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
At NMHC OPTECH
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
Multifamily Prepares for Gen Z
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
By Life Care Services
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
State-by-State Comparison
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
Elevate With Yardi
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
Matrix Multifamily Webinar
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
Senior Living Events
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
From Canadian Conferences
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
Procurement Technology
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...
During NALW
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...
What Home Means to Me
Affordable Housing Calendar Contest
What does home mean to you? For many of us in the housing industry, we are consumed with the details of the structure and its operations. We perfect safety codes, smooth workflows, and stellar marketing. But at the end of the day, we specialize in homes, the very backbone of America. The National Association of Housing and Redevelopment Officials (NAHRO) recently announced the winner of the What Home Means to Me poster contest. The contest is a brilliant reminder of the necessity of affordable housing and the role it plays in wellbeing of the nation’s youth. Sharing stories for nearly 20 years Founded in 2008, the What Home Means to Mecontest celebrates children’s stories and creativity. The contest is open to children ages 5-18 who are living in affordable housing developments. Participants submit artwork accompanied by messages about their homes and the impact of housing professionals and community development officials. Each housing authority holds the initial round of evaluations, followed by eliminations at the state and regional levels. The winning submissions are then evaluated in Washington, D.C. before a panel of three judges. The judges choose 13 winners to receive a $100 Visa gift card and features in the 2022 What Home Means to Me Calendar. Calendar sales contribute to the jackpot for the next years’ contest winners. The grand prize winner also receives a framed copy of their artwork, an iPad and a trip to the NAHRO Washington Conference where they are publicly recognized. When feasible, they are also able to meet their Congressional representatives. Congrats, Hector! This year’s winner is Hector from Puerto Rico. He writes: “My home means…more than a building. It means everything I do, I feel, I learn and my hobbies.” He continues, “My family is my home. They’re who taught me since I was a baby how to speak, eat, walk, study and my daily routine. They give me support, care and security everyday. They taught me to love and to have other feelings.” Click here to view a record of winning artwork. Creating home with NAHRO Yardi is a proud sponsor of NAHRO. Since 1933, the organization has supported affordable housing, its infrastructure and legislation. The organization is currently composed of 19,500 members that serve more than 3 million homes and 8 million residents. Yardi is Energized for Good! Click here to read more of our heartwarming stories of community involvement....
Meet Yardi
At LeadingAge 2021
The senior living industry has undergone extreme changes in the last year. But leaders are banding together to develop new roadmaps at this year’s LeadingAge Annual Meeting + EXPO. Taking place in person on October 24-27 in Atlanta, Georgia, the event offers an opportunity to join the senior living conversation. How should you navigate the field today? What tools, services and practices can help your communities prosper? Experts and fellow attendees alike will share their answers. Not to mention, you’ll have the chance to connect with team Yardi at Booth #1331. Our representatives will show you firsthand how technology drives success in senior living. Look ahead at LeadingAge 2021 LeadingAge is a dedicated senior living association working to help the next generation of older adults live their fullest life. They strive to empower their members to transform the aging experience for everyone. With that, they spearhead one of the industry’s biggest events each year — the LeadingAge Annual Meeting + EXPO. The event is packed with four days of invaluable sessions that encourage learning, networking and more. You don’t want to miss this one. And despite going virtual in 2020, this year’s event will allow everyone to reunite in person. That said, LeadingAge is prioritizing your health and safety. Among their many protocols includes the requirement that all attendees, speakers and exhibitors show proof of vaccination. Read more about the event’s COVID-19 safety measures. Visit Yardi Booth #1331 Ready to find the right tech-enabled tools for your organization? We invite you to stop by Yardi Booth #1331. Our team is excited to show you around the Yardi Senior Living Suite — a single connected solution for senior living management. Whatever questions you have, we’ll be there to answer them. You can expect...
Automate Resident Screening
In Senior Living
On the road to filling vacancies, property managers must carefully evaluate prospective residents. From examining criminal history to verifying income, the screening process is a critical step. This holds true for senior living providers working to identify new residents for their communities. And while resident screening may sound simple, checking for various requirements — for each individual prospect — is a challenge. That’s why providers need an automated system for resident screening. Fortunately for Yardi clients using RentCafe Senior CRM, that exact system is now available. Meet ScreeningWorks Pro, Yardi’s tenant background check solution. Why use resident screening? By using ScreeningWorks Pro to screen prospective residents, providers access key information in real time. And with a proven solution like ScreeningWorks Pro, results are comprehensive and customized to meet your criteria. Best of all, everything is compiled in one centralized system. That’s because ScreeningWorks Pro is integrated with the Voyager leasing workflow in RentCafe Senior CRM. This means the interface can communicate back and forth with ScreeningWorks Pro to: Submit applicant information for screeningSubmit changes to existing screeningsCommunicate application results back into the system’s screening page Benefits of ScreeningWorks Pro What else sets ScreeningWorks Pro apart? Tailored to the needs of senior living providers, this built-in solution helps you: Obtain applicant credit histories that can be evaluated using Vantage 3.0 or your specific credit criteriaConduct comprehensive criminal record checksExamine civil court records for landlord-tenant disputes including filings, judgements and forcible detainersEnable automatic income verificationReview apartment rental payment history from Experian RentBureauCheck for possible matches to the Specifically Designated National (SDN) list from the Office of Foreign Assets Control (OFAC)Customize your screening processes to ensure you comply with Fair Housing laws, the Fair Credit Reporting Act and other laws governing housing providers In short, ScreeningWorks Pro offers consistent guidance, analytics and insights to help providers identify low-risk residents — and maintain thriving communities. About RentCafe Senior CRM RentCafe Senior CRM provides mobile-friendly sales and marketing tools for the unique needs of senior living providers. As part of the Yardi Senior Living Suite, this single connected solution unlocks the ability to drive quality leads, increase resident retention, produce sales projections, boost staff performance and more. Learn how ScreeningWorks Pro simplifies resident screening in senior living. To connect with our team for more details, reach out...
Retirement Ready
Boomers Set Up for Success
Baby Boomers are setting their own pace and style for retirement. Unlike their predecessors, they’re shifting the traditional family dynamic and setting new trends in household formation and housing. They’ve got a lot more in common with younger generations than you (and even they) might expect. Grandma isn’t retiring like her mother Upon retirement, the Silent Generation continued the tradition of multigenerational living. They often sold their home, if applicable, and opted to age with the support of extended family or assisted living facilities. Baby Boomers are behaving differently, and the pandemic has made the contrast even more apparent, reports the New York Times. Boomers are savoring independence for as long as possible. They’re holding on to their real estate, and currently possess 44% of all real estate wealth. That’s more than the Silent Generation at this point in their lives. And with nearly one third of pandemic deaths occurring in nursing homes, demand for such care facilities has continued to drop. As their retirement approaches, Boomers are forecast to shed some that real estate wealth for a simpler lifestyle. But with nursing homes and traditional care facilities low down on their list of options, where will they go? What seniors want in a retirement location Internet listing service RentCafe reports that seniors who choose to rent rather than own has increased by 43% in recent years. In the past decade, net gain of new senior households has outpaced both Millennials and Gen Z. The trend of senior renters is slated for an upward trajectory. Where Boomers choose to rent also varies from their forebears. While Arizona and Florida haven’t lost their appeal, new determining factors are in place. Seniors report that they are most likely to consider the following three factors when choosing...
Committed to Housing Preservation
Hudson Valley + Lincoln Park Towers
Yardi client Hudson Valley Property Group (HVPG) has acquired Lincoln Park Towers in Newark, NJ. The New York-based firm recently began a major revitalization effort at the site. The project is a step forward for The City of Newark in addressing a growing call for affordable housing in the area. Lincoln Park Towers revitalization Lincoln Park Towers contains 80 units spread across 17 stories. The senior affordable property was originally constructed in 1927 and is honored as a part of the Lincoln Park Historic District. Image Courtesy of HudsonValleyPropertyGroup.com HVPG is beginning unit-level renovations as well as overall sustainability and safety upgrades: the firm will add new cabinets and countertops, eco-friendly fixtures, update smoke detectors and install emergency pull cords in all units. New amenities such as entertainment and fitness spaces, a community room with a kitchen, designated on-site parking, and laundry facilities are on the docket. The structure will also receive a makeover from top to bottom including a new roof, façade facelift and repairs to the windows and elevators. In a nod to the modern age of senior housing, HVPG is including building-wide Wi-Fi au gratis for residents. It is estimated to save residents between $40-$70 per month. The site will be updated to facilitate high speed internet for those that purchase it. The firm will complete the project without displacing residents. The undertaking has a projected cost of $15.2 million. Once complete, the housing will remain affordable thanks to a 20-year Housing Assistance Payment contract issued by the Department of Housing and Urban Development. Terms include a Section 8 agreement with units leased to residents earning no greater than 30% – 50% of the area median income. Fulfilling the mission to preserve and revitalize Lincoln Park Towers marks the final investment for HVPG’s first private equity real estate fund. The endeavor included $60 million of capital commitments and $120 million of co-investment equity. As a result, HVPG has been able to invest more than $1 billion in projects, honoring its mission to preserve the financial and physical stability of affordable housing. In total, 25 properties including more than 4,000 units will receive the updates needed to be viable housing. “HVPG has developed a consistent process for revitalizing existing housing to preserve affordability, improve quality, and increase efficiencies,” said Jason Bordainick, CEO and co-founder of HVPG during an interview with Affordable Housing Finance. “Leveraging private equity allows us to significantly expand our reach, earning a reliable return for investors while serving more residents and communities.” Fulfilling the call for affordable housing in Newark, NJ The revitalization of Lincoln Park Towers is representative of an approximately $14.7M investment into the City of Newark’s affordable housing supply. Newark Mayor Ras Baraka on recently promised to create or preserve 6,600 affordable units in Newark by 2026. Though the quantity falls short of the 16,000-unit shortage cited by researchers at Rutgers University, Baraka and his team are celebrating the step forward in the right direction. Baraka explains, “We have to keep building and doing what we can with the resources that we have and prayerfully we get some support from state resources and federal resources to continue to do this.” Read the latest updates in affordable housing on our News...
Student Housing Stays the Course
Pre-leasing picked up in July and August
As colleges get back to in-person learning this fall, Yardi Matrix reports that the student housing sector is on the rebound. On Wednesday, the Matrix team, led by Matrix vice president Jeff Alder, presented a webinar on the outlooks and tactics for investors as the student housing realm moves past the pandemic. (View the event recording here.) “There was a surge in leasing in July and August,” reported Adler. “Rent growth also moved up. The bulk of properties did extremely well. Overall, the sector has validated its business case.” As colleges and universities announced that they would resume fully in-person classes in the mid to late summer, student housing activity responded in turn. According to Matrix data, this August preleasing for Yardi 200 universities surpassed pre-pandemic levels at 91.1% preleased, while rent growth also had a significant jump at 3.4% year-over-year. One and two bedrooms led the way for rent increases, and studios, while favored at the height of the pandemic, were not as coveted. Three and four-bedroom suites began to rebound near the end of August. U.S. colleges are projected to see an enrollment spike in 2021-2022, following an academic year in which some students opted out of attending due to pandemic restrictions, finances and other factors. Thousands of universities did not require SAT or ACT scores this year, driving a surge in applications and subsequently, higher enrollment. “The bottom line is the schools are open. There may be bumps and problems (with COVID) along the way in terms of the student base. But the schools are opening, housing is happening and beds are getting filled,” Adler summarized. And that’s all good news for student housing. “Overall, we have a very positive outlook for the student housing industry, particularly at first tier institutions,” state Matrix analysts. Much of the presentation focused on the tactical components for investing in student housing, which will be a focus for Matrix moving forward. Adler introduced the sector’s forecast reports for supply and enrollment (both currently available) and rent and occupancy (coming soon). According to a poll of attendees on the webinar, 52 percent of respondents stated they are interested in investing in the sector through acquisitions and 48 percent stated they would invest through developing properties. View the webinar presentation to see all slides and data analysis. Trendlines that Yardi Matrix will continue to monitor into 2022 include: Consolidation of the higher education systemValue proposition of higher education and value of certain majors from specific universitiesDistance learning and the hybrid education modelDemographic trends impacting enrollment Consolidation is expected to be a significant ongoing factor for the industry and reflects the fact that there are fewer Gen Z college attendees than there were in the Millennial generation, Adler explained. States across the country are examining ways to streamline higher education offerings and save overhead costs. “We do expect that enrollment growth will face headwinds. Gen Z is a smaller cohort (of students) than the Millennials were, hence the consolidation expectation,” Adler said. Investors interested in the student housing sector may want to focus their efforts on major schools that are likely to withstand or even benefit from consolidation efforts in the industry, he noted. Learn more about student housing and other markets covered by Yardi...
U.S. News Ranks
Senior Living Brands
Selecting the right senior living community isn’t always easy. Whether you’re exploring communities for yourself or a loved one, it’s challenging to know which will be the best fit. So in an effort to help consumers make better decisions, U.S. News & World Report has launched a “Best Senior Living” initiative. The well-known publication will rate U.S. senior living brands, ultimately curating a list of trusted communities. Set to be released in the first quarter of 2022, this will cover individual independent living, assisted living, memory care and continuing care retirement/life plan communities. Meet the “Best Senior Living” initiative Best known for their lists of hospitals and colleges, U.S. News & World Report is entering a new arena — senior living. And unlike their “Best Nursing Homes” ratings, which incorporates data from public sources, “Best Senior Living” will survey residents and families from participating communities. To conduct the surveys — between now and the end of 2021 — U.S. News has partnered with Activated Insights. Coming from the 2,500-plus communities who have already pledged participation, C-suite executives shared their input in the program’s early stages. Others who gave advice include Argentum President and CEO James Balda, NIC President and CEO Brian Jurutka, NIC Co-Founder and Strategic Adviser Bob Kramer and LeadingAge President and CEO Katie Smith Sloan. U.S. News has already incorporated feedback, with one change being the results for CCRCs will now be presented in two categories — entry fee communities and rental communities. How to participate For communities looking to participate, the first step is taking part in the survey. Crafted for residents and families, the survey includes assisted living CoreQ questions developed by the National Center for Assisted Living. Additional questions will focus on dining, management, services, amenities and...
Argentum Launches Program...
Women in Leadership
Did you know women hold 70% of senior living management jobs? Still, despite being dominated by female leadership, the senior living industry lacks equal representation in the C-suite. That’s exactly why leading association Argentum is stepping in to drive change. We’re pleased to highlight Argentum’s Women in Leadership (WIL) mentorship program, a monumental grassroots effort to develop C-suite diversity. The program was officially launched at this year’s Argentum Senior Living Conference & Expo. Argentum kickstarts Women in Leadership program If you attended Argentum 2021, you may have witnessed the WIL launch in the “Are you building relationships or leveraging them?” session. Team Yardi was proud to attend and learn about the impactful program, which is all about opportunity and balance. Led by Collette Gray, president and CEO of Integral Senior Living, the program will guide women on their paths to more senior-level positions. And the program’s support subcommittee is something special. Including two inspiring Yardi clients, CEO of Clearwater Senior Living Danielle Morgan and COO of Thrive Senior Living Nicole Moberg, the group will support women in the program. Other subcommittee members include COO/EVP of Century Park Esmerelda Lee, CEO of Arena Myra Norton and the group’s chairwoman, CEO and Co-Founder of Connected Living Sarah Hoit. The program has four pillars of focus including education, support, celebration and measurement. Argentum anticipates an abundance of interest, too. Mainly because they’re making it easy for women to sign up via a quick online survey. Once they’re signed up, women are matched with mentors and the supportive journey begins. The Women in Leadership program is paving the way for females in senior living. We encourage you to read more about WIL...
Fortune’s Best Workplaces...
In Aging Services
It hasn’t been an easy year, especially for senior living providers. But that hasn’t stopped certain employers from empowering their staff. Fortune has announced the Best Workplaces for Aging Services™ 2021 — recognizing companies in residential senior living and care. Fortune partners with Great Place to Work® and Activated Insights to select and honor each workplace. The recognition doesn’t come easy, either. To be certified as a Great Place to Work®, providers have to survey their employees using a 60-question trust index survey. If 70% of employees confirm the workplace’s greatness, their employer earns the Great Place to Work® honor. This year’s survey collected feedback from over 220,000 employees working in senior living across the U.S. The selected providers include 25 large workplaces, 25 small to medium employers and 15 home care companies. So which providers landed a spot on this year’s list? We’re excited to spotlight several deserving Yardi clients who have created exceptional work environments for their employees: Brightview Senior LivingSilverado Senior LivingThe Springs LivingRetirement Center ManagementAegis LivingContinuing LifeSagora Senior LivingMBK Senior LivingBenchmark Senior LivingSenior Resource GroupSummit VistaCascadia Senior LivingDominion Senior Living And these providers don’t just maintain great work environments for their employees. Each organization is committed to providing the best resident care, which surely contributes to their staff feeling motivated, fulfilled and united. To read what employees said about their prospective workplace, check out the full Great Place to Work® list. We’re proud to provide integrated senior living management software that helps these organizations create a foundation for success. Senior living thrives on Yardi The Yardi Senior Living Suite is a single connected solution that eliminates the gap between senior living property management and clinical services. The range of products — united on a single platform —...
