RETTC Announces Release of Updated Data Model to Improve Fee Transparency for Renters

(Washington, D.C.) —The Real Estate Technology and Transformation Center (RETTC) today announced that it has released updates to a widely used voluntary data model that enhances rental fee transparency for the benefit of renters and housing providers alike.   

RETTC believes clear, accessible information on fees and costs benefit both renters and rental housing providers. For decades, the Multifamily Information Transaction Standards (MITS) has been adopted by both rental housing providers and technology partners and is a concrete way to improve business operations that benefit renters.   

“At RETTC, we believe that technology is a force for good in real estate and is driving positive change in residents’ lives by reducing costs and breaking down barriers to rental housing across this country,” said Kevin Donnelly, RETTC’s Executive Director and Chief Advocacy Officer. “Transparency throughout the rental process is a key part of that equation. Tech and data tools are already improving housing affordability and accessibility. The MITS update is just another opportunity to make the renting experience better and rental housing operations more cost effective. RETTC is proud to lead this effort with one simple goal—to leverage tech to improve the resident experience.”  

The MITS data model, was originally launched by the National Multifamily Housing Council (NMHC) in 2003 in response to the desire on the part of rental housing providers across the country to make better use of new technology, improve property operations and enhance the resident experience. Prior to MITS, it was more difficult for housing providers to use technology effectively and ensure compliance with various state laws that govern rental housing fees. The update now provides for an even more transparent presentation of rental housing fees for consumers.      

The MITS updates was developed over the past year in partnership with OSCRE International, an independent, non-profit corporate member organization focused on the development and implementation of software-agnostic real estate data and Cherre, a leading real estate data management and intelligence platform. This important update was informed by input from a MITS Working Group comprised of representatives of rental housing firms of all types (affordable, conventional, senior, student, etc.) and portfolio sizes as well as rental housing technology partners and internet listing service providers The updated MITS model was also shaped by a robust public comment process.   

“OSCRE International is thrilled to have participated in this project with RETTC and Cherre. The speed with which the development project was conducted is a testament to the benefits of collaboration that address a common need, and the commitment of the workgroup participants,” stated Lisa Shanahan Stanley OSCRE’s CEO.     

“We are proud to collaborate with RETTC and OSCRE on this critical initiative,” said Tyler Christensen, Head of Industry Solutions at Cherre. “The updated MITS standard will provide benefits to both industry and consumers. Industry stakeholders such as owners, managers, and listing services will have a consistent data model to facilitate appropriate data sharing across the entire resident journey; and consumers, whether they are a prospective renter shopping for a home, or an existing resident, will have complete transparency into their charges and fees in a consistent manner.”   

The adoption of MITS is voluntary on the part of rental housing providers. It is freely available to the public for download.   

View the RETTC MITS page to learn more.

To join our interest list, let us know at MITS@rettc.org. 
 
About RETTC
RETTC, is strategically aligned with the National Multifamily Housing Council and is the premier platform focused on the intersection of technology and real estate. We bring leaders together from both sectors, leveraging their collective expertise to drive innovation and help solve America’s housing challenges.