The self storage industry is feeling the impact of the housing market slowdown on demand for storage units, states the latest Self Storage National Report from Yardi Matrix. The average annualized same-store asking rate per square foot for combined unit sizes and types averaged $16.57 nationally in November, a 4.2 percent drop on a year-over-year basis. Street rates also remained negative on an annual basis in November in nearly all top metros. Combined same-store rates for non-climate-controlled units decreased in all but one of the top markets tracked by Yardi Matrix on a year-over-year basis. Meanwhile, the asking rates for same-store climate-controlled units fell in all major metros. “Rising housing costs and incomes that have not kept pace has resulted in one of the most unaffordable housing markets in the past thirty years, stifling home sales. As a key storage demand driver, a slowdown in the housing market is dampening occupancy and weighing down street rates,” say Matrix analysts. At a national level, Yardi Matrix tracks a total of 5,028 self storage properties in various stages of development, including 883 under construction, 1,940 planned, 631 prospective, 1,489 abandoned and 85 deferred properties. Yardi Matrix also maintains operational profiles for 29,376 completed self storage facilities, bringing the total data set to 34,404. Gain more insight on the performance of the self storage sector. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn...

National multifamily asking rent decreased for the third consecutive month in November, according to the latest Yardi Matrix National Multifamily Report. The average U.S. asking rent fell $6 to $1,713 in November, with year-over-year growth at 0.4 percent, on par with September. Occupancy remained steady at 94.9 percent since August. Metros in the Northeast and Midwest remained in the lead for rent growth, while Sunbelt and West metros lagged. More so, seven of Yardi Matrix’s top 30 markets were down 3.0 percent or more year-over-year, with the most significant rent declines registered in Sunbelt metros where developers delivered new supply in volume.  “One could say the multifamily market is metaphorically hunkering down for the winter as property owners face the prospect of weak near-term rent growth due to inflation, the loosening job market and a surge in deliveries in some markets, while values and capital markets liquidity deteriorate as interest rates remain higher-for-longer,” states the report. Although rent growth was restrained in the middle of the last quarter of 2023, it posted a 23.5 percent increase since the start of the pandemic in March 2020. The current slowdown resulted from stock expansion in some areas and stretched affordability in other areas. Planned deliveries over the next two years will likely create some balance. Rents contracted across asset classes, steeper in the Lifestyle segment (down 0.4 percent) than in the Renter-by-Necessity segment (down 0.2 percent). Overall, monthly rent growth was negative in 25 of Yardi Matrix’s top 30 metros. Single-family rents fell $8 in November to $2,115, for a 0.7 percent year-over-year increase, down 30 basis points from October. Rent growth was solely sustained by the RBN segment, up 3.2 percent year-over-year, while Lifestyle rents declined 0.1 percent during the interval. Gain more insight in the...

Let’s head to Georgia and introduce the Atlanta Volunteer Lawyers Foundation (AVLF), founded in 1979 and created through joint efforts of the Atlanta Legal Aid Society, the Atlanta Bar Association, the Atlanta Council of Younger Lawyers and the Gate City Bar Association. AVLF’s mission is to create safe and stable homes for families and fighting for equal justice. “We believe no one standing up for their rights should have to do it alone. That’s why we stand with, for, and in support of low-income Atlantans as they demand safe and stable housing and break free from domestic violence,” says Libby Rother, development director of AVLF. AVLF is the largest pro bono legal services provider in Atlanta and Fulton County, Georgia and serves those of domestic abuse, children in high-conflict disputes, and residents in disputes with property owners. “At AVLF, ‘here’ means many things. It means beside them in court, at our downtown legal clinics nearly every Saturday of the year, in our two offices inside the Fulton County Courthouse, our communities’ schools, and our clients’ homes,” explains Rother. Together, this foundation is working for a fairer and more equitable Atlanta, one family at a time. In 2022, 4,340 clients were served, and more than $725,000 in emergency assistance was distributed. At the heart of AVLF is its community, which aligns with Yardi’s motto of “taking care of the community.” AVLF is constantly looking for innovative ways to deepen its reach in the community. In 2016, AVLF established school offices with a Community Advocate and Attorney who would meet with parents to discuss housing issues. Now, AVLF has an office location on the Westside of Atlanta—a community with high rates of evictions and domestic violence. After establishing this office location, AVLF launched a Mobile Advocacy...

Today, we introduce the Food Bank of Central and Eastern North Carolina, founded in 1980 in Raleigh, NC, with offices in Wilmington, Greenville, New Bern, Durham and Southern Pines. It works daily to provide food to people in need while building solutions to end hunger in the community. The Food Bank collects donated, government-allocated purchased food, sorts it into family-sized portions and distributes it to a network of approximately 700 partner agencies such as soup kitchens, food pantries, shelters and meal programs for children and adults. All foods are healthy and nourish families, children, seniors, and individuals. Through partnerships, education and evidence-based programs, the Food Bank empowers communities to overcome hunger, creating an environment where all North Carolinians can thrive. “Our mission is to nourish people, build solutions to hunger, and empower communities to work with us to solve hunger,” said Andrea Maron, manager of the foundation partnerships for the Food Bank. The Food Bank’s core mission is to distribute nutritious and culturally meaningful food to underserved individuals. Intending to distribute and target children and seniors, the Food Bank serves over 100 million pounds of food—83 million meals, including 50 million pounds of fresh produce. Realizing that they cannot solve hunger without addressing its root causes, they will continue to expand the cause of hunger work, including investing in policy and advocacy work to strengthen policies that can end hunger. The Food Bank additionally wants to focus on culturally meaningful foods to provide more variety to extend to other communities.   Inflation is hitting the Food Bank and partner agencies hard. Food and freight costs strain the budgets. Funding from Yardi helps the Food Bank buy nourishing food and transport it to those who need it in central and eastern North Carolina. “We are...

Nobel Prizes, especially those awarded in the science categories, are often unfathomably exotic to the average consumer. But Nobel-level tech lies no farther away than the computer on your desk or the smartphone in your hands. As an MIT blog post noted in October, “Regardless of what display you’re using to read this, it is almost certainly powered by … technologies with roots in the Nobel Prize in Chemistry or Physics. (Even if you’re using a CRT display for whatever reason, the 1905 Nobel Prize in Physics was awarded for the invention of the cathode ray tube.)” The list of Nobel-winning tech that’s used in smartphones and other present-day devices dates at least to 1909, when Italian Guglielmo Marconi and German Karl Ferdinand Braun received the Physics prize for wireless telegraphy. The list of Physics and Chemistry winners since then encompasses the invention of integrated circuits, transistors, charged coupled device sensors in cameras and more. Blue light and lithium batteries In 2014, for example, three researchers from universities in Japan and the U.S. earned their Nobels for creating blue light-emitting diodes, or LEDs, which consist of electrons moving through several layers of semiconducting materials and directly converting electricity into light without the heat-waste of a traditional bulb. Building diodes that emit red and green light from their semiconductors had been achieved years earlier, but producing blue light, a necessary component of white light, was elusive. The three light colors combine to make the bright white produced by LED lightbulbs, which are more efficient and longer-lived than traditional bulbs with filaments. It’s also present in your smartphone’s flashlight and displays. “The first bright blue LED in the early 1990s marked one of … the most important breakthroughs in lighting technology,” says the MIT blog. The...

Yardi’s global offices make essential contributions to property management and investors worldwide. Meet Biswakam Mishra, a programming manager based in Dubai. Meet Biswakam Mishra Biswakam Mishra has been working at Yardi for 17 years. He worked in the Pune office for ten years, and for the last seven years, he’s been working in the Dubai office. Before starting his role with Yardi’s latest product, Voyager 8, Mishra was previously part of the technical service team for CSD and PSG. In addition to development tasks, Mishra assists the CSD and PSG teams in troubleshooting Elevate issues in the Middle East region. He also supports the CSD team in addressing performance or TA-related issues and organizing training programs for new hires. “I have a keen enthusiasm for learning and am always curious about my assigned tasks. I find great satisfaction in helping team members and fostering collaboration,” shared Mishra. After many years at Yardi, Mishra says Yardi has become like a family, “The culture is characterized by collaboration, innovation, friendliness, and fun, providing a healthy work-life balance.” Mishra advises new hires to bring fresh ideas, highlighting Yardi’s comprehensive training and easy onboarding processes, ensuring that team members feel comfortable and can contribute effectively. “Yardi’s strong motto sets a foundation for success, emphasizing employee well-being and teamwork,” said Mishra. Yardi is hiring globally! Interested prospective employees can explore opportunities on the Careers site. Taking Care of Our Community Mishra aligns with Yardi’s motto, inspiring him to join a nonprofit organization, Bandhu, in his native state in India. Bandhu works to support children in completing school education successfully. “We organize various activities for village kids, including outreach programs, career counseling, and yoga. I contribute to the group both technically and financially,” Mishra explained. Early Bird Gets the Worm Mishra...

Unconventional resident events can add a fresh and exciting dimension to a property management company’s community-building effort. The benefits of stepping outside the traditional event model will help to retain residents and attract new ones. Unique gatherings can strengthen the sense of community among residents. Here are some types of think-outside-the-box events to explore over the holiday season. Spice up the community with Escape Room Challenges or Mystery Dinners. Transform common areas or vacant units into escape rooms where residents work together to solve puzzles and mysteries. Include a mystery dinner to solve the crime during the meal, then have residents go out and explore around the building. Add a scavenger hunt and have prizes at the end for the winners. Plants and Pets. Plants are so good for the environment and cleanse the air around them. Arrange a gardening event where residents exchange plants, seeds or gardening tips. Microgardening is popular in smaller apartments, so maybe provide a small basil plant to start residents out with. Don’t forget about the four-legged residents. Look for a local pet mobile photographer for the holidays so residents can get their holiday cards made. Culinary Adventures. Delve into the world of cooking classes as a resident event. Cooking classes can enhance residents’ culinary skills, foster connections and offer a fun and educational experience. Find a local chef or culinary expert to lead the classes and provide some sample recipes or themes for these classes. For example, set up some spaces in the common area to learn how to make fresh homemade pasta, which can be a romantic date night for those during Valentine’s Day. Another example would be to decorate holiday cookies together. Provide the cookies already baked, then have various colors of icing in pipping bags...

Consumers are agog over the Samsung Galaxy, Motorola Razr, Apple iPhone, Google Pixel and other advanced smartphone models. These devices can make calls, send texts, take photos, respond to verbal instructions, provide a games platform, access digital assistants, navigate routes, generate budgets – the list of capabilities gets longer just about every day. Starting in 1908, when a U.S. patent for a wireless telephone was granted, mobile phone capability evolved into two-way radios and networks with very powerful base stations that covered wide areas; signals weren’t passed among cells. Motorola prototype A major milestone came in 1973, when Motorola mass-produced the first handheld mobile phone. This was 0G of the 5G technology progression. Motorola engineer Martin Cooper initiated the first handheld cellular phone call in New York City on April 3 of that year using a 2-1/2 pound prototype nearly the size of a shoebox. “I’m calling you on a personal, handheld, portable cell phone,” Cooper told the call’s recipient, an executive at Motorola competitor Bell Labs. Motorola launched commercial cell phone service 10 years later with its 2-pound DynaTAC 8000x, which retailed for $3,500—$4,000. In the 1990s the modern cell phone took shape with much smaller and more user-friendly products. “Roughly every ten years since 1979, each newer generation has changed how we communicate, further improving our way of life,” says CENGN, a coalition of Canadian technology interests. As of 2021, 97% of Americans owned some type of cell phone, Pew Research Center reported. Smartphones take off Between 2004-06, “smartphone” entered the vernacular. That’s when, according to British IT services provider Air IT, “phones began to seriously bridge the gap between something you used to make calls and send text messages, to something altogether more useful.” The 50-year progression of cellular technology generations,...

The fall semester may just be coming to a close, but preleasing for the 2024-2025 school year is already underway and off to a strong start, states the latest Yardi Matrix student housing report. Advance leasing for next school year started off extremely strong, reaching 25.2 percent for the Yardi 200 in October, well ahead of the previous record 10.4 percent preleased in October 2022. Preleasing this year is indicative of solid renewal activity early on and high demand for housing at many major universities, with 14 schools already more than 40 percent preleased. As for this year, final occupancy for the Yardi 200 markets for the fall 2023 semester settled at 94.6 percent in September 2023, compared to 96.2 percent in September 2022. Lower occupancy this year can be partly attributed to new properties that delivered late or struggled with preleasing. Properties that were completed in 2023 only reached 81.7 percent occupancy for the fall 2023 semester. Last month, average asking rent per bed was $854 among the Yardi 200 markets for the 2024- 2025 school year, slightly higher than where it ended the 2023 preleasing season in September 2023 and 6.6 percent higher than October 2022. “Some of the schools with the fastest preleasing are already seeing rents up 15-25 percent year-over-year, as operators take advantage of the surge in demand,” states the report. Read more findings from the latest student housing report. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn...

To help professionals across senior living prep for industry changes ahead, we joined Senior Housing News (SHN) last month to host an insightful roundtable webinar — Senior Living in Flux: C-Suite Changemakers Discuss a Transforming Industry! Featuring experts Sarabeth Hanson of Harbor Retirement Associates (HRA), Earl Parker of Commonwealth Senior Living, Sevy Petras of Priority Life Care and Yardi Director of Healthcare Solutions Fil Southerland, the conversation offered tangible ways to navigate change expected for 2024. Read on to discover the webinar’s key takeaways on topics crucial to senior living today: Major ways the senior living industry is changing The importance of the middle market How to meet the needs of a new consumer Key ways technology is shaping the industry’s future 2023 Changemakers + Yardi expert share advice and insights When asked where they see the industry changing, the panelists shared a range of answers. Sevy focused on the power of technology and data, stating the two will push the industry forward come 2024. For Sarabeth, change is centered around serving a new consumer — baby boomers — as well as senior living staff, who now have different expectations than years prior. Earl brought the conversation back to technology, emphasizing the small margin for error in today’s industry and how that’s driving a focus on data. He spoke to Commonwealth’s success with Yardi Senior IQ — our business intelligence powerhouse — in harnessing real-time data to make sharper, informed decisions. Fil relayed Yardi’s focus on digital transformations and accelerating complex workflows to meet the needs of today’s communities. Sarabeth chimed in to share more positive experiences with Yardi’s evolving solutions, focusing on the benefit of using fully integrated tools that unite on a single platform. Shifting gears to speaking on the middle market,...

In 2022, Yardi offices supported more than 350 nonprofits worldwide. For the remainder of the year, we will bring you the stories of those organizations and insight into how they aid their communities. Today, we introduce Page Youth Center (PYC), founded in 1984 in Santa Barbara, Calif., a youth center for children with a broad range of sports, fitness, wellness and recreational activities, all for a reasonable cost. The youth center is a safe and friendly environment for children and their families. They also offer recreational programs for adults in the morning and evening, including badminton, pickleball, jazzercise, open gym, and adult basketball leagues. PYC focuses on providing an excellent Blenders Basketball experience to 1000 youth participants and continues to grow and expand its Spring volleyball program for both boys and girls. The center also plans to offer Summer Sports Camps throughout the Summer break and provide scholarships to those in need, specifically for those in Old Town Goleta. In March 2024, PYC will have its annual gala to raise awareness and funds for these programs. Funding from Yardi helps to keep its program costs as low as possible and provides excellent programming to the youth in the community. Donations are used in various ways through operations, facility upgrades and scholarship funds. “Thank you for the continued support of the Page Youth Center and our Mission to Build Character Through Youth Sports,” said Aaron Martinez, executive director of Page Youth Center. “Your generosity is greatly appreciated and assists us in offering the best programs we can for our community’s youth!” Blenders Basketball League With 1,000 youth participating this season and over 250 volunteers, the Page Youth Center prides itself on the Blenders Basketball League program. Volunteers help with coaching, scorekeeping and team parents. Over...

Yardi Dubai supports the Al Noor Training Centre for Persons with Disabilities as part of the company’s global program of philanthropic support for nonprofits and NGOs. Established in 1981, Al Noor provides special education, care and services to those with neurodivergent challenges such as Down Syndrome, Autism, Cerebral Palsy or a combination of conditions. Among its successes, Al Noor has prepared up to 100 students for work placement in the community. Al Noor staff have developed a curriculum for students that significantly impacts lives and helps them be independent members of the community. Al Noor plans to establish additional training and services that will enhance and develop the lives of its students. “We wish to work closely with corporations like Yardi .. to partner with us on our various projects,” said Apple Castaneda, senior sustainability and community relations executive for Al Noor.   Al Noor charges subsidized fees to parents or, in some cases, the total tuition fees for parents who cannot afford to pay the fees. They have a no-rejection policy. “We do a holistic approach to giving our students the maximum quality of training and education to maximize their potential,” said Castaneda. Funding from Yardi helps Al Noor obtain resources through financial support, ensuring the organization can maximize potential care to students. Yardi has consistently provided sustainable financial contributions to the center, enabling the organization to expand its educational programs for children with determination. This has enhanced individuals’ learning experience and skill development under Al Noor’s care. “The Centre is very thankful for the continued support of Yardi, as it is helping us fulfill our mission of giving an equal opportunity to our students of determination and being out there in the community,” shared Castaneda. #TeamYardi and Celebrating World Cerebral Palsy Day Yardi employees...

Slowed demand for self storage continues to drive street rates lower, reports the new Self Storage National Report from Yardi Matrix. Annual street rate growth stayed negative in October. The average annualized same-store asking rate per square foot for the main unit types and sizes averaged $16.77 nationally last month, marking a 4.2 percent drop from the average recorded in October 2022. Street rates also remained negative on an annual basis in October in nearly all of the top metros. Combined same-store rates for non-climate-controlled units fell in all but one of the markets tracked by Matrix year over year, while asking rates for same-store climate-controlled units decreased in all of the top metros. “Elevated residential mortgage rates have slowed home sales, reducing population mobility, a major driver of storage demand. As a result, storage operators continue to lower asking rates to drive new rental demand,” states the report. In-place storage rents continue to trend upwards, supported by existing customer demand, helping bolster rental income for operators. In addition, the labor market remains relatively strong and inflation is slowing, which will benefit the sector as it helps boost the financial confidence of new and existing customers. Nationally, Yardi Matrix tracks a total of 5,006 self storage properties in various stages of development, including 864 under construction, 1,940 planned, 673 prospective, 1,457 abandoned and 72 deferred properties. Yardi Matrix also maintains operational profiles for 29,234 completed self storage facilities in the U.S., bringing the total data set to 34,240. Gain more insight on self storage performance. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, vacant land, industrial, office, retail and self storage...

Today’s featured nonprofit is Operation Kindness, from Carrollton, Texas, founded in 1976. Operation Kindness is an animal welfare organization making the world a kinder place for animals and people who love them. This September, Operation Kindness expanded and opened the Lifesaving Partnerships Hub. Funding from Yardi fund Operation Kindness’s mission to serve animals in Texas and where the help is needed most. “Operation Kindness is so happy to have support from partners like Yardi. Your support makes our work possible,” said Lilly Watson, marketing manager of brand and communications for Operation Kindness. Thriving Pups Last summer, Operation Kindness took ten dogs surrendered to the Human Society of the United States in an animal cruelty case. All dogs were highly malnourished, gravely underweight and suffering from life-threatening heartworm disease. A year later, after the help and care of Operation Kindness, their staff and volunteers, these dogs are thriving, happy and healthy with their new owners. Read about Jazz, Jay and Bruce and their stories and testimonies from their owners.  Yardi Dallas and Irving Office Gathering #TeamYardi of the Dallas and Irving offices gathered recently for a puppy and kitten-loving fun-filled day. Unfortunately, the weather didn’t cooperate, but that didn’t stop them. The office made a slight adjustment and hosted the fur babies inside. Each kitten and puppy were given much love and attention that day. A few employees are now in the adoption application process, hoping to have a new friend for the holiday season. To spread some joy this holiday season, consider donations to Operation Kindness. You can make a tax-deductible gift online here. Find future non-profit profiles...

From Nov. 1-3, NMHC OPTECH brought together the brightest minds and the latest innovations in the multifamily industry. Las Vegas was the hub of important conversations surrounding the present and future of real estate technology. Here’s a quick recap of the event, including more information about the new AI-driven, human-centered solutions we recently announced.  Meet your maestro, Yardi Virtuoso Whether you went in person or were staying updated from the sidelines, one innovation stood out amidst the bustle of the conference: Yardi Virtuoso. By weaving artificial intelligence across the Yardi platform, you’re not just streamlining your processes — you’re transforming workflows. Virtuoso is your gateway to a more efficient future. It offers an AI-powered agent that seamlessly integrates with Yardi solutions, revolutionizing your workflow through the power of generative AI. This new tech also leverages machine learning, natural language processing and more powerful capabilities to help solve problems in your day-to-day and drive your business forward: Tap into the power of an AI-powered assistant to do more with less – effortlessly track tasks, generate reports and more with a simple voice command Significantly reduce invoice processing time and cost Improve prospect and resident communications with a bot that can chat, text, email and call It’s the future of AI in real estate. Virtuoso doesn’t just analyze, it harmonizes — bringing together disparate, manual parts of your workflow and creating an AI-powered, human-centered symphony. Stay updated. A medley of insights Yardi leaders contributed to pivotal discussions at the event, delivering insights on technology’s evolving role within the industry through the following sessions: Yardi Vice President Michael Tuer participated in the “Multifamily Technology Spending and Staffing” panel, offering insights on necessary adjustments the industry must make to navigate an increasingly tech-centric future. In “Operationalizing Resident Fee...