies

Leasing tech provider profiles

A stronger foundation for value

First Analysis Enterprise Productivity Index: Positive one-year return

Enterprise productivity M&A: Notable transactions include Trax USA, IMM

Enterprise productivity private placements: Notable transactions include Masttro, Tipalti

No more low-interest-rate cushion for multifamily landlords

In the immediate wake of the pandemic, multifamily property landlords experienced near-ideal conditions: rising rents and historically low interest rates that supported robust property values. In that environment, the main challenge for multifamily property landlords was acquiring properties at competitive prices to meet rapidly rising rental demand.

Low interest rates underpinned key strategies for optimizing cash flow from multifamily properties purchased during the pandemic. For example, some real estate investment trusts (REITs) borrowed at fixed rates, locking in predictable debt costs. Other landlords achieved medium-term cash flow predictability with floating rate loans combined with hedges with one- to five-year durations and interest rate caps.

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