Yardi Matrix’s patented (U.S. Patent numbers 7,974,930, and 8,060,450) Context® rating system references a range of variables applied to a location’s relative desirability.
Location rating definition is considered at three levels: Submarket; the immediate area surrounding a subject property’s site; the property’s specific location.
Consideration in concluding location rating is given to whether a geographic area’s conditions are improving – or declining – in relative desirability. An improving location reflects: new, high quality real estate development; and changes, such as freeway development or light rail extension, resulting in improved area access. A declining area reflects: deterioration of attractiveness due to aging, and deterioration of area property improvements; area access is limited; average household income is well below area median household income, or is declining, and violent crime is disproportionately high in relation to the metropolitan area violent crime rate.