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...
Multifamily Trends
Yardi Matrix Webinar Recap
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...
RE Trends Emerge
In Annual Report
The 44th edition of one of the real estate industry’s most closely followed reports is out, offering a sweeping look at conditions in the U.S. and Canadian property management and investment arenas. 2023 Emerging Trends in Real Estate, an annual collaboration between PwC and The Urban Institute, reports that amid rising interest rates and some signs of economic distress, most professionals contributing to this year’s report remain “reasonably upbeat” about longer-term prospects. Here are some key trends outlined in the report, which incorporates input from several hundred experts including Peter Kolaczynski of Yardi Matrix: Vertical markets such as residential and industrial could weaken due to diminishing pandemic tailwinds and the potential for a cyclical economic downturn, while others – including hotels and retail – might heat up. Some pandemic-driven structural shifts remain. Online spending, for example, is receding from its pandemic peaks but probably won’t revert to pre-pandemic levels. The same is true of business travel, with the lodging, dining and convention facility sectors facing challenges for the foreseeable future. Although real estate sales volume in the first half of 2022 was 38% higher than over the same period last year, capital is still heading to the sidelines or to other assets. “The recent surge may well reflect a last gasp to get deals done before the expected increase in interest rates” that would make acquisitions and construction debt more expensive, Emerging Trends says. Housing affordability has fallen to its lowest level in over 30 years, with prices, mortgage rates and rents soaring relative to incomes. With “a growing share of households priced out of the for-sale market, demand for rental units is far outstripping new supply,” the report says, with the growing number of younger adults choosing to live alone also a factor....
Canadian Rental Data
Recent Expert Assessment
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...
Rents Rise Again
Multifamily Market Update
Multifamily asking rents rose for the second straight month in April, according to the new National Multifamily Report from Yardi Matrix. Despite economic headwinds, the market continues to demonstrate resilience. 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. Solid demand has kept rents rising, but at a slower rate than previous years. Demand is buoyed by a tight job market and healthy household budgets, although economists are scrutinizing how much longer those conditions will persist. A recession is still forecast for later this year. “Rent growth is broadly positive nationally, but regional differences are emerging. High-demand Sun Belt metros are feeling the impact of reduced affordability and robust deliveries, while primary metros have less supply growth and some benefit from rebounding immigration,” states the new report. Multifamily rent gains remain positive year-over-year everywhere but Phoenix and Las Vegas, but the top-performing markets are different each month. In April, Indianapolis (7.7 percent) and Kansas City (6.4 percent) led the top 30 Matrix metros in rent growth, while primary metros New York, Boston and Chicago round out the top five. Single-family unit rents also hit a new all-time high in April, averaging $2,089, but year-over-year rates once again decelerated, dropping 60 basis points to 2.3 percent. Occupancy rates decreased in March to 95.5 percent but have stabilized after peaking at 97 percent in 2021. Gain more insights by downloading April’s Multifamily 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, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...
Senior Living Video
Shannex Thriving With Yardi
Can one solution power multiple facets of an organization? The answer is yes for clients like Shannex, who uses the Yardi Senior Living Suite to save time, boost efficiency and optimize resident services. Take it from Heidi Leavitt-Hornmoen, director of business systems analysis at Shannex, who speaks to these successes in our newest testimonial video! It’s just under two and a half minutes but packed with valuable insights (including statistics) from Heidi. Read the quick snapshot below — or watch the video now. How Shannex boosts efficiency with the Yardi Senior Living Suite In choosing Yardi, Shannex had the goal of eliminating manual workflows and errors, centralizing data and boosting satisfaction among residents, as well as their family members. All these successes — plus more — were made possible when Shannex said yes to the Yardi Senior Living Suite. “The time efficiencies we found were significant,” shares Heidi in the video. “We were able to reduce our [accounts payable] processes by 76%. We also found a 54% reduction in accounts receivable.” Describing the billing processes with Yardi as “amazing” — Heidi notes that with approximately 5,000 residents across their communities, these efficiencies have made a significant, positive impact. With less time spent on tasks that are now automated and streamlined with Yardi, Shannex can focus on serving residents. There’s more shared by Heidi in the video, so watch now to hear all the insights. The power of a single connected solution Not familiar with the Yardi Senior Living Suite? This integrated solution combines resident care, marketing, sales, finance, business intelligence, operations and more on a cloud-hosted, HIPAA and SOX-compliant software platform. Mobile, intuitive and efficient, this single connected solution has everything you need to manage your communities and drive growth. Learn more about...
Less Risky Business
With Yardi Debt Manager
Financing the acquisition of real estate assets can maximize your returns. However, borrowing money not only puts liability on your balance sheets; it can also come with extra headaches and tedious tasks for you and your team, including tracking amortization and payment schedules, meeting covenants, and tracking collateral and critical dates. Executing all these obligations accurately is necessary to minimize risk throughout the duration of a loan. Consider a loan-to-value covenant, for example, a lender-imposed restriction that compares the value of a property to the loan’s value. Borrowers need to monitor this figure because falling property valuation could potentially trigger additional financial costs that can further reduce the asset’s return to investors. Another common covenant is the debt service coverage ratio, the ratio of NOI to the debt service amount. This figure indicates whether the property generates sufficient net operating income to meet each month’s debt payment, revealing the borrower’s likelihood of exceeding the thresholds and potentially falling into default. This covenant, too, requires close monitoring based on the current forecasts in place at the properties. Discovering you have breached a covenant as it occurs is far too late in the game to correct it. Having some visibility into forward-looking information is a key aspect of risk reduction. But tracking loan information using manual data entry and transfers among multiple software systems is time-consuming, inefficient and prone to error. As a result, many borrowers are turning to new technology solutions that provide full visibility to reduce risks and drive informed decision-making. And that’s why Yardi Debt Manager is gaining traction among real estate borrowers. This solution eliminates the risks involved in manual loan tracking processes and delivers transparency to all users, including executives and key stakeholders. It centralizes loan data, provides a comprehensive system...
Cities Step Up
Top ENERGY STAR Performers
The ENERGY STAR® initiative, which certifies businesses and consumer products that conform with energy-efficient solutions that protect the climate and public health, launched more than 20 years ago. It remains a key U.S. Environmental Protection Agency initiative to reduce greenhouse gas emissions, promote carbon pollution-free electricity and achieve net-zero emissions targets. An EPA report in November 2022 noted that energy benchmarking enabled by ENERGY STAR® Portfolio Manager® has grown from 2,000 office buildings in 1999 to more than 280,000 buildings encompassing over 27 billion square feet of space. ENERGY STAR-certified buildings use an average of 35% less energy and produce 35% fewer carbon dioxide emissions than typical buildings. As part of its focus on commercial buildings, which account for 16% of U.S. greenhouse gas emissions and $190 billion in annual energy spending, the EPA compiles an annual Top Cities list that measures the achievements of metros’ ENERGY STAR performance. Here are highlights from this year’s list, which encompasses commercial and multifamily properties: Most certified buildings. Los Angeles came in first in this category, as it did the previous three years, with 748, followed by Washington, D.C., with 555, Atlanta (376) and San Francisco (343). New York City, Denver, Riverside, Calif., Chicago, Dallas and Boston rounded out the top 10. Most total floor area. Los Angeles and Washington led in this ranking as well with 162.8 million square feet and 149.1 million square feet, respectively. New York and Chicago each exceeded 100 million square feet, with Atlanta and San Francisco close behind with 93.7 million square feet and 92.7 million square feet, respectively. Most greenhouse gas emissions prevented (measured by metric tons of carbon dioxide equivalent). San Francisco was far ahead in this category, with 2,007,000 metric tons. Washington came in second with 517,200 metric tons, followed by Chicago, New York, Houston and Denver. Biggest cost savings. Los Angeles was the champion in this category, saving $226 million through ENERGY STAR-related initiatives. Washington was second with $180.7 million, with New York ($170.3 million) and San Francisco ($141.5 million) the other metros to achieve nine-digit savings. Mid-size and small cities. EPA also ranked smaller metros’ ENERGY STAR performance. In the mid-size category, Milwaukee was the leader in the total floor area, emissions prevented and cost savings categories, while Raleigh, N.C., was the building count leader. Among small cities, Punta Gorda, Fla., led in total floor space and cost savings, while Jackson, Mich., topped the building count and Sioux City, Iowa, set the pace for emissions prevention. “I applaud this year’s top cities, as well as the owners and managers of each ENERGY STAR-certified building in them, for taking real action to reduce greenhouse gas emissions and help America address the climate crisis,” EPA Administrator Michael S. Regan said in a news release. See the complete 2023 ENERGY STAR Top Cities report. Yardi recently received the 2023 ENERGY STAR® Partner of the Year Sustained Excellence Award from the EPA and the U.S. Department of Energy after being named Partner of the Year for five consecutive years. Read the...
AI Advancements
With Practical Applications
Artificial Intelligence is becoming far more than just a viral sensation. AI is becoming a technology that any business or person can leverage to revolutionize their work and day-to-day activities. Let’s explore some of the latest mind-blowing AI tools beyond Chat GPT. Similar to Chat GPT, Dall-E 2 will transform text prompts into computer graphics. It can combine concepts, attributes, and styles. This will eliminate the long waits for graphic designers to get images back and produce quicker turnaround times. The hope is that Dall-E 2 will empower people to express themselves creatively. The creators of Dall-E 2 hope that this will help them understand how advanced AI systems see and understand the human world, which is critical for creating AI that benefits humanity. Lumen5 is an AI-powered video creation tool that enables anyone to easily create education, marketing, or business video content using a simple drag-and-drop interface. Lumen5 makes it easier than building a slide show deck on PowerPoint. It can turn blog posts into videos or Zoom recordings into captivating clips. Looka is a tool that makes it easy to brand your business by using AI to create unique and distinctive logos that convey the company’s style and messaging. Bring your brand to life by building brand identity and creating hundreds of branded marketing materials. Looka is not just logos, either. Customize the design of business cards, social profiles, email signatures, and more. Murf is a text-to-speech engine that makes it simple to create natural-sounding synthetic vocal recordings in 15 languages from over 120 voices and dialects. Murf’s AI voices do not sound monotonous and robotic. Murf’s advanced AI algorithms catch the right tone and pick up on every punctuation and exclamation mark from the human voice. This output can easily be...
Effective Waste Management
Benefits Commercial Properties
Like pest control, waste management is an unglamourous yet essential aspect of property management that, applied properly, can benefit owners of office properties, stores, hotels, restaurants and other commercial properties. In 2018, according to the U.S. Environmental Protection Agency, municipal solid waste in the country totaled 292.4 million tons, or 4.9 pounds per person per day. Of this total, about 69 million tons were recycled and 25 million tons were composted, a 32.1% recycling and composting rate. Effective waste management, including proper disposal and recycling, gives commercial property owners opportunities to create sustainable practices, improve health and safety, and reduce pollution. Understanding the amount and types of wastes generated on the premises can also help a property management company negotiate for favorable terms for waste and recycling services. Improving the organization’s sustainability can also boost a company’s image, attract quality tenants and positively engage employees. How can how facility managers, building owners, tenants and other stakeholders turn waste – which includes paper, packaging, food wrappers, cans, cardboard and paperboard, and sometimes leftovers from construction and demolition – into opportunities to improve sustainability, prevent greenhouse gas emissions and reduce costs? Here are some tips from experts including the EPA, solid waste and recycling services provider Waste Away Systems of Heath, Ohio, and Atlanta commercial waste disposal specialist Southern Waste and Recycling: Perform an assessment. Tracking the amount of recyclables and wastes hauled from your building gives important data for understanding how a waste management program is performing and identifying areas for improvement. Track your waste with ENERGY STAR® Portfolio Manager®, a free online tool for tracking waste, energy and water data for one building or an entire portfolio. EPA’s Waste Reduction Model (WARM) helps quantify waste management activities’ impact on greenhouse gas emissions. Create a team responsible for planning, designing and executing waste reduction activities. The team should set waste reduction and management goals and implement a tracking system for the company. A broad-based team is most likely to offer a variety of perspectives, create problem-solving techniques and identify more opportunities for improvement. Adopt a recycling program, the best option when waste can’t be prevented. Recycling saves energy and money, helps keep materials out of landfills and incinerators and provides raw materials for the production of new products. Look for ways to reduce the amount of waste generated in the first place by examining the purchase and use of materials like paper and metal. Prolong the useful life of products and packaging by repairing and reusing them when possible. This applies to appliances, furniture and building materials, among other things. Donate unneeded products or materials to organizations that can use them. Engage a waste analytics service that provides data about waste production patterns, and the type of waste that is disposed of. This can make waste disposal services much more efficient. Such a service can help modify waste disposal practices to reduce waste, reuse salvageable supplies and recycle valuable materials. All these tools can lower waste management costs and produce a positive environmental impact. Enhance your waste management program with prizes such as gift cards for teams that collect the most recyclables or come up with the best ideas. See how Yardi empowers real estate companies to meet energy and sustainability...
Tenant Portal Convenience...
5 key features
Convenience is a key factor when providing online solutions to your tenants. But if they have to log into one platform to make a payment, another platform to submit work orders and a third – or fourth – to review documents and share sales data, are you offering them true convenience? What about maximizing convenience for your own staff? CommercialCafe combines the five key features necessary for a truly convenient tenant portal, for both tenants and staff: Payments In addition to reviewing and paying invoices through a secure online portal, tenants can select which open charges they are paying. Your accounting team no longer has to guess where payments are being applied and saves time not processing physical checks. Work orders Tenants can submit service requests, including photos, and, upon completion of work, provide feedback via automated survey. Technicians receive work orders automatically on their mobile phones, decreasing response times and miscommunication. Notifications Automated SMS, push notifications and emails streamline and enhance communications, whether notifying tenants about available lease documentation to view or sharing details about property events. COI management Prospective and current tenants can upload insurance certificates, allowing property teams to view documentation that ensures property requirements are met and tenants are compliant. Sales data Retail tenants can upload sales figures and documentation that support the percentage rent calculations carried out by accounting teams, increase time savings and accuracy. In addition to these features, CommercialCafe offers another layer of convenience through its seamless integration with other Yardi solutions, including Yardi Voyager, Lease Manager, Facility Manager and the Procure to Pay suite. To learn more about the full benefits of CommercialCafe, join a webinar...
See you at Argentum 2023
Visit Booth 3100
The Argentum Senior Living Executive Conference is nearly here — an annual gathering of industry professionals, operators, owners, executives and community leaders! You can find our senior living team in attendance throughout the three-day event, stationed at booth 3100 and ready to share the latest innovations in the Yardi Senior Living Suite. With this can’t-be-missed opportunity on the horizon, here are the details to know: About the Argentum Senior Living Executive Conference The Argentum Senior Living Executive Conference & Expo, the official meeting of Argentum, is a must-attend event for senior living professionals. It offers the chance to connect with the leaders of today, discuss the challenges facing the industry and help shape what the future looks like. According to Argentum, no matter your role, title or job responsibilities, you will discover relevant sessions and education tracks designed for you at this year’s conference. Event details for Argentum 2023 Ready to see exactly what this year’s event has in store? View the details on Argentum’s site. We’ll share the high-level details here: Dates: May 8-10, 2023 Location: New Orleans Ernest N. Morial Convention Center in New Orleans, Louisiana In addition to our booth presence (details below), we’re excited to contribute to Argentum 2023 by sponsoring the registration. Once again, you can find important details and instructions to register on Argentum’s official conference page. Visit Team Yardi We know everyone wants to make the most out of Argentum 2023, and that requires networking and building connections as much as possible. Luckily, you’ll have the chance to meet with us — and thousands of your peers — throughout the three days. By meeting with us, you get a closer look at our evolving technology solutions designed specifically for senior living. You can find us at booth 3100 — we’ll be ready to show you all around the Yardi Senior Living Suite! From business intelligence to electronic health records, our amazing solutions unite on a single platform to help providers build success. You can get something on the books in advance by scheduling time to meet us at the conference, or simply stop by whenever you’d like. We look forward to connecting! See you in May! We hope to see you at the 2023 Argentum Senior Living Executive Conference. If you have any questions for us prior to the three-day event, or you want to schedule a meeting time, don’t hesitate to reach...
Webinar Recap
IoT and Better Building Management
Building occupancy is unpredictable and costs property owners and managers time and money. Without technology that delivers reliable analytics to make sense of trends, resources are likely wasted. That’s where smart tech and the Internet of Things (IoT) comes in. In the recent BOMA Buildings webinar, “Practical Ways to use Data Analytics and IoT to Manage Your Properties,” attendees learned how data analytics can be a powerful tool to improve building efficiency and reduce operational costs. The expert hosts delivered practical tips on how to use data to manage properties and: Save costs Increase visibility Improve efficiency and productivity Property management pain points The webinar attendees expressed greatest interest in learning about saving money and avoiding costs for the buildings they manage. When asked via poll to identify their biggest pain points, they chose repairs and maintenance as their primary concern (at almost 44%), followed by building tech (IoT) upgrades (37%). With regard to the importance of collecting data, 38% responded, “to learn how to make buildings more sustainable (smart lighting, HVAC),” followed by 33% saying it was important for “gaining insight into property enhancement needs (repairs, upgrades).” The majority (almost 67%) said they currently collect data from any sort of IoT-connected device from HVAC systems. 61% responded that they haven’t yet used data analytics from any IoT-connected devices to save time or avoid costs in any of their properties, while 38% said yes, they collect data for the purpose of saving money. Tips from IoT experts The webinar hosts focused on the key benefits of data including helping property managers create standards and processes, improve visibility and productivity and save costs. Tip 1: use data to create goals and processes Connected building tech delivers data across locations and enables you to compare analytics from equipment and systems in multiple locations. You can leverage the data gathered to create new standards and goals for underperforming buildings and make adjustments to improve processes and efficiency to meet those goals. Tip 2: use data to avoid downtime Smart building tech gives you near real-time data so you can manage equipment alerts, make proactive maintenance plans and schedule necessary replacements to avoid downtime in your buildings. Keeping your buildings operating at peak efficiency with strategic maintenance not only extends equipment life but also keeps tenants comfortable and happy. Tip 3: use data to reallocate budget When it comes to spending, data will guide you in these key ways to make the right decisions for the best results: Evaluate: use of resources and equipment, occupancy patterns, changes in staff responsibilities Look: for energy and cost savings opportunities based on data gathered Implement: changes in your systems and processes to save costs Finding the right solution The industry has embraced a single technology platform solution as a best practice to consolidate your data for a single source of truth across your portfolio. You can maintain peak performance while improving tenant experience by automating preventive maintenance, property inspections and work order management. Ready to gain management level oversight of maintenance across your properties and connect tenants, technicians and vendors on a fully integrated platform that gives you actionable analytics? Learn more about Yardi Facility...
Watch Now!
Watercrest Senior Living Testimonial
Eager to spend less time on manual processes and more time serving senior living residents? In the words of Joanie Williams, principal and chief financial officer at Watercrest Senior Living, “You need a system like Yardi.” That quote comes from our brand-new testimonial video which you guessed it, features Joanie Williams speaking about Watercrest’s successes with the Yardi Senior Living Suite. It’s a quick, informative video — only two minutes — so watch now to see Watercrest’s successes for yourself. How Watercrest Senior Living thrives with Yardi With communities across independent living, assisted living and memory care, Watercrest Senior Living puts its focus on enhancing resident lives. That’s achieved with help from the Yardi Senior Living Suite, which replaces time-consuming tasks with integrated, automated workflows that allow Watercrest’s staff to shift their time toward what matters most — residents. “There’s huge value because everything talks to one another, everything’s integrated,” shares Joanie in her testimonial. To tease the video further, Joanie explains how that integration made Yardi stand out when it came time to select a technology partner — describing the choice as a “no-brainer.” She shares that when staff aren’t tied to manually building reports or inputting data, thanks to a platform that readily updates and centralizes information in one secure place, they can spend more time helping residents. And at the end of the day, that’s what Watercrest is empowered to do. With hours gained back from using Yardi software, time is now devoted to “making a better experience for our residents, and our associates,” notes Joanie. We could tease the video further, but hearing directly from Watercrest is most impactful. Watch the two-minute video for more insights from Joanie. More on the Yardi Senior Living Suite...
Student Housing Stands Out
Yardi Matrix Webinar Recap
As the student housing sector continues to outperform other real estate classes during a time of economic uncertainty, tailwinds from the multifamily market and consolidation of the higher education landscape are driving strong performance. Those were two key takeaways from the latest Yardi Matrix market update, which took place this week and featured insights from Jeff Adler, vice president of Yardi Matrix, and Ron Brock, industry principal. If you missed the webinar, a session recording and the presentation deck is available now. Student housing demonstrated record preleasing as of March, with rent growth averaging 7 percent across all university types tracked by Matrix. Less expensive unit types, such as 3-bedrooms, are picking up a higher share of the preleasing inventory, indicating that more students than ever are returning to campus post-pandemic. “From an operations standpoint, preleasing season has crushed it this year,” Adler stated. “Fundamentals seem to be tied to increasing enrollment at the most competitive schools, which are the winners in the ongoing consolidation of the higher education system.” The Yardi Matrix student housing data set includes over 1.3 million beds at 2,500 universities and colleges nationwide, including the top 200 investment grade universities across all major collegiate conferences. Known as the “Yardi 200,” it includes all Power 5 conferences as well as Carnegie R1 and R2 universities. The top 50 largest universities are forecasted to have the most enrollment growth over the next five years, confirming consolidation of the higher education space. Adler began forecasting the anticipated consolidation in a Fall 2021 webinar and the trend continues to evolve, but is reflected in high demand for preleasing at colleges in urban areas and with multifamily shadow markets. In a notable demonstration of the trend, Southeastern Conference (SEC) schools logged the most annual rent growth of any Yardi 200 conference at 11 percent. “This is influenced by significant run ups in rents in the conventional multifamily sector – in and around the cities where the SEC schools are located,” noted Adler. “The tailwind coming from the multifamily sector has a significant effect on operating results.” That includes schools like the University of Arkansas, University of Mississippi and University of Tennessee, which were among the top performers for rent growth and preleasing growth over the last quarter. Other key takeaways from the presentation included: Deliveries of new student housing stock dipped in 2022 but are expected to rebound this year. Transaction activity has slowed due to higher interest rates. Investors backed off of purchases dramatically in Q1 2023, with only $148 million in sales completed, down substantially from the $1.5 billion recorded in the first quarter of 2022. Significant development and transaction activity may not take place until 2025/2026 after the economy improves and interest rates are lower. California is not the only state experiencing significant shortages in student housing. That’s also taking place in Florida (Florida Atlantic University, Florida A&M), at the University of Arkansas, the University of Tennessee and the University of Cincinnati. Florida is a hot spot for student housing development, with over 12,000 bedrooms under construction around four universities. Bottom line, the student housing sector is one of the hospitable places for investors these days, even with the economy in flux. “Student housing is in the best position compared to other real estate asset types because of continued high performance,” Adler said. “There are multiple paths for investment in student housing, there isn’t just one way to succeed.” Learn more about the student housing market conditions from the latest Yardi Matrix National Student Housing report, released...
Document Management Musts
Five Features You Need
You’re likely familiar with the challenges of managing documents across your business, both for your staff and external users. A few of these challenges include maintaining consistent folder structures, managing security and permissions, integrating content and users, finding documents quickly and tracking multiple versions over time. You can overcome these challenges by storing and sharing content in a unified system that leverages SharePoint and the cloud. Even better is a solution that integrates with your property management platform for a single source of truth. Centralizing key documents and enterprise information in a secure, mobile-enabled system will help you increase communication and productivity across your business. Read on to learn five big benefits of a full-featured document storage platform. Five features to look for in a document management solution 1: Searchability Finding documents using native SharePoint functions is even more effective when coupled with AI meta data tagging. Adding OCR (Optical Character Recognition) capabilities that convert images of text into a machine-readable text format will make your search for elusive documents even more powerful, giving you the ability to look for keywords within a document. 2: Findability Organization for your documents is key. Implement a taxonomy with a uniform structure that makes it supremely easy to locate documents. Automation will ensure consistency and maintenance of your folder structures. Just as going to a big box store at any location in any state will give you the same layout and experience, a taxonomy that consistently organizes your documents to ensure a familiar experience makes information easy to find. 3: Scalability Without a document management system, managing information across an organization is a laborious undertaking. With an automated solution, it’s easy to maintain taxonomy and security for your documents on a large scale. Automation organizes your documents within hours, and when integrated with Yardi Voyager, you can access documents from a single source of truth. 4: Integration With seamless integration of your document management system with your Voyager property management system and other Yardi platforms (including Yardi Elevate, CommercialCafe and VendorCafe) it’s easier for approved users inside and outside your organization to upload files. Security is managed in Voyager. Depending on the outside user, such as a vendor, when they upload documents they will not be aware that the files are stored in SharePoint behind the scenes. Inside your organization, users will be able to interact with the files in a SharePoint setting where they can leverage all of its features. 5: Compliance Laws and regulations are changing to require less paper and accept more digital documents. Maintaining compliance and security in this evolving digital environment is a necessity. Document management in SharePoint has many features for compliance including retention policies, workflows and the ability to integrate with third-party tools such as DocuSign to meet regulations. Ready for scalable enterprise content management that delivers a single source of truth across your business? Yardi has a solution that enables you to take advantage of all the great features listed above. Join a Yardi Document Management for SharePoint webinar or learn...
Interoperability In Senior Living
Meet Yardi EHR!
Ready to succeed with an interoperable platform for senior living? Our newest infographic shares how you can optimize connections, streamline workflows and maximize resident safety with Yardi EHR, our interoperable electronic health record solution designed for senior living. With verified interface partners, Yardi EHR securely collects and transfers resident data around the clock. Defining interoperability Interoperability allows information systems to seamlessly exchange data with one another. In senior living, interoperable EHRs help operators: Access real-time health information Save time across teams Eliminate data-entry errors Support resident safety Enhance operations and care Connect the entire care team in and out of the community How do EHRs differ from EMRs? Familiar with EHRs, not EMRs? Or vice versa? Here’s the difference between the two: An EHR (electronic health record) such as Yardi EHR is a digital record of a resident’s chart — plus much more — stored in a dynamic online platform. EHRs connect all aspects of care by allowing multiple providers to access real-time resident data, submit updates and communicate from anywhere. An EMR (electronic medical record), on the other hand, is a digital record of a resident’s chart stored in a computer and accessible by a single provider. Interoperability in action Taking a look at exactly how things work with Yardi EHR, this full-service solution channels interoperability through verified interface partners. Not only does data automatically flow to and from Yardi EHR, support teams actively monitor to ensure the highest level of accuracy — equipping you to deliver the best care. Explore Yardi EHR interface partners You can connect Yardi EHR to all outside providers, HIEs and health systems via Kno2, a health information platform that offers access to unlimited cloud faxing, direct secure messaging and referral networks. Depending on your license, additional features available may include Kno2-to-Kno2 messaging, online identify verification, Kno2 and national provider directories, message handling, unstructured document QC tools, configuration/interoperability settings, third-party and esign connector capabilities, third-party proprietary referral network connections, HIE connector (submission only, or submission & query), Kno2 Conversations, query initiator/respond and 360X. Onto the next interface partner: You can instantly transfer EMR data — captured from supported equipment — to Yardi EHR through DS smart, a simplified connectivity solution built to capture, protect and connect resident information. Learn more about what’s possible with DS smart. Note that Yardi EHR supports a wide variety of additional health interfaces including a nurse call system, dietary management platform, infection control solution and more. Learn more about Yardi EHR We encourage you to learn more by exploring all Yardi EHR interface partners. Want a more detailed tour of Yardi EHR? Head to the infographic and select “get in touch” to schedule a personalized...
Exceptional Events
Conference and tradeshow best practices
Event and conference season is charged with fresh energy for 2023. With so many conferences to attend and/or host, decisions must be made on which are the most important. Whether attending several or just one, the same rules apply to all. Here are some do’s and don’ts to remember at your next conference. DO: Take many notes. Come prepared with a pen and a journal or smart tablet. Be ready to write anything that you think is important. Repeated information is essential, so write it down. Explore the floor. Many conferences have an exhibition hall with vendors showcasing products or services. Explore the opportunities for products or services you didn’t know existed and won’t know until you see a live demonstration. Network. Conferences are an excellent networking opportunity. Sit with new people when you can. Attend different sessions when possible. It’s best not to repeat the same things if you want the most out of any conference, and yes, that includes hanging out with the same people you see every day. This is your chance to learn from other professionals in your field and gain fresh perspectives. Also, ensure you have plenty of business cards. It leaves a good impression and conveys that you are open to communication once the conference ends. Capture memories. A great way to remember conferences is to take pictures. Pictures are a great way to show appreciation to the conference group by tagging quality photos on social media. However, when attending conferences, pictures can be a tricky task to accomplish. Keep in mind the position of the camera when taking pictures. Keep the camera vertically if you want to post to social media, particularly on live stories. If you are taking a group picture, keep the camera horizontal. You...
Sustainability for All
Simple Earth-friendly Living
Green is always good. Every action taken throughout the day has an impact on the planet. Here are some simple tips to be sustainable in everyday life, which are tremendous ways to become more eco-friendly. Eat more greens. Everyone wants healthy longevity, and eating more plants is how to get there. Going vegan overnight is impossible, but gradually incorporating at least two or three days of meatless meals can make a difference. Half of the world’s habitual land is used for agriculture, which only gives the world 18% of global calories. It releases most land use, cattle methane emissions, manure management, and fertilizer use. Reduce your carbon footprint by eating more plant-based foods like tofu, beans, nuts, and foods with the lowest environmental impact, like whole grains, olive oil, fruits, and vegetables. You can now find more sustainable wine and beer using organic farming and zero-waste commitments. Sustainable foods are local, seasonal foods grown without hazardous pesticides and chemicals and support the local economy, which offers jobs and builds stronger communities. Save water. Agriculture also requires much freshwater, which can cause significant environmental pressures in regions with water restrictions. Saving water is another effective way to reduce electricity use, greenhouse gas emissions, and other energy-intensive operations. For example, try at home to only run the dishwasher with a full load and the same with full loads of clothes in the washer. Reuse water by keeping some buckets outside to catch rainwater and use them to water plants in the coming days. Cold showers use less energy, and thanks to Wim Hof Method, so has cold therapy, which gives the body immense health benefits. Recycle. Depending on where you live, recycling options will vary and programs may be more comprehensive in some states or cities than elsewhere. Try to separate trash and follow the local recycling guidelines. Reuse items as often as possible before throwing them out. Sustainable reusables. 50% of all plastic produced is for single-use purposes. As a result, 10 million tons of plastic are dumped in oceans annually. Using so much single-use plastic is entirely unnecessary when there are many sustainable alternatives. Reduce trash by being more conscious of consumption and waste patterns. For example, consider getting reusable water bottles instead of multiple plastic bottles, reusable utensils, and containers. Always remember to bring your reusable tote bags for groceries. Since the spring holiday, Easter, is coming up, skip the plastic grass for the baskets and opt for some Spanish moss or other biodegradable grass or crinkled paper. Plastic grass lasts forever in the environment, not to mention it’s dangerous for pets that might get ahold of a basket. Eco-friendly cleaning. Let’s face it, home cleaning product chemicals are terrible for the environment and your body. By choosing eco-friendly cleaning products, you will reduce the amount of plastic packaging used and the number of chemicals that flow into the oceans. Vinegar is a pantry cleaning staple known to cut grease and dissolve hard water stains. If the smell is too much for some, add some essential oils, such as lavender, pine, or lemon balm. Pine and lemon oils are great alternatives for floor cleaners which is how Pine Sol was created in the early 1900s. Baking soda is an eco-friendly product with many benefits. Sprinkle it directly on hard surfaces that need extra stain removal. Baking soda can also absorb odors. Use it in the refrigerator, freshen mattresses, pet beds, and shoes, and it can even be added to the wash and rinse cycle to deodorize clothing. Vinegar and baking soda, together, will go a long way when cleaning bathroom tubs, sinks, kitchen appliances, and faucets. Laundry soaps are terrible for the oceans. Tide now has an eco-friendly laundry detergent that contains 75% plant-based ingredients. In addition, the formula is free of dyes, chlorine, and optical brighteners and is produced at a zero-waste-to-landfill manufacturing site using 100% renewable...
The Nature Conservancy of Canada
Building a thriving world
Happy Earth Day! Among Yardi’s philanthropic priorities is supporting organizations that protect endangered wildlands and habitats. The Nature Conservancy of Canada (NCC) is Canada’s unifying force for nature, working to deliver large-scale permanent land conservation. Established in 1962 in Toronto and Ontario, Canada, they have helped protect more than 15 million hectares nationwide. NCC manages nature long-term through donations, purchases, and conservation agreements. When habitats are integrated and connected, and entire natural systems are conserved, nature can better deliver essential services that support life. “By connecting landscapes that provide nature-based solutions, we’re taking care of places that clean our water, purify our air, absorb and store carbon, and support food security,” said Naomi Heller, senior development officer, and corporate development at NCC. Protecting connected habitats also supports the species that live there, including close to one-third of Canada’s species at risk. As the leading conservation organization, NCC has a unique opportunity to contribute the skills acquired to assist Indigenous communities and nations in achieving their conservation and stewardship goals. “With nature, we are building a thriving world,” enthused Heller. NCC is in year two of its eight-year strategic plan, which will mobilize Canadians to accelerate conservation, doubling its impact by 2030. “Major components of this plan include conserving an additional 1M hectares, being a key partner and ally to Indigenous Peoples through conservation, unlocking solutions to support Canada’s 30X30 targets, and growing our community of supporters to 1 million,” Heller said. NCC plans to prioritize activities that drive these objectives, including evolving culture to foster organizational alignment, integrating marketing and fundraising across NCC to grow revenue, accelerating conservation through innovation and technology, and optimizing delivery through strategic partnerships. Conserving the Boreal Wildlands Yardi’s class-leading investment helped contribute to and close the most significant conservation project in Canadian history—the Boreal Wildlands in northern Ontario. With Yardi’s help in 2022, NCC acquired the 145,000-hectare/350,000-acre property to protect it from future development. Conservation work at this scale is urgently needed worldwide to help respond to the twin crises of biodiversity loss and climate change. “In the time since we purchased the Boreal Wildlands property in 2022, NCC’s conservation staff have been collecting data about species on the property using various methods,” shared Heller. “On-site visits, trail cameras, and even helicopter monitoring have revealed mink, fisher, lynx, wolves, otters, and many moose traversing the property’s forests and peatlands, not to mention a plethora of songbirds both seen and heard.” The Boreal Forest is known as North America’s songbird nursery. Attracted by its plentiful food during the summer months, many species of warblers, sparrows, thrushes, and more return here every year to breed. The Boreal Wildlands property will help nurture these populations in the future. In addition, landscape protection secures species at risk and ensures ongoing carbon absorption. “The entire team at NCC is grateful to Yardi for taking a leadership position for conservation in Canada and being a key partner to the organization. Yardi’s investment in protecting nature has a strong and measurable impact on mitigating climate change and biodiversity loss,” shared Heller. In addition, Yardi’s funds will also help NCC manage the property in the future. NCC’s team is already at work on the ground documenting the many species of animals and plants that call this site home. This information will help NCC develop a management plan to maximize the site’s biodiversity values and ecological services. Ongoing volunteer opportunities Grasslands are one of the world’s most critical landscapes. Prairie regions in North America contain some of the last intact grasslands, which are under severe threat. The grasslands absorb vast volumes of carbon and are home to many at-risk species. In June this year, NCC will launch a campaign to protect 500,000 hectares / 1.2M acres of this vital landscape by 2030. NCC regularly hosts free, public volunteer events across the country between May and September, which can be accessed here. No time...