Transparency is critical in building trust, especially in the multifamily industry. To advance this goal, the Real Estate Technology and Transformation Center (RETTC) has opened a public review period for updates to the Multifamily Information Transaction Standards (MITS). These updates are designed to modernize the data model and improve transparency around rental fees, benefitting both residents and housing providers. The comment period runs through December 4, after which the finalized MITS 5.0 Data Model will be made freely available for voluntary use.
MITS, originally launched by the National Multifamily Housing Council (NMHC), has been instrumental in streamlining operations for rental housing providers by standardizing data exchanges. By enabling seamless and standardized integration between software systems, MITS improves property management efficiency and enhances resident experiences. With this new version, MITS focuses specifically on fee transparency, allowing renters to make more informed decisions and fostering trust in the rental process.
This update represents a collaborative effort, developed with input from industry experts and organizations like OSCRE, an authority on real estate data standards, and Cherre, a leader in real estate data management and intelligence. A diverse working group, including multifamily operators and technology partners, has played a key role in modernizing the MITS data model.
Data standards like MITS are essential for consistency and clarity in the multifamily industry. They enable accurate data sharing and reporting, reduce friction in operations, and promote a connected, informed ecosystem. More importantly, they ensure that renters have access to clear and accessible information about costs, empowering them to make better housing choices. These updates to MITS are a step forward in building an industry where transparency and trust are the norms.
Cherre’s data management platform builds on standards like MITS by integrating observability, validation, and transformation capabilities to ensure full transparency at every stage of the data lifecycle. By tracking where data originates, how it is transformed and aligned with standards, and where it ultimately flows, Cherre ensures that data arrives fit for purpose, empowering stakeholders with accurate and actionable insights.
Get Involved
Learn more about MITS and contribute your feedback during the public review period. Your input is essential in shaping a more transparent and equitable rental housing market.
Transparency is critical in building trust, especially in the multifamily industry. To advance this goal, the Real Estate Technology and Transformation Center (RETTC) has opened a public review period for updates to the Multifamily Information Transaction Standards (MITS).
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