Creative Solutions Nov21

Creative Solutions

He said it best: “The housing market is just going gangbusters across the country, that’s a good thing for the economy, but it makes it challenging if you’re looking for a rental property.” That’s a quotation from Maj. Gen. Omar Jones, deputy commanding general of Army Installation Management Command. He voiced what many renters, including military families, are feeling this year. Fortunately, military families are receiving support in two creative ways. One person’s joy is another person’s challenge Military families face reassignment, or relocation, every 2-3 years. This year, military families have found it increasingly difficult to transition into their new assignments. The relocation challenge is threefold: The housing market is thriving, with buyers and renters both combatting high rates (and each other) for deals.High demand on movers, paired with staffing challenges, has caused scheduling delays. The industry has experienced a 25% decrease in labor and a nation-wide backlog in scheduling.If the spouse is working, the spouse must secure new employment in their field within the designated re-assignment window.On average, military families are given assignment instructions 166 days before their report date. Since the summer, that hasn’t been enough time. The delay has been so burdensome to families that Army authorities are delaying scheduled changes of station. To support families, the Army has initiated a program to help nearly 54,000 soldiers find housing. The program includes more lead-time for families to find housing and secure movers as well as an innovative agreement with Lendlease. Lendlease is an international hotel group that now specializes in privatized military housing. The organization signed an agreement that permits soldiers and their families to secure temporary housing at designated hospitality sites while continuing their search for a house. Military families will receive standard housing allowances in these cases. Additionally,...

Energy Innovation Nov20

Energy Innovation

The Advanced Research Projects Agency-Energy, which performs R&D for the U.S Department of Energy, sponsors initiatives by businesses and academic institutions to improve energy efficiency.  Here’s the latest of our periodic summaries of active ARPA-E projects. Creating a new version of wood Alternative materials creator InventWood of College Park, Md., is working to develop lightweight 3D corrugated honeycomb structures to replace metal counterparts. 3D wood has one-third the density and one-fourteenth the cost of aluminum with the same mechanical strength. And the proposal could produce a big sustainability benefit as well – a 90% reduction of CO2 emissions in the manufacturing process. Adding the human touch to energy savings About 75% of U.S. homes have smart meters, according to Smart Energy International. While giving homeowners greater access to their energy-use data is a positive step, a team Stanford University researchers believes that optimizing energy and cost savings with that information will “require an understanding of human behavior.” Using human behavior to optimize energy and cost savings could “transform the way Americans interact with our energy-use data,” the team says. A custom-built web-based platform collects historical electricity data for experiments to learn what triggers homeowners to respond. The experiments include financial incentives and a calculator that illustrates the potential savings of efficient appliances. Once completed, the platform and new behavior experiments could help homeowners save energy, improve their energy efficiency and reduce utility bills. Making the power grid cleaner ARPA-E is funding four projects to develop technology to remove sulfur hexafluoride, a gas that’s utilized as an electrical insulator and arc suppressant, from the U.S. power grid. It’s a more potent greenhouse gas than carbon dioxide. Proposals from the funding recipients – the University of Connecticut, Georgia Tech, GE Grid Solutions of Charleroi, Pa., and...

Health + Home Nov18

Health + Home

Did you know that our home environment impacts how we feel? During the holidays, multifamily professionals can increase the perceived value of the property while supporting resident wellbeing and promoting resident loyalty. It all starts with decorating. Drive value while helping residents fall in love with your property again Resident retention saves time and money. Per the National Apartment Association, it costs between $1,000 to $5,000 to turn a unit. If you gained just one renewal each month, you could save $20,000 in annual expenses and about 96 hours of maintenance labor. Promote resident retention through thoughtful programming that shows residents that you care. This includes special programming to support residents who are struggling through the holiday season. Design programming can be a great place to start. Design to beat winter blues together Nearly 40 million Americans experience depression and anxiety, reports the Anxiety and Depression Association of America. The fall and winter seasons are especially challenging. The American Family Physician reports that up to 26% of Americans suffer from seasonal affective disorder (SAD) formerly called seasonal depression. Scientists note a correlation between less exposure to sunlight (vitamin D), decreases in serotonin and an uptick in melatonin. Those factors may exacerbate existing conditions around holiday social and financial stresses, loneliness and grief. Community managers are not clinicians. There are several resident services that community managers can offer, however, to support resident wellbeing during the holidays. Focus on fun yet effective services that turn resident homes into mental health havens. Host healthful interior design classes Consider inviting a healthy interior design expert to speak to your residents. The American Society of Interior Designers has representatives nationwide. You might also research environmental psychologists in your area. These specialists understand how our built environments can impact our...

American House

Founded in 1979, American House Senior Living Communities is continuing their legacy of care today. Their vision has been — and still is — to provide quality housing for seniors at an affordable price. American House operates over 54 communities centered in Michigan and spread throughout the Midwest, New England and Florida. This Yardi client is the gold standard for passionate resident care, which they’re currently taking to the next level. We’re proud to spotlight American House for working through SAGECare, an inspiring step toward building LGBT-inclusive communities. American House joins SAGECare What does SAGECare entail? First, let’s cover who SAGE is. Dating back to 1978, they’re a fast-moving organization with a mission to support LGBT seniors. Their advocation efforts extend across federal, state and local levels. More specifically, SAGE works to: Mobilize LGBT people and alliesEducate policy makers on LGBT aging issuesRelease original policy briefs and other key resourcesLead coalitions that include diverse seniors in policy conversationsMarch and rally with LGBT seniors, plus allies SAGECare is SAGE’s training and consulting division, which assists senior care agencies in creating LGBT-inclusive services. They’ve proudly trained over 60,000 providers across the country — all of whom earned the respected SAGECare credential. Completing the training is a purposeful mission for American House. SAGECare focuses on improving providers’ knowledge in the LGBT space, teaching them to identify bias against LGBT seniors and ultimately, helping them address prejudices that impact LGBT seniors’ quality of care. SAGECare also provides marketing materials to companies like American House, offered once the training is complete. This includes symbols for providers to highlight their earned credential, along with their commitment to LGBT seniors. They’re also listed as a credentialed provider on SAGE’s website. Learn more about SAGECare, a cultural competency training program for providers...

Maravilla Seniors

Throughout the COVID-19 pandemic, seniors and their families have experienced loneliness and isolation. From enforcing strict lockdowns to limiting in-person visits, senior living communities have seen this firsthand. So how can communities work to improve seniors’ quality of life? One theory, developed by two UC Santa Barbara professors, is through virtual reality (VR). Specifically, through VR sessions with seniors and their loved ones. This theory is being put to the test with seniors at Maravilla Santa Barbara. Testing the power of VR sessions With 21 pairs of Maravilla residents and remote family members, professors Tamara Afifi and Nancy Collins began their research in 2020. Their goal remains to show the impact of VR technology on social connection — and quality of life — for seniors residing in communities. Not to mention, the impact of VR sessions on these seniors’ family members. In this highlight, Collins explains the bigger picture of the study. “The long-term goal is to find ways to use innovative technologies to reduce social isolation, strengthen family bonds and improve quality of life for older adults with varying levels of cognitive impairment,” she said. According to the pilot study findings, VR sessions reduced feelings of loneliness, improved moods and helped enhance seniors’ quality of life. For families, the VR sessions led to better moods and less caregiver guilt. “A family is a system, so when you help one person, you’re helping the whole family,” explained Afifi. “This is especially true for caregivers, who can bear a particularly heavy burden in terms of stress and guilt.” Afifi and Collins also tested how memory decline effects seniors’ engagement during VR sessions. They found that seniors with mild cognitive impairment were more kinesthetically engaged in the VR experience, whereas seniors with mild to moderate dementia...

Fresh Enhancements

We’re always working to upgrade solutions in the Yardi Senior Living Suite. We chat with clients, test new ideas and make adjustments each year — all to help senior living providers succeed. Improvements and fresh features are bundled and released for our clients to enjoy.   With that, Yardi Voyager Senior Housing 7.15 is now available. It’s packed with exciting features and enhancements. We’re here to share it with you. Explore this rundown of the latest and greatest functionality in the Yardi Senior Living Suite:  Voyager Senior Housing New amenity-based pricing featureAbility to add attachments to move-in checklist itemsPrimary payer change function for residents whose services can’t be managedFresh reports including financial move-in and move-out activity Watch the overview video RentCafe Senior CRM Prospect persona and competitors trackingAmenities and inventory matchingOption to assess residents for billing recommendations, included in the leasing workflowNew preset report filters for your end users Watch the overview video EHR Ability to set minimum and maximum durations on default care plan actionsNew service plan audit report that shows changes in care plansOption to perform assessments on a prospect’s co-occupantUpdates to alert charting that enable separate corresponding alerts Watch the overview video eMAR Prescribers Connection interface now available for U.S. pharmacies, Kroll interface now available for Canadian pharmaciesNew EPCS feature for physicians to sign orders for controlled substancesOption to chart certain interfaced orders before they’re verifiedNew physician review queue to periodically review and digitally sign residents’ order profiles  Watch the overview video In addition to watching the overview videos, you can also read our new features guides. Ready to upgrade? Get in touch and we’ll get to work. If you’re new to Yardi, check out our brand-new infographic to learn about our solutions in senior living....

Celebrating Unsung Heroes...

What comes to mind when you think of Yardi software development? Techies at their desks, typing out code? Designers creating user-friendly interfaces? Clinicians, nurses and accountants might not be first in mind, but they play an essential role in the development of our senior living software. Get a behind the scenes peek at the workings of our Clinical and Compliance teams. These specialists come from a range of backgrounds, lending their expertise to develop software that works for you. Nurses, accountants, operators, oh my! Programmers and graphic designers create software, but it takes droves of other specialists to customize program features for the unique needs of clients. That’s where the Clinical and Compliance teams work their magic. It’s a two-fold purpose: to interpret the needs of clients (and relay it to the techies) and to interpret legalities that must be considered during development and updates. Lisa Conrad, manager of Clinical and Compliance at Yardi, leads a team of medical professionals and regulatory specialists that advise on product design and content. “There could be a misconception that the team is all nurses.  Our team is comprised of members from differing professions and education. Each team member does have a healthcare background, but we cover the gamut from billing, operations, regulatory and clinical expertise.” Conrad, for example, began her career in informatics as a director of nursing for a provider in a long-term care facility. She adds, “We feel these diverse skill sets help us provide well-rounded content and solutions for the clients.” Big challenges offer big rewards for senior housing software professionals Senior wellness software is a particularly delicate field. Unlike commercial and multifamily tools, software that contains and transfers electronic health records ensures positive health outcomes. Prompt, efficient and accurate programs are more important...

Affordable Housing Nov11

Affordable Housing

Did you know that one of ten homeless Americans is a veteran? That’s more than 40,000 veterans without secure housing. The number of women among them is rising, per the United States Interagency Council on Homelessness (USICH). Volunteers of America is stepping up to help vulnerable female veterans get back on their feet. Actively supporting an overlooked population Veterans make up more than a tenth of people facing housing insecurity. Among them, about 20,690 veterans rely on shelters or transitional housing. The remaining 15,366 are unsheltered, living in cars or on the streets. Per USICH, women compose about 9% of veterans who are experiencing homelessness, and women are also about 9% of the overall veteran population in the U.S. Veteran women are more than twice as likely as non-veteran women to experience homelessness. Unlike their male counterparts, more than one third of veteran women who experience homelessness were subjected to military sexual trauma. They also have lower rates of substance abuse and mental health concerns than their male peers, the USICH report states. Family activity is also a differentiator. Veteran women experiencing homelessness are likely to be an active part of a family unit. The average family size is 3.6 members. Women are expected to become 12% of all active-duty members of the armed forces by 2025. The rise in participation foreshadows an increased necessity to address the unique needs female veterans.  Judge Sarah J. Harper Village, serving women who have served America Volunteers of America (VOA) Ohio and Indiana have teamed up to support female veterans in the region. The organizations broke ground on Judge Sarah J. Harper Village, a long-term affordable housing community. The 12-unit project will have two buildings, each 3,000 square feet. Both have six fully furnished units. There are...

Simplify Your Job Nov09

Simplify Your Job

Have you been navigating ENERGY STAR® Portfolio Manager on your own? There is a better way. Get to know the ENERGY STAR Benchmarking Team for simplified and improved reporting. Meet your ENERGY STAR reporting experts ENERGY STAR Benchmarking Team is located in the Yardi Atlanta and Colorado Springs offices to conveniently serve clients in different time zones. Yardi’s ENERGY STAR team consists of eight experts in all aspects of ENERGY STAR reporting and the many systems that these reports feed. The department is annually recognized as an ENERGY STAR Partner of the Year and received the Sustained Excellence Award in 2021. The team supports client use of ENERGY STAR Portfolio Manager, a U.S. Environmental Protection Agency system.  The team assists with regulatory compliance, finance and sustainability reporting requirements. They collaborate with clients to setup and maintain portfolios of properties in Portfolio Manager. This includes syncing data from ENERGY STAR with reporting systems designated for each property.  The existence of the department embodies part of the Yardi mission statement, “take care of our clients.” Randy Moss, senior team leader, CSD, has been with Yardi for nine years. He joined Yardi as part of a larger acquisition but has continued on due to company culture. “Yardi is a great place to work and encourages everyone to seek ways to better take care of our clients,” says Moss. “ENERGY STAR Benchmarking started as a client request and today serves over 4,000 properties for Yardi clients. It is very rewarding to support our clients using ENERGY STAR for reporting to all the different systems needed.” Wait, Yardi offers support for ENERGY STAR Portfolio Manager? Yep! The team works synergistically with other departments within Yardi to support clients’ reporting needs. The team works with utilities, industry groups and regulators...

Energy Efficiency Day Nov09

Energy Efficiency Day...

On Oct. 6, Energy Efficiency Day addressed a topic with vast local, regional, national and global implications throughout the year. Yardi was pleased to observe the event with more than 800 local governments, universities, organizations, corporations and utilities. This year’s event coincided with the 30th anniversary of the U.S. Environmental Protection Agency’s (EPA’s) climate partnerships program, a collaboration between private and government organizations that has prevented more than 6 billion metrics tons of greenhouse gas emissions – more than all U.S. carbon dioxide emissions in 2019. “Energy efficiency is the cheapest, quickest way to meet our energy needs, cut consumer bills and reduce pollution. Energy efficiency is also an economic engine, supporting over two million jobs nationwide in manufacturing, construction and other fields,” according to the Energy Efficiency Day organization’s website. Energy Efficiency Day, an early-October fixture since 2016, promotes awareness by encouraging home and business energy audits, energy-saving competitions, success story sharing using the #EEDay2021 hashtag and more. Participants seek to promote easy-to-implement measures for businesses and individuals, including: Scheduling regular inspections for refrigeration equipment, furnaces, heat pumps and other equipment.Turning on computers, monitors, printers and fax machines only when they’re needed.Locating and sealing air leaks around the house. Even hidden drafts can hurt your energy efficiency.Staying cool in school. Did you know that the average 200-square-foot dorm room can generate as much greenhouse gas pollution as the tailpipe emissions of a car driven more than 2,000 miles? Consider setting rooms with individual temperature control a few degrees higher to reduce the cooling system’s energy use.Purchasing home appliances carrying the ENERGY STAR® label, which certifies adherence to strict EPA energy-efficiency standards.Turning off lights when leaving the room and consider swapping regular light bulbs for LEDs.Running ceiling fans clockwise and at low speeds during...

Innovation Prevails Nov08

Innovation Prevails

The NMHC OPTECH Conference & Expo returns as an in-person gathering Nov. 8-10 in National Harbor, Maryland. 2021 NMHC OPTECH, presented by the National Multifamily Housing Council, provides multifamily property owners and operators with tools and insight that will help them compete and prepare for emerging challenges in the pandemic’s aftermath. Yardi is a top-tier Chair’s Circle Sponsor of the conference. Booth 401 is “where success happens” for attendees, featuring demos of: REACH by RentCafe®, which improves marketing ROI with advanced digital marketing services including SEO, PPC, social media, reputation management and performance analytics.RentCafe® Home IQ, which increases revenue and efficiency with smart home automation.ScreeningWorks® Pro, which mitigates fraud risk by seamlessly incorporating credit reports, rental history, income and other publicly reportable civil or criminal data in the leasing process.The Yardi® Multifamily Suite, which drives better results with a single connected solution for property management.Yardi® Breeze Premier, an easy-to-use, all-in-one marketing, management and accounting platform. Yardi also plays a central role in several presentations, starting with the opening general session, “Here Comes the Sun! Industry Leaders Look Forward to a Brighter Future.” Richard Malpica, Yardi vice president and Eastern region general manager, will moderate a discussion with industry leaders from KETTLER, CAPREIT and RKW Residential about opportunities in 2022. Also on Tuesday, Nov. 9, Chris Lindish, director of the REACH by RentCafe digital marketing agency, will present an express session on “Marketing Data Exposed: Uncovering Metrics that Drive Results.” The day will close with a panel moderated by Michael Tuer, Yardi vice president and Central region general manager. Panelists from BH Equities LLC, Mg Properties and Draper & Kramer will discuss “How to Make Better Technology Decisions” and share their approach to evaluating new technologies and striking a balance between organizational goals and role-based...

Renting to Leaders Nov08

Renting to Leaders

Is your property ready for Gen Z renters? Gen Z has different housing expectations than any generation before them. A new study reveals their unique interests and goals. Renting to Gen Z requires appealing to their mindset. This may lead to a significant shift in how we view floor plans, services and amenities. Gen Z is already old enough to rent?! It’s true. The generation that feels like it was born 10 years ago is now entering adulthood. Members of Generation Z were born between 1996-2012 which means the earliest members are among your current prospects. This generation of 67 million people is one of the most racially and ethnically diverse to reside in the U.S. That suggests that there is a broad pool of features and amenities to keep in mind when renting to Gen Z — but there are a few unifying threads among the masses.    Gen Z: a generation of leaders In the “Meet Gen Z” infographic created by REACH by RentCafe, it cited data from Dan Schawbel which revealed that 81% of Gen Z aspire to be leaders. Specifically, 41% plan to be entrepreneurs. These data points suggest that many of your future residents will have big pursuits and their home must reflect their goals. To use this information to your advantage, think of services and amenities that cater to the entrepreneurial mindset. How might you enhance your business center? Might you transform a common space into an on-premises coworking center?Could you enter a mutually beneficial contract with a nearby coworking space?Might you build community through a local group for leaders and entrepreneurs?What events could show that you understand who they are? What local leaders or entrepreneurs might you invite to speak at events for your residents?How will your...

Staff Recruitment Strategies

Due to the staffing shortage in senior living, providers must find new ways to recruit and retain staff. The COVID-19 pandemic is changing the way caregivers look at, pursue and stay committed to employment opportunities.   And the staffing shortage is causing Yardi client Life Care Services (LCS) to get creative. They’re developing effective strategies to attract and incentivize staff members across their communities. LCS’ new staffing strategies LCS manages and supports senior living communities across the nation. Currently serving 140-plus communities, having staff members to meet the needs of their seniors — over 35,000 to be exact — is critical. The 2021 staffing shortage has made this especially difficult. But LCS is rising up to the challenge. Relayed by LeadingAge, Senior Vice President Jill Sorenson explains how LCS is attracting new employees by applying the same principles used to bring in new residents. “When we’re marketing to a prospective resident who’s looking at several different retirement communities, we want to find out what’s important to them,” says Jill Sorenson. “Once we find out, we focus on how our community will address that concern.” Sorenson explains how this sparked inspiration for a new recruitment strategy, one to help LCS through the ongoing staffing shortage. Building a recruitment task force within the 13 communities she oversees, Sorenson’s team got to work. Their new tactics include:   Showcasing how specific communities will meet an employee’s needs and desiresEnsuring a rapid response time with incoming inquiries and applicantsMaintaining a maximum five-minute waiting time for interviewees upon arrivalPreparing a group of back up interviewers, in the event the main interviewer is unavailableMaintaining excellent communication with new hires  Creating a welcoming and robust orientation process Due to their success, these practices have been compiled into a recruitment toolkit, which is now in use across all LCS sites.   And they’re not stopping there. LCS is designating September as their “national recruiting month” complete with a calendar of events to discuss staffing strategies. This includes a “Tuesday tips call” that brings together executive directors, health care administrations, HR directors and recruiters to share fresh ideas. It’s inspiring to see how LCS is staying committed to their residents — working hard to navigate the staffing shortage by implementing new recruitment standards. We hope they inspire others across the industry to push forward, get creative and band together through this unprecedented time.   Read more about Life Care Services’ recruitment efforts during the staffing shortage. To discover how Yardi supports clients like LCS with integrated senior living management software, don’t hesitate to get in...

Energy Efficiency Oct29

Energy Efficiency

Are energy efficient features the norm or the exception in your state? How can that impact your property performance and marketing? We’ve got the inside scoop for you as we dive into the latest report on energy efficiency by state. WalletHub report offers insights into energy efficiency by state Personal finance company WalletHub released a report that gathered and analyzed data from government agencies in the continental U.S. Researchers considered data on automobile and building efficiency. States were then ranked in those categories, as well as overall efficiency. Operating within a high-efficiency state has its benefits. The report concludes that household and community-level increases in energy efficiency “decrease long-term costs for everyone.” Increased efficiency translates into energy savings and more resilient buildings and cars as well.   Best and Worst Overall Utah ranked #1 in overall energy efficiency, receiving a score of 83.91 points out of 100.  New York was hot on its tail with 82.05 followed by Massachusetts and Minnesota. Rhode Island wraps up the top five most efficient states with 76.45 points. The south is home to the least energy efficient states, with South Carolina leading the pack with a 21.49. With increasing efficiency comes West Virginia with a 24.20 proceeded by Alabama, Tennessee, and Louisiana at 31.22. Best and worst housing efficiency Among residential properties, Utah re-appears on the list as most efficient at 83.91. This time, it is trailed by Minnesota, New York, Colorado and Vermont. South Carolina also reappeared on this list as the worst in-home energy efficiency. Alabama, Tennessee, Louisiana and Georgia were also nestled at the bottom of the list as well. While local incentives impact efficiency measures during development and construction, there are other ways to promote efficiency. Building operators can improve building efficiency through ENERGY...

CALA Fall Conference

We’re back with another event recommendation, this time for the CALA 2021 Fall Conference & Trade Show. If you’re ready to connect with senior living leaders — and discuss the future of the industry — this is the conference for you. Meet CALA The California Assisted Living Association (CALA) is dedicated to the betterment of assisted living, memory care and continuing care retirement communities. As the only association solely representing the state’s residential care facilities for seniors, they’re an industry leader. Their members include over 660 providers and 150-plus businesses, all supported through CALA’s leadership, advocacy and education. This year’s CALA Fall Conference is a great chance to reconnect with colleagues and re-engage your drive in senior living. More about the conference Filled with informative sessions and networking opportunities, the CALA Fall Conference attracts top decision makers, clinical staff, marketing professionals and more. It’s set to take place November 8-10 in Palm Springs, California. To explore the full show schedule, start here. CALA has an expansive list of their planned sessions. Note you’ll need to show proof of a COVID-19 vaccination to attend the CALA Fall Conference. Their updated list of health and safety protocols can be found here. Back to the event sessions! From learning how to move forward with your business given the pandemic’s challenges, to learning about today’s top technology solutions, the conference has something for everyone. You can find team Yardi throughout the 3-day event, too. Be sure to stop by Booth #37, where we’ll chat about the Yardi Senior Living Suite — our single connected solution for senior living providers. We’ll show you how tools like Senior IQ can drive your business forward. We’re also pleased to be sponsoring the Awards Celebration Luncheon, planned for November 10 at 12:30...

Renters Still on the Move Oct20

Renters Still on the Move

With the future of office-based employment still in flux for millions of Americans, the multifamily industry continues to see dramatic shifts in where renters are living, as well as rent increases that have yet to be fully factored into the nation’s inflation calculations. Summer and early fall of 2021 saw dramatic increases in multifamily asking rents, a growth trend that Yardi Matrix vice president Jeff Adler called “a barnburner” in this week’s webinar analyzing the sector’s recent performance. However, rent growth is expected to temper in the final months of 2021. “We have really seen a shifting and reallocation of population due to remote work,” Adler stated. “This is the American people solving a (housing) supply problem in the most expensive areas. They are now able to take their paycheck with them and move to less expensive areas.” View the presentation and find slides on yardimatrix.com. At the outset of the presentation, Adler encouraged multifamily investors to develop a strategy that considers the future of office-based employment. Instead of workers going back to the office in droves this fall, the summer Delta variant surge delayed and, in some cases, derailed office reopenings. Some jobs, like financial and government roles, require onsite security and can’t be done remotely. The technology industry is expected to lead fully remote and hybrid opportunities. “Work is now not somewhere you go, but something you do,” Adler said. That ongoing transformation will continue to play out over the next two years. “It’s not going to go back to the way it was, and neither are offices going to be irrelevant.” Economy still in transition phase Meanwhile, the U.S. economy has been struggling to recover from the pandemic. Supply chain issues as well as reduced employment, especially among Americans age 55 and up, are prompting widespread inflation issues that seem likely to persist for the near-term. Yardi Matrix has revised its inflation outlook since the last multifamily webinar was held, Adler noted. And one indicator that inflation may get worse before it gets better is that rent increases are a trailing indicator and have yet to make their way into Consumer Price Index (CPI) calculations. “The Fed (Federal Reserve) story has been that inflation is transitory, but it’s not looking that way to us as an organization,” Adler stated. He noted that had the projections of transitory inflation been accurate, they should have been resolving right about now. Instead, inflation continues to rise. “There is a lot of dry powder in terms of consumer spending. This is a case of too much money facing too few available goods,” Adler explained. Available cash has helped fuel consumer purchases (buoying industrial real estate) and relocations (increased rents in multifamily and high demand for self storage.) “Everything you used to know about inflation has been upended,” Adler said. “I think we will see  recovery in services inflation, but an expansion of (cost of) goods inflation. And we haven’t seen the increased rent impacts flow through inflation metrics yet.” High demand for tech hub housing + single family rentals High demand for coveted housing markets, especially in tech hubs like Austin, Denver, Las Vegas, Nashville, Orlando, Phoenix, Raleigh-Durham and Seattle, has driven prices up and availability down in those cities. Meanwhile development is returning and Matrix has revised its anticipated unit delivery target from 350,000 multifamily units per year to 400,000. An especially hot subset of the multifamily market is single family homes that are build-to-rent (BTR), which are driving increase suburbanization of the rental space. Some renters are turning to the BTR option because heightened home prices have put down payments out of reach. BTR homes currently make up 5-10 percent of new home stock, according to the U.S. Census Bureau. And they’re expected to grow dramatically, with $30-40 billion in capital currently designated for the BTR space, Adler said. However, don’t assume that it’s families with kids trading...

NIC Fall Conference

With a range of industry events taking place this year, it’s an exciting time for senior living providers. There are several opportunities to learn, network and grow.  We’re here to share an upcoming event — an impactful conference that joins health care leaders and senior living executives. Check out the NIC 2021 Fall Conference: Investing in Seniors Housing & Care Properties.   The conference will take place on November 1-3 in Houston, Texas and is welcoming attendees in person. Yardi is pleased to be a sponsor of the event, as we partner with NIC to drive transparent data in the seniors housing sector. We hope you’ll attend to get an inside look.   Come together at NIC 2021 The 2021 conference marks the association’s first in-person event since the onset of the pandemic. With the goal of reuniting thousands of providers and stakeholders, NIC is gearing up to make this their best conference yet. It’s an exceptional opportunity to learn from business leaders across the industry. Specifically, the 67% of attendees who are senior-level executives. How can you drive your business forward now — and in a post-pandemic world? What new approaches can you take to care for residents? The 3-day event will be packed with discussions and answers. Note that NIC is requiring proof of vaccination to attend. You can explore the full scope of their health and safety measures here.   See what’s in store  Attendees can expect three days of educational programing focused on a variety of topics. If you’re ready to hear insights and perspectives from industry leaders, policy makers and more, this is the conference for you. According to NIC, topics will include: Capital for operationsDebt market trendsCase for investing in seniors housingForgotten middle marketMacroeconomic and capital market trendsPolicy...

RE Insight Oct18

RE Insight

Two major Canadian real estate conferences took place virtually in September. RealREIT focused on the impact of COVID-19 on real estate property classes while the Canadian Apartment Investment Conference offered owners, managers, developers, investors and others insight into the multi-unit residential market. Here are some key takeaways. Economic mixed bag. Although Canada has a high vaccination rate, global markets and supply chains are being impacted, a potential harbinger of a global slowdown. Rising automobile prices are contributing to inflation, which the Bank of Canada forecast at about 3% into 2023, above its 2% target. By summer 2021, thanks in part to Canada’s high vaccination rate, households began to spend the savings they amassed over the previous 18 months. In July, the country added 94,000 jobs, dropping the unemployment rate. “With the reopening of the economy and the strong progress on vaccinations have given us reason to be more optimistic about the direction of the economy,” said Bank of Canada Governor Tiff Macklem. Uneven REIT performance. Prior to the pandemic, the Canadian real estate investment trust sector was booming, with the S&P/TSX Capped REIT Index reaching its highest value in 10 years. The sector has been battered since then and some REITs haven’t fully recovered. ESG acceleration. REITs have significantly expanded their commitment to environmental, social and governance practices in recent years, including environmental initiatives and renewable energy. REITs are also increasingly strengthening ESG performance transparency and accountability. “Rather than distract from it, the health issues are elevating the overall concern over ESG risk in the medium and long term,” said Sasha Njagulj, global head of ESG for CBRE Global Investors. Return-to-work options. The Delta variant caused many companies to postpone calling employees back to work. Some companies are devising hybrid, flexible work arrangements. Analysts...

Buildex Highlights Oct15

Buildex Highlights

The Buildex Amplified conference took place recently as a combined live and online event. A Yardi-hosted session, “Mastering Procurement Through the Power of Technology,” moderated by Heather Brady, national sales director for Yardi Canada Ltd., addressed software solutions used to automate invoice processing and manage vendor relations. The panel featured leaders from QuadReal Property Group, Ronmor Holdings Inc. and Wesgroup Properties LP. The session made clear to more than 100 virtual attendees, most of whom were vendors, that procurement technology is a crucial topic for the industry. Here are some highlights from the session: Changes in vendor management Wesgroup and Quadreal shared with the audience that they replaced paper cheques, invoices and work orders with an online portal, which improved vendor communication and enabled their teams to resolve disputes more efficiently. Sandeep Manak, Wesgroup’s CFO, said, “You’ve never heard of a vendor that doesn’t want to get paid quickly.” By generating better spend visibility and standardizing forms and processes  Yardi Procure to Pay “improved our vendor relationships. We are seeing their expectations change because of this.” Increasing organizational efficiency Panel participants reported that with fewer people doing more tasks in more locations, they needed a flexible platform that was accessible from remote locations. Christine Williams, vice president national operations and administration, residential, QuadReal Property Group, said, “Any technology we adopt must comply with our Single Sign On mandate and integrate with other solutions we use. Our IT group first evaluates technology we are considering ensuring it meets our security and functionality standards.” In addition, she noted, “we wanted to lower the number of touchpoints in our RFP process.” Shifts in vendor payments Wesgroup now executes up to 95% of its payments by EFT. “When the pandemic happened, our vendors were forced to switch [from...

Pacifica Honors Staff...

For Pacifica Senior Living, this year’s National Assisted Living Week (NALW) was spent gathering residents, paying homage to assisted living caregivers nationwide and celebrating their own staff.  It’s always a pleasure to spotlight our clients, like Pacifica, during NALW. Led by the National Center for Assisted Living (NCAL), the annual celebration encourages organizations to honor those who reside, work and volunteer in assisted living communities. Pacifica did just that, going above and beyond to honor their care staff. Celebrating NALW Honoring this year’s NALW theme — Compassion, Community, Caring — Pacifica invited their staff and residents to an array of uplifting events. They shared a snapshot on social media, too. In communities from North Carolina to California, Pacifica’s week-long celebration gathered everyone with delicious food, an in-house “Price Is Right” game and NALW-themed arts and crafts. There’s more, but we’ll let you explore the photos for yourself! You can find a range on Pacifica’s LinkedIn page. The dynamic senior living company also shared their appreciation for staff members with words of gratitude. They highlighted the resilience of their caregivers — and assisted living staff across the nation — during the pandemic. “The COVID-19 pandemic has brought new challenges to all assisted living communities in America for the past year and a half,” shared Pacifica on LinkedIn. “This National Assisted Living Week, we want to recognize all the efforts put forth by the staff of Pacifica Senior Living communities for all they have done and continue to do. Thank you.” Last but not least, they took the time to honor individual employees. Check out this spotlight of Enrique, a personal care assistant at Pacifica. Get to know Pacifica Utilizing Yardi’s senior living management software, Pacifica Senior Living strives to create communities where residents feel at...