Let the magic begin! Today, we journey to Berea, Ohio, for a Yardi-supported nonprofit, Working Animals Giving Service for Kids (W.A.G.S. 4 Kids), founded in 2004. W.A.G.S. 4 Kids provides mobility, autism and psychiatric service dogs for children throughout 35 northeast and central Ohio counties utilizing an award-winning Ohio Department of Rehabilitation and Correction (ODRC) accredited Cell Dog Training Program.   W.A.G.S. 4 Kids hopes to target ten more partnerships with their already 32 families under contract, 23 dogs in training and more than 90 families in the application process. “In short, our goal is the same as it ever was- more dogs to more kids with shorter wait times,” shared Sera Nelson, executive director for W.A.G.S. 4 Kids. Funding from Yardi goes directly to supplement the cost of each service dog, and this year is rising from $28,000 to $35,000 due to inflation costs of food, travel, dog supplies, veterinary care, medications and training. “Thanks to Yardi, we remain committed to providing these animals at only a small fraction of that cost to our families, but we cannot do it alone,” shared Nelson. W.A.G.S. 4 Kids presents an opportunity for a child they see spending their life having things done to them and for them to reach out physically and emotionally and engage with the world around them. With Yardi’s support, confidence is shown in what the dogs provide in services for children to gain confidence, independence and empowerment for their futures. “I don’t know if I have words specifically to describe the reaction to Yardi’s support. Gratitude, for sure. The feeling of being adopted. The feeling of being understood. Of our kids being adopted and understood…valued. Though our intention is always to enhance a child’s wellness, we often cannot quantify our services’ effects on the confidence, independence, and empowerment of a child’s future,” Nelson enthused. This June, one of the W.A.G.S. 4 Kids service pups in training will be named Yardi- look for pictures and puppy updates soon! Myles Accomplishment W.A.G.S. 4 Kids first service was with Myles from Strongsville, Ohio, a four-year-old boy with Cerebral Palsy and paralysis of his left side. Myles was non-verbal since birth and communicated with simple Sign Language. W.A.G.S. dog AJ was partnered with Myles, and in the final phases of AJ’s training, trainers worked exclusively with hand signs so that Myles could communicate with AJ using his right hand. After the placement, Myles began to speak. However, his first word was not “Mommy” or “Daddy,” as parents hope to hear. Instead, Myles’ first word was “Come” because he wanted to talk to his Service Dog, AJ. “Since that time, when posting photos of children, we serve alongside the dogs we’ve placed with them, we use the phrase let the magic begin because that’s the reality of what these dogs can do and be in the lives of children with disabilities,” Nelson shared. Beyond Myles, W.A.G.S. 4 Kids has repeatedly seen the sense of autonomy service dogs can restore. Volunteer Opportunities There are always opportunities to get involved with W.A.G.S. 4 Kids. Interested volunteers can contact them here. Find future non-profit profiles...

The newest improvements in the Yardi Senior Living Suite are here! This release (7.18) includes enhancements in RentCafe Senior CRM, Yardi EHR and eMAR. As always, each enhancement was powered by feedback from our amazing senior living clients.  To learn about what’s new and improved in 7.18, read the highlights below. We’re also sharing links to informative webinars, crafted for clients, which explain the new functionality in detail. For a complete list of new features documentation, clients can also visit the help center in Client Central and select new features. What’s new in RentCafe Senior CRM RentCafe Senior CRM, our mobile-friendly CRM solution, is packed with fresh functionality courtesy of the 7.18 release. From simplified workflows to completely new features, the enhancements equip you to: Track your competitive analysis with new options to create custom configurations that automatically save for future use Store marketing collateral in one centralized location, the document center, allowing staff to quickly grab attachments to email to prospects Enjoy expanded options for automated correspondences including those produced by birthdays, anniversaries, email templates, lead status and prospect status change — plus apply filters to individual rows to ensure you send the prospect’s preferred correspondence type Sync your Outlook calendar with your RentCafe Senior CRM calendar, enabling items to instantly populate in Outlook as they’re updated in RentCafe Senior CRM Build savable templates that automatically generate common tasks, conducted before or after an event, to avoid starting from scratch when creating future events Access a simplified digital signature invitation that enables copying and pasting a verification pin sent via email, or via SMS mobile phone when you have RentCafe Conversations Watch the RentCafe Senior CRM New Features Webinar. Watch the RentCafe Senior CRM Set Up New Features Webinar. What’s new in Yardi EHR and eMAR Now for Yardi EHR and Yardi eMAR, solutions built to help you enhance care at every level, here’s what’s possible thanks to the 7.18 release: Benefit from a redesigned service plan screen that clearly presents every action, making it easier to manage plans and identify what’s missing prior to activation Utilize new order direction templates that allow you to set the direction for an order with the click of a single button Enjoy an updated variable/sliding scale feature that auto-selects the correct quantity based on the vital information entered Save time with new bulk charting options in Care Stream that allow staff to chart multiple medications at one time, and apply specific notes to everything at once Streamline assessments with enhanced dynamic profile sections, which enable staff to update the resident’s profile while performing an assessment Watch the Yardi EHR New Features Webinar. Watch the Yardi EHR Set Up New Features Webinar. Have questions? If you have any questions about what’s offered with the 7.18 release, visit the help center in Client Central. If you’re new to Yardi senior living solutions and want more information on the success they create, get in touch with...

Yardi is committed to supporting the community in every city where our offices are housed. Each year, the company distributes philanthropic aid to organizations selected by its employees. In 2022, Yardi offices supported more than 350 nonprofits worldwide. Meet GiGi’s Playhouse of Cleveland, Ohio. Initially founded in 2003 in Hoffman Estates, Illinois, GiGi’s Playhouse Cleveland opened in January 2016 as the 28th Playhouse. GiGi’s Playhouse Cleveland is an achievement center that changes lives through the consistent delivery of almost 20 free educational, therapeutic-based and career development programs for individuals with Down Syndrome, their families and the community—currently serving over 530 families in Northeast Ohio. “Through these free programs and our Generation G Campaign for global acceptance, GiGi’s Playhouse and its network of 57 Playhouses across the US and Mexico empower families by maximizing opportunities for daily achievement and lasting acceptance,” said Lizz Maxwell, site director. To ensure lasting acceptance, GiGi’s Playhouse shows the world what individuals with Down syndrome can achieve as students, co-workers, volunteers, friends and valued community members. GiGi’s Playhouse Cleveland continues to grow its research-driven, purposeful programs, all at no cost to families. “We want to grow our Amina Grace Speech and Language Program, as well as work towards our strategic vision of opening GiGi University for our adults,” shared Maxwell. Funding from Yardi has helped in the instrumental education and belief of GiGi’s Playhouse participants, from manipulatives and resources to the vital therapies they offer. Every dollar is spent on improving the Playhouse and serving the community. GiGiFit Kid’s Squat Jump Summer classes at the Playhouse focus on improving various activities, particularly their variation of a squat jump. Practicing all summer, the kids standing up from a chair and using that momentum to jump forward works to build muscle in the hips and quadriceps, vital for everyday activities like running and playing. Watch a video of the kids perfecting their squat jumps last summer. Reaching for the sky Libby Farrell, GiGi’s Playhouse’s Speech Language Pathologist, has been working with Kash during their current Amina Grace Speech and Language Program session. Libby and Kash instantly cultivated a powerful rapport, which provides a secure foundation for Kash’s continued growth, communication and achievement. Kash shows up with enthusiasm and curiosity for his Amina Grace Speech and Language session each week. These characteristics are critical to his communication success. Kash is a multi-modal communicator; he uses various communication modes, including sounds, words, ASL signs, facial expressions and pictures. Kash is engaged during sessions as they move through various activities that he chooses, each of which is embedded with communication opportunities. He is curious and willing to explore new tools, such as picture communication boards and speech-generating devices, that allow him to express himself better.  But most of all, Kash does ordinary things in extraordinary ways: Just like the rest of us, sometimes Kash needs some “help.” He lets you know by assessing the ASL sign, which requires an upward hand lift. In Kash’s unique way, though, his hand shoots up as high as he can reach, and his request for help does not go unnoticed. Volunteer Opportunities Interested volunteers can be involved with GiGi’s Playhouse Cleveland’s achievement center, offering various volunteer opportunities, from tutoring, program assisting, greeters, cleaning, events and committees. Complete a volunteer form from their website or contact their operations manager, Mary Makulinski, at [email protected]. Find future non-profit profiles...

“We use Yardi as our source of truth for everything.” That insight comes from Nick Byrd, chief financial officer at Vitality Living, in a recent interview discussing Vitality’s successes with the Yardi Senior Living Suite. With a focus on Yardi Voyager Senior Housing, the story spotlights the challenges Vitality faced prior to working with Yardi — and shares how they’ve found success since then.   Read the highlight below, then head to the success story to get all the insights: The Challenge: Manual Processes & Disparate Systems Vitality used to rely on manual processes and disparate systems — taking time away from priorities, generating errors and causing confusion among teams. From monthly ACH pulls to building financial reports, key tasks became increasingly arduous. Vitality searched for a dependable, integrated solution to serve as their source of truth and alleviate the challenges they were facing. The Solution: Yardi Voyager Senior Housing Designed for senior living providers of all types and sizes, Yardi Voyager Senior Housing delivers property management and financial accounting on a powerful, cloud-based platform. By adding solutions across the Yardi Senior Living Suite, operators take full control of the senior living spectrum from marketing to operations to care. The Story: Gaining One Source of Truth, Eliminating Errors & Saving Time Prior to implementing Voyager Senior Housing and accompanying tools in the Yardi Senior Living Suite, Vitality used a mix of siloed technology and manual processes. The lack of a single connected solution — built to unite all data and workflows in one place — meant Vitality didn’t have true visibility or a reliable method for retrieving important information. By moving forward with Yardi, Vitality now has a single source of truth — a solution that integrates all aspects of its business into one database. “When you’re running a report in Voyager, you’re getting real time data,” shares Byrd in the success story. “The system is integrated with all of these pieces which allows us to get a true picture.” With Voyager automating tasks Vitality previously did manually, errors have now been eliminated across the board. “When we would run our monthly ACH pulls in the old system, the community’s business director would have to prepare the file, send it to accounting and we would manually enter all the ACH transactions, and update the amounts,” explained Byrd. “You can only imagine what kind of errors that could create, and it created a ton.” Vitaly also said goodbye to time drainers when they partnered with Yardi. Since Voyager acts as their complete general ledger system, Vitality has drastically reduced time spent on key financial accounting tasks, allowing team members to shift and focus on other priorities. “We gained two days back just around the ACH process,” said Byrd. “It was a manual lift before, but now things are getting updated in real time.” Read the full success story Ready to see all the ways Vitality is finding success with Voyager Senior Housing? Read the full success story! If you have any questions for us — or you’d like to book a demo based on what you read — reach out to connect with our senior living...

“Change is always tough, even when it’s good for you.” Those words come from Doris-Ellie Sullivan, a 2023 Changemaker and dedicated Yardi senior living client! As president of Retirement Unlimited, Inc. — a 21-community organization with living options across Virginia and Florida — Sullivan knows a thing or two about skilled, innovative leadership. We’re proud to join Senior Housing News (SHN) in recognizing Sullivan as the Changemaker she is — spotlighting her extraordinary advice and insights (gathered in a detailed interview). It’s an honor to be part of this special series, sharing inspiration from leaders like Sullivan, as sponsor for the fifth year in a row.    Yardi client Doris-Ellie Sullivan named 2023 Changemaker Through her conversation with SHN as part of this year’s Changemakers series, Doris-Ellie Sullivan shares how her background has shaped her leadership style today. Coming to the senior living industry by way of the U.S. Armed Services, where she was a nurse, Sullivan’s career has been guided by a passion for service and a dedication to helping others. Keep reading for a look at her insightful interview: SHN: How have you changed as a leader since starting in this industry? Sullivan: I came into senior living from the military, so that was quite a big difference. Empathy and servant leadership is definitely at the core of my leadership style. The discipline and systems came across from the military, but I think it was more of the residents-centered focus – believing in the mission. Of course, our mission at Retirement Unlimited is to provide a lifestyle that our residents have earned and deserve. I think it’s a different mission. I think that you have to evolve, and that’s what sets me apart is evolving and always being open to learning. SHN: How do you think about timing, so that your company can innovate without getting so far ahead of the market that a new idea doesn’t work? Sullivan: We launched the MyRUI app in 2019 before the pandemic. We also partnered up with a lot of companies to prepare for the pandemic, not knowing that the pandemic was coming. I don’t think you can ever be early. I think innovation equates to adoption: What is the adoption at the community level? What is the adoption at the resident and family level? What is the adoption to the general public? I think that if you can create adoption and not distraction in anything that you’re innovating, whether it’s AI or ChatGPT or some new software product or some hardware or some new system. One of the things that we’ve learned with the MyRUI app — and with any innovation that we’ve put out there — is that it’s not a one-time, “Let’s have this big party and launch it.” It’s every three months, you have to almost do a soft launch to keep the adoption rates going. More showing us as shoulder-to-shoulder versus telling people that it’s going to make your lives easier, that is a big difference that we have at RUI. SHN: Can you talk about how you see the need for Diversity, Equity and Inclusion in the industry, and what you are doing to drive change in this regard? Sullivan: I am a female of Asian descent and started this business in the 1990s. I and several other women out there had the great opportunity of being on an all-female panel a month ago with some other pioneers like Shelley Edsen from Sonata Senior Living and Sevy Petras from Priority Life Care. It’s just important to find the right candidate for the position. If everybody has that focus and they’re looking for the right candidate with no judgment, I think that that blossoms into opportunity. As I said, we looked for the right candidates and created a very diverse home office, a very diverse community operations side, and a very diverse region. That comes...

Let’s swim over to The New York Marine Rescue Center located in Riverhead, Long Island, founded in 1996, a rescue and rehabilitation organization that promotes marine conservation and is the primary responder for sick marine life like seals, sea turtles, dolphins, porpoises and small-toothed whales. Their mission is to preserve and protect the marine environment through various conservation efforts such as rescue, rehabilitation, education and research. It is the only marine mammal and sea turtle rehabilitation center in New York State. To assist the organization with its mission, #TeamYardi members from the Long Island, NY office had 27 volunteers that went to Robert Moses Beach for recent beach clean-up days. One of the groups gathered over 21 pounds of debris. The employees enjoyed a day at the beach and made an incredible impact on the marine environment. In addition to two beach clean-up days, eight volunteers represented Yardi at the New York Marine Rescue Center’s Ocean of Hope event. Yardi contributed a charitable donation, and the volunteers enjoyed silent auctions, music and...

Each year, Yardi distributes philanthropic aid worldwide to organizations selected by its employees. 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. Let’s meet The Wild Animal Sanctuary of Keenesburg, Colorado, founded in 1980, rescuing captive-bred carnivores from abuse and neglect. The Sanctuary provides them with large-acreage habitats and educates the public about the animal’s plights and the Captive Wildlife Crisis. The Sanctuary travels across America and into foreign countries around the world to rescue animals that are suffering. The Wild Animal Sanctuary continues to rescue, rehabilitate and provide the best care possible to the 750+ large carnivores and other animals that call the Sanctuary home. “We will continue to work tirelessly to educate the public about the Captive Wildlife Crisis as we host over 200,000 visitors a year at our Keenesburg facility,” said Michelle McGraw, development director of The Wild Animal Sanctuary. Funding from Yardi has helped the Sanctuary provide state-of-the-art medical care and offers top-quality food for the animals in its care. “Yardi has been supporting us for many years, and we cannot thank you enough for supporting such a deserving cause. We all thank you from the bottom of our hearts. The Animals’ lives are so positively affected by your continued generosity,” shared McGraw. Dillan’s Journey Dillan is a male Asiatic black bear rescued from a sportsmen’s club in rural Pennsylvania. Subjected to the sound of constant gunfire from the shooting ranges and with no enrichment, Dillan suffered from serve zoochosis, where he rocked rhythmically against a concrete wall for hours on end, according to one person familiar with the situation. He also suffered from morbid obesity due to his poor diet and lack of exercise and had a mouthful of rotting teeth and gums. With pressure from many fronts for the club to either better care for Dillan or let him go to an accredited sanctuary, the club owner finally agreed to release him to the USDA, freeing him to The Wild Animal Sanctuary. Dillan will now join one of the Sanctuary’s female Asiatic Bears. McGraw enthused, “They will roam freely in a large acreage habitat and enjoy living a healthy life, free from harm and doing everything bears enjoy!” Volunteer opportunities The Sanctuary can utilize long-term volunteers since they operate a 1,214-acre facility with over 600 large carnivores in residence, but they require extensive training. The Wild Animal Sanctuary is one of the only facilities in the country that focuses on and routinely provides large acreage habitats where animals can live permanently. Interested volunteers can apply here. Find future non-profit profiles...

Yardi is committed to supporting the community in every city where our offices are housed. Each year, the company distributes philanthropic aid to organizations selected by its employees. 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. Meet the Idaho Anti-Trafficking Coalition (IATC), founded in 2018 in Boise, Idaho, whose mission is to work alongside community members in providing awareness, education, services and safe housing for victims of human trafficking in Idaho. The organization focuses on these six areas of service: Community, outreach, educational training and advocacy– delivering survivor-centered outreach materials, research-based human trafficking 101 training, prevention and community awareness, technical assistance and community collaboration. “In 2022, IATC provided 57 human trafficking 101 presentations, totaling 88 hours, with 1,579 individuals trained,” said Jennifer Zielinski, Executive Director of IATC. Crisis and Resource Hotline– privacy-protected call or text, trauma-informed intake, crisis/ emergency response, safety planning, direct resources and information, relocation assistance, and transportation. Direct Victim Services– victims’ rights, case management, crisis intervention, emergency intervention, emergency/transitional/permanent housing, victim advocacy/accompaniment, transportation, emergency food/clothing/essential, victim services and support. Last year IATC provided over 500 individuals with thousands of counts of these assistances and services.  Resource Room– case planning, emotional and safety support, emergency food/clothing/essentials, information and referrals to local, state and national resources. Intervention Resources– victim-centered and trauma-informed intake/screening, trauma-specific assessment tools, victim advocacy, policy/system advocacy and safe delivery of services/continuum of care. Direct Service Delivery Network– education, facilitated community collaboration, multidisciplinary teams, community partnerships agreements and contract services. IATC’s vision for the year ahead is to prioritize human trafficking in Idaho to keep the community and economy healthy and safe. “We plan to continue expanding our anti-trafficking efforts to reach more communities so that Idaho’s children, youth, and adults will have access to a victim-centered system of care that contributes to their economic, health and safety,” shared Zielinski. She continued, “We honor our coalition model through community engagement and are grateful for our staff, board of directors, volunteers, community partners, donors, and funders that continue to support the organization’s mission so that we can continue our work.” Funding from Yardi will be utilized to directly support all IATC’s goals to strive for the same or even better outcomes for 2023. “Without Yardi’s 2022 support and now, 2023 support, we would not be able to expand our efforts and face the reality of turning people away,” Zielinski shared. IATC client success story Sarah (not her real name) had a life-changing experience with the Idaho Anti-Trafficking Coalition. IATC provided practical assistance in relocation to a safe place, providing resources for safe housing and assisting with car repairs and maintenance so she could get to work and school. Additionally, they helped her create a safety plan to maintain safety. Furthermore, IATC has provided ongoing rehabilitation and support to return to school, hoping to get a degree in social work. With the help of IATC, Sarah got her CDL license and training to become a school bus driver, her first real job. They also provided her with the advocacy to ensure she receives the necessary support to become a survivor rather than a victim of human trafficking. The IATC helped Sarah regain control of her life and overcome the trauma of being a victim of severe human trafficking. Volunteer Opportunities IATC will have some volunteer opportunity events throughout the year. Yardi employees and the community are encouraged to contact Kevin Zielinski at [email protected] or 208-630-6601. “IATC is grateful to everyone at Yardi for your support that has enabled us to pursue our mission of building trauma-informed, systemic responses throughout Idaho to combat Human Trafficking,” Zielinski shared. Find future non-profit profiles...

In a recent finding, millennials are now mostly homeowners, meaning most renters are now Generation Z. This generation is the most radical and ethnically diverse in the country. They are highly educated and highly tech-savvy. So stand out to this generation by keeping your properties attractive. We compiled a short list of tips to attract potential residents to your properties. But first, start with some amenities to make your property more attractive for Generation Z. High-Speed Internet: Gen Z spends more time on the internet than any other generation. What’s more, they are most accustomed to rapidly advancing technology and have high expectations regarding technology. Therefore, provide complimentary high-speed internet or include it in the rent price. Outdoor amenities: Adding outdoor amenities to your property will boost its value and provide that highly sought-after green space residents crave. Gen Z values community, and outdoor spaces are perfect for groups to gather and mingle. Consider setting up a courtyard or garden area with comfortable patio furniture and BBQ grills. Add some water fountains for some to come and have a Zen moment in the garden and not have to always use the indoor gym for yoga. Add a community dog park, too, so you don’t have to worry about the garden getting run down by pets. Coworking spaces: Since 2020, remote work has been the norm, and many Gen Z residents will work from home. As a result, coworking spaces are a highly desired amenity to this generation of residents. Since remote work is only expected to grow, a coworking space is a wise investment for the building. If able to add a business center to the property, this can be a great coworking space. Residents can reserve a meeting room for the day and have colleagues come in and work for the day. Adding a coffee bar with a few snacks would boost morale and synergy. Consider adding a cold brew keg of coffee which is now the coffee favorite of Gen Z. Also, be sure to have a few computers, printers, and copiers for residents to use. Make them available during business hours. Property technology: Over 50% of Gen Z says apartment technology is essential. Broken elevators, old kitchen appliances, and bad fluorescent lighting will not fly with this generation. Smart home amenities like smart locks and thermostats are tech-powered features Gen Z residents crave. To wow Gen Z residents and prospects, manage the building’s smart technology in one place. Integrate and invest in a unified mobile app solution. With electric cars becoming more popular, include a few parking spaces with electric vehicle charging stations. And for those residents with bicycles, consider having a smart lock station or area for bikes. Mailroom for today’s online economy: For Gen Z, online shopping is the norm. Everything they order, from groceries to clothing to furniture online, Gen Z seeks apartments that ensure secure and accessible deliveries. The best solution is to add a package management solution to the mail room. Delivery carriers can access this to drop off parcels, and residents can be notified with a code or QR code to scan and receive their packages. Install a video intercom system at the door so couriers can gain access to the room. Beyond investing in the right amenities for the building, appeal to Gen Z prospects by using social media to market properties, showcase online reviews, offer virtual and self-guided tours, and invest in design upgrades. When you invest in design upgrades, prospects will pay that higher rent. So upgrade units with spacious balconies, more enormous closets with shelves, better lighting, trendy fixtures, upgraded countertops and appliances, and replace carpet with hardwood flooring or wood-like laminate if budget allows it. If planning on building a new property, consider areas with businesses within walking distance of the location, such as a local farmers market or wine bar. Updating properties with technology...

The U.S. multifamily sector faces complex challenges as the pandemic fades to a memory and a recession continues to loom for the U.S. economy later this year. Yardi Matrix vice president Jeff Adler dove deep into the market outlook and tough realities for operators during Thursday’s webinar. A full recording and presentation slides are available online. Current trendlines Matrix analysts have observed include: Multifamily fundamentals are generally strong, but continue to decelerate year-over-year A seasonal uptick in rents is ongoing and was reflected in reported data from March and April There is ongoing demand for renter-by-necessity communities, which have little new supply coming online Hybrid work has tilted household budgets towards housing expenses, rather than transportation A supply shortage in the U.S. housing market is likely to be ongoing for the next 5-10 years Inflation and interest rates continue to hamper transaction activity and will continue to do so for the near term The average U.S. asking rent rose $5 in April to $1,709, while year-over-year growth decelerated to 3.2 percent, down 80 basis points from March. (Gain more insights by downloading April’s Multifamily Report.) “Fundamentals have been pretty good, and we expected the deceleration (in rent growth). But there is a seasonal uptick happening – we did see that in April,” Adler said. “Affordability is still a key concern, and the political will to truly resolve the issue does not seem to be in evidence.” Consistent job growth and household formation over the last two years have continued to drive renter demand, despite lease renewal rates generally returning to pre-pandemic levels. In some cases, renters are seeking creative alternatives to hard-to-find housing, such as co-living situations, using short term rentals as permanent homes, or even subletting vacation rentals. But these aren’t long-term solutions, and ultimately new housing development will have to be the answer. “It’s important to note the historic increase in rents that occurred in 2021. There was a need for wages to catch up .. But when we look at the cost of housing to buy, it is still way more expensive compared to renting. Renting is still a viable and preferable economical alternative, including single family rentals and built-to-rent homes,” Adler said. In conjunction with a slowdown in construction financing due to banking sector instability, the upshot is that the supply shortage for multifamily housing will be exacerbated, potentially lasting up to a decade unless government bodies change their tune. If you’re looking for investment windows despite those challenges, be sure to review the webinar recording, which offers insight into target opportunity...

The Canadian rental housing market has been growing and shifting rapidly. According to the Canada Mortgage and Housing Corporation (CMHC), the annual average growth rate of purpose-built rentals has moved closer to 2% over the last decade, reaching almost 2.2 million units in 2020. Unfortunately, the long-term deficit will take years of building to fix, especially with Canada’s population expected to increase by 1 million in 2023. Supply is simply not keeping up with demand. Fortunately, the recent increase in national and regional rental data is helping Canadians gain a better understanding of these developments. This article examines key takeaways from a recent Yardi-sponsored virtual panel discussion, which covered the latest rental data and explored how it’s being used to make sense of the current rental market. Existing Reports One of the longest-established means of benchmarking rental market data, is collected and distributed by the Canada Mortgage and Housing Corporation (CMHC). Their process involves conducting annual surveys using telephone calls, site visits and information from owners. The results are shared every year in January and show a snapshot of vacancy, available units, turnover rates and average rents in primary and secondary rental markets. Peter Altobelli, a panelist and vice president of sales and general manager for Yardi Canada, highlighted Yardi’s Canadian National Multifamily Report, which analyzes in-place rents, rent growth, vacancy rates and other fundamentals across 13 Census Metropolitan Areas. The quarterly report aggregates and anonymizes data from Yardi clients and divulges increasingly rich information. The data “enables Yardi to offer more transparency into the rental market and expands the scope and uniqueness of the report,” Altobelli said. He added that the number of units used to compile the report will increase by 60% in the near future. Other panelists favour comparing online rental listings data with CMHC and Yardi reports, to capture a holistic view of the market throughout the year. Rental Challenges Data is more critical than ever, as Canadians face the current housing crisis. The existing rental market reports are intended to equip renters and real estate professionals with data to make informed decisions about rental housing options. Although online rental listing reports are released more frequently, these types of reports incorporate average asking rents rather than in market rents. This information makes for “excellent for shock headlines” but should be regarded cautiously, according to webinar panelist Alexandra Baird Allen, an economic intelligence unit manager for Turner Drake & Partners. The panelists also discussed the most recent Yardi Canadian multifamily report, which documents rising in-place rents, tight vacancy rates and declining turnover rates. “These trends are expected to continue”, said Altobelli and with rent controls in place in most jurisdictions, “owners of older inventory may be well-served to focus on value-add scenarios to provide better homes for renters and drive market rents in those units when opportunity presents” he added. Making Decisions For markets to stay competitive, property owners and managers should leverage these reports to help attract investors that will support redesigning their properties. Changes such as converting office space into residential or coworking spaces are hidden treasures for investors, depending on the market. For more of these experts’ insights into Canadian multifamily housing market data, view the complete...