UDR Launches iPad Search Application – Analyst Blog

UDR Inc. (UDR), a leading multifamily real estate investment trust (REIT), has recently augmented its apartment search application for Apple Inc.’s (AAPL) iPad users, enabling consumers who are more reliant on smartphones than landlines or personal computers to find apartments in a more convenient way.

 

The new apartment search application software could be downloaded for free from the Apple App Store, the most-used mobile application store in the market. The software exploits iPad’s large screen user interface to effortlessly search for apartments. The left-side of the iPad screen lists the locations where UDR has its properties, while the right-side displays specific information about each apartment community.

 

The upgraded technology utilizes smartphone’s built-in spatial awareness components such as GPS (global positioning system), accelerometer, and compass to create digitally enhanced pictures of the apartments. Furthermore, the new application software enables users to point their iPads in any direction to locate and view available apartments under the search parameters within a radius of 10 mile, by utilizing Layar – an advanced reality browser.

 

The demographic and technographic data for the mobile market strategically fits into UDR’s upmarket customer segmentation. Users can search apartments on all possible parameters such as location, price, and number of bedrooms and bathrooms, which are updated daily. To make it more user-friendly, the application even allows users to reserve and book an apartment until the location is visited for a tour.

 

With the augmented reality search application in iPads, UDR has extended its reach to a wide variety of customers who use their mobile devices to access the Internet and search available apartments. The introduction of the new iPad application software has further strengthened the already robust mobile services platform of UDR, which includes “apartment-for-rent” search applications for iPhone, Blackberry, Palm Pre and Google Android phones.

 

UDR is among the best-positioned apartment REITs in the U.S., with the majority of its portfolio located in California, Florida and on the Atlantic Coast. These are areas where housing costs have soared in the past few years, and despite the drop in home values, the rent vs. own spread still remains high. The housing meltdown will continue to help apartment REITs and we expect this sector to remain comparatively stable in the coming quarters. Consequently we maintain our Outperform rating on UDR with a Zacks #1 Rank, which translates to a short-term ‘Strong Buy’ recommendation.