New energy benchmarking and reporting requirements requiring use of ENERGY STAR® Portfolio Manager are soon going into effect as cities, counties and states in North America work to reduce environmentally harmful emissions and combat global warming. Examples include: Montreal, QC. A city bylaw supporting the Climate Plan’s goal to become carbon neutral by 2050 requires owners of large buildings to disclose the sources and amounts of energy their buildings use. This information will help the city understand greenhouse gas emissions from its commercial, institutional and large multi-unit residential sectors and develop programs to improve buildings’ energy performance. The bylaw went into force this year for any building with a floor area of at least 15,000 square meters that is not exclusively residential and for any city-owned building of 2,000 square meters or more. The bylaw’s criteria will expand in 2023 and 2024. The program will “reduce buildings’ energy costs by improving energy consumption [and] show that Montreal building owners are leaders in energy transition, a major competitive advantage in the real estate sector,” the city says. Honolulu County, Hawai’i. An ordinance enacted in July established a Better Buildings Benchmarking program that requires large commercial and multifamily buildings in Honolulu County, which encompasses the island of O’ahu, to benchmark and report their energy and water usage annually. The requirement begins in June 2023 for buildings 100,000 square feet and larger, then phases in smaller buildings over 2024 and 2025 as part of a goal to achieve net negative emissions by 2045. With the building sector accounting for about one-third of O’ahu’s greenhouse gas emissions, “this benchmarking program is expected to reduce the electricity consumption of large buildings by nearly 7% by 2030 and curb greenhouse emissions on the island,” according to the county’s website. New Jersey. Under a state law enacted in 2018, commercial buildings over 25,000 square feet will be required to benchmark their energy and water usage annually. The deadline for initial reporting, using data from the 2022 calendar year, is Oct. 23, 2023. This action is “critical to increasing the transparency of this usage and consumption and to promoting market-driven increases in energy efficiency. It also elevates the public’s understanding of energy usage, allowing consumers to make well-informed decisions,” according to New Jersey’s Clean Energy Program. Yardi, the 2022 ENERGY STAR® Partner of the Year Sustained Excellence Award winner, helps hundreds of commercial building operators across North America benchmark energy and water in thousands of buildings annually. See how Yardi Pulse Energy Benchmarking simplifies ENERGY STAR data collection, reporting and certifications. The Yardi Energy team stands ready to help building owners benefit from the industry’s most advanced energy management technology and stay up to date on evolving reporting...

We always keep an eye out for unique initiatives driven by our senior living clients. Lucky for us, those are never in short supply! Today we’re featuring an inspiring program created by Pacifica Senior Living, Tech Tuesdays, which aims to help residents navigate technology (and find enjoyment through it, too). Pacifica shared an entire blog post with all the details, but see below for a highlight:   Pacifica’s Tech Tuesdays   As Pacifica says, the world of technology is constantly growing. Seniors are exposed to more and more systems used to complete daily tasks, communicate with others and even find entertainment.  That’s why Pacifica devotes Tuesdays to helping residents with any and all technology tasks, from operating video chats to social media platforms and telehealth visits. Another main driver for the program — Tech Tuesdays — is to help seniors learn the ins and outs of technology in an unintimidating environment. Residents are offered support with platforms like Zoom, Facetime and more. In addition to assisting seniors with tech-related needs, Pacifica also encourages residents to find the fun in technology. Wii bowling, virtual reality adventures, you name it — residents have varying entertainment options each week. So for Pacifica residents who may not feel tech savvy, this program offers an opportunity to learn something new, all while bonding with fellow residents and staff. How neat is that? Read more on Pacifica’s Tech Tuesdays. Learn about Pacifica Pacifica Senior Living builds their communities with residents’ lifestyles in mind. Offering personalized plans for each senior that comes through the door, Pacifica takes a customizable approach to care with options in independent living, assisted living and memory care. We’re proud to help Pacifica serve residents with our senior living solutions, including resident-facing platforms like RentCafe Senior Living. Learn more about how Yardi technology serves operators and their residents. Once again, shout out to Pacifica for their endearing program that helps residents live their best lives. Get more details on Pacifica’s Tech...

When it comes to turning net zero aspirations into real world action, the devil is in the detail – and the only way to the detail is with data. This is just one of the key takeaways from the latest episode of Yardi Proptech Insights. If proptech is about solving business problems, then one real estate’s biggest problems is its carbon footprint. Real estate has a responsibility to decarbonise, as around 40% of the world’s emissions come from buildings. Many of the world’s largest real estate companies have set net zero targets; S&P Global puts the figure at 43 percent. More than a fifth of the world’s 2,000 biggest publicly traded firms – all of them corporate occupiers – have also set net zero targets and are scrutinising their real estate footprints. Su Lin Wee, PGIM Real Estate’s Head of Asset Management for Southeast Asia, recently joined host Bernie Devine, senior director, Yardi APAC, to share an investor’s perspective on the power of proptech to transform net zero aspiration into action. PGIM Real Estate, which has around US$7.9 billion of assets under management in six Asia Pacific countries, has tracked and reported annual carbon emissions reductions since 2008. In 2021, PGIM Real Estate set a net zero operations target by 2050, aligned with the Urban Land Institute’s Greenprint Center for Building Performance Net Zero Carbon goal. Setting a target is a laudable demonstration of leadership, Devine noted. But how do real estate companies separate the green from the greenwash? “The devil is in the detail,” Wee observed. Emissions reductions must be found at the “individual asset” level, which is why “asset management is the space to watch.” “Small incremental improvements” will add up to big impact, Wee added. “It will come down to the small multi-family project in Osaka, the logistics property in China. It all adds up. The sum of the parts will form the whole.” Su Lin pointed to one recent PGIM Real Estate project to understand the embodied carbon footprint of an existing asset in Singapore. “We had to estimate what the embodied carbon of the building was from Day One, the energy consumption from Day One, we had to measure the volume of all the materials… the work took a lot of time and required a lot of data.” Timely and reliable data must be at the heart of any net zero target, Bernie added. While some data points are within easy reach, others remain elusive. When it comes to ESG – environment, social and governance – the “E of environment and energy is easily measured and managed,” Devine observed. But measuring broader social and governance factors remain “quite challenging”. “Energy is clearly about money and connects to financial processes,” Devine said. This makes it easier to capture data and automate process. “But connecting S and G to business ROI is much harder. This, in turn, makes it much harder to translate into process, and therefore automate.” The ESG challenge may be enormous. But one proptech idea “doesn’t need to solve every problem in the value chain,” Wee advised. So what are the best proptech solutions to zero in on net zero? In Wee’s experience, proptech solutions that add the most value are those “which can be explained in less than 30 seconds,” Check out the latest episode of Yardi’s Proptech Insights series or register for our next...

Moving To Work (MTW) was a groundbreaking policy moment for HUD in 1996. Through MTW, HUD selected a small group (or cohort) of public housing agencies (PHAs) for the chance to create their own programs using HUD money. Gabrielle Van Horn speaks at NAHRO last month. The only caveat to these MTW programs was the they must accomplish specific goals set by HUD, including: Finding better ways to use federal funds with emphasis on reducing costs and improving effectiveness and availability of servicesHelping households improve economic self-sufficiency through incentives for participation in job training, education or job search activitiesIncreasing the availability and selection of housing resources for low-income households As a Demonstration Program, HUD share successes and challenges that each PHA participating in MTW experiences. So, MTW is not just a chance for PHAs to help their local communities, but also help other PHAs craft programs that may work elsewhere. MTW’s recent expansion is an opportunity for more agencies to participate in creating and testing innovative housing policies that can revolutionize the subsidized housing industry. That makes this a great time to check in with Gabrielle Van Horn, director of PHA support for Yardi, to get her perspective on MTW’s history and future. Gabrielle, tell us about Yardi’s first involvement with MTW. Our experience goes back more than two decades, all the way back to 2000. From the beginning, we’ve had MTW clients working with programs falling under the categories of administrative efficiencies, rent reform, work requirements and incentive programs. Collaboration with our customers in program design and our working experience with HUD programs have helped make our customers’ visions come to life. Yardi is honored to partner with some of the most progressive agencies in the country. About half of the original MTW agencies are Yardi clients, so we were well positioned to work on the expansion phase of MTW. We have clients in each cohort. We took the initiative to engage with them as soon as possible so that we could support their newly designed programs and make sure they could track data for accounting, household demographics, changes in income and other key information. How does Yardi help track control groups? To me, HUD’s requirement of control groups is one of most interesting components of the MTW Expansion guidelines. Control group data can be quite helpful in testing program design. Tracking non-participating households alongside those that are part of MTW designed programs makes it possible to prove the effectiveness of locally designed programs. That proof will go a long way in the future of public policy design. That’s why Yardi has ensured that control group tracking is a key component of our custom programming for MTW Expansion rent reform clients. Can you give us an update on how Yardi is supporting MTW Expansion 50058s? This is a new 50058 form and a new file format. We’ll be using new technology to submit these 50058s to HUD to HIP (Housing Information Portal). We have been testing and providing feedback to HUD since they first opened their original testing site to vendors. As soon as HUD is ready, we’ll have the interfaces in place to submit them electronically. One of the greatest benefits of having a longstanding relationship with HUD is the trust that we are doing our part. That means that our clients feel comfortable and confident knowing we have designed features that will reflect their vision and meet HUD’s compliance requirements. What do you think is the most exciting cohort? I am very excited about the Landlord Incentives cohort. Finding ways to make the program more appealing to landlords is critical to the future of the Housing Choice Voucher program. Are you prepared for the next MTW cohort? Yes. We have a team of programmers and support staff ready for the next programs that come from our clients. But, here’s an even better question: is the next...

The Yardi Matrix team continues to be bullish on the student housing sector following another stellar quarter of performance in Q3 2022. Jeff Adler, vice president of Yardi Matrix, delivered a glowing report card for student housing during a webinar last week. You can listen to the full recording here. “The sector is a great place to be over the next several years,” Adler said. “If you look across the entire landscape of asset types, student housing is extremely well positioned with exceptional offensive characteristics, as well as this gap between multifamily and student housing rents.” The gap means that there is a meaningful opportunity for additional student housing rent growth, particularly in urban markets, Adler explained. Multifamily rents jumped during the pandemic recovery, while student housing rent increases have not been as steep. According to the latest National Student Housing report: “The impact of multifamily rent trends on student housing will be stronger in university areas with a prominent shadow market, given the availability of options within a close radius.” Key highlights from Q3 performance include: Record-preleasing in advance of the 2022/23 school year, at 96.6 percent which was 2.3 percent higher than last yearPer-bedroom rents are 4.1 percent higher than a year ago, averaging $789 as of Sept. 2022Top tier universities received a surge in applicant interest and enrollment; however, less selective schools are struggling and there is an overall decrease in total students enrolledDeliveries of new student housing properties surged in 2022 These data points and many more are found in the new quarterly National Student Housing Report. The pace of preleasing was faster for selective universities with higher enrollment. But positive performance was widespread among university types across the country. Twelve universities had double-digit growth in pre-leasing levels in September compared to 2021, with Washington State University (18.9 percent growth) and the University of Houston (16.4 percent) topping the list. At some popular schools with growing enrollments, available student housing supply hasn’t been sufficient to house the incoming class. A problem that used to be unique to California schools has now become more widespread. Elevated investment activity continues despite rising interest rates, and the new-supply pipeline is robust. Nearly 45,000 new student housing bedrooms were delivered in 2022, accounting for 5.3 percent of Yardi Matrix-tracked housing stock. Matrix tracks 1.17 million off-campus student housing bedrooms at 2,065 properties across the...

Earlier this year, Yardi began a new initiative in the UK called Yardi RISE. Fay Chester, regional director, and Amber Crighton, event planner, wanted to create a new event for women at Yardi to network, inspire and empower each other. The event focuses on four pillars: R – RecogniseDiscussing things that affect women in the workplace, such as health (e.g., menopause, pregnancy and more). I – InspireCelebrating each other’s successes and learning from one another as tech is still a male-dominated industry. These events can help inspire people who are new in their careers and want to work their way up the ladder. S – ShowcaseWhat opportunities are there that women can get involved with, e.g., events, speaking panels, mentoring opportunities etc. E – EmpowerSupporting, encouraging and challenging ourselves and one another, whilst being able to talk freely in a non-judgmental space. For the first event, we hosted one session in London and one in our UK head office in Milton Keynes with guest speakers, Hannah Marsh, co-founder of HomeViews and Margaret Sweeney, executive director and chief executive officer for IRES REIT. These first sessions focused on careers and we began the session by introducing ourselves, our role at Yardi and who inspires us. Our guest speakers then presented and gave advice on how they became successful women in real estate. Hannah Marsh went first and opened up by stating, “I had no idea what to do with my career once I graduated and now, I’m a co-founder at HomeViews and an entrepreneur. Honestly, I still don’t know what to do with my career but I don’t think it matters. I don’t know what the next 20 years are going to offer me, but you need to take ownership of your career and not wait for something to happen. Make decisions for yourself and not what people believe is the right career for you as they will always put a label on you.” Marsh gave eight tips for women in real estate – Put yourself forward and compete – make sure you have a voice and put yourself out there Be credible – do your research before a meeting but remember it’s okay to learn as you go Be visible – put your hand up and get yourself seen Relationships matter – people will want to do business with you when they like you Don’t assume you’re being treated fairly – ask questions and don’t be afraid to challenge When you no longer get nervous, it might be time to move on – if you’re not excited about what you’re working on or get a buzz from a project, you need to start asking for more Trust your voice and instincts As you manage and lead, give your team the opportunities to shine Marsh showed us how it doesn’t matter if you’re unsure of where you want your career to go, but make sure you do something that makes you passionate and inspires you. Don’t be afraid to have your voice heard and it’s the relationships you make along the way that help you grow and allow you to nurture your teams as you start to lead. Margaret Sweeney opened her session by expressing that her first ambition in life was to be a teacher, however, she pivoted into a BCOMM degree to give herself more options in her career. She always believed it was better to choose something that would allow her to have options, but nowadays thanks to technology there are more jobs available which makes the world of real estate more exciting. Sweeney’s advice to the group were the 6 C’s – Confidence – having self-assurance – be confident in yourself and try not to overanalyse everything. Only analyse why you should get the job, not why you shouldn’t get it. Communication – Always use your voice. Organisations and companies are structured around organisation models that...

Have you read about the Best of the Best Awards — an initiative spearheaded by Argentum? The awards recognize innovative new programs in senior living and you guessed it, the 2022 winners are in! We’re pleased to recognize Benchmark Senior Living and Senior Lifestyle (our wonderful Yardi senior living clients), for earning a place on the Best of the Best list. Read on to learn about their award-winning programs. About Argentum Best of the Best Awards Released in a recent edition of Argentum’s Senior Living Executive resource, the Best of the Best Awards recognize programs, products and services that are improving the future of senior living. More specifically, those that solve a particular challenge or advance excellence in the industry. A total of six senior living organizations were recognized by Argentum this year, including Benchmark Senior Living and Senior Lifestyle. Award winner: Benchmark Senior Living Need inspiration for your onboarding department? Look no further! Benchmark Senior Living earned a place on the Best of the Best list for their Virtual General Orientation program, a hybrid learning model in which in-person instruction supplements online sessions. The program is offered weekly for new hires across the company. According to Benchmark, a key benefit of the program is time savings. To accommodate new hires before, staff members often spent hours planning and delivering live programming, which took time away from other pressing initiatives. With the new-and-improved blend of virtual and in-person onboarding, Benchmark now saves over 500 hours of staff labor each week. The program also helps Benchmark ensure their onboarding content is consistent across time and location, and gives new hires the opportunity to engage with staff from other communities in a virtual setting. Read more about Benchmark’s Virtual General Orientation program. Award winner: Senior Lifestyle In an effort to enhance diversity efforts, Senior Lifestyle launched their Better Together initiative — the program that earned their place on the Argentum Best of the Best list. Better Together includes educational programs that showcase diverse individuals, holidays and cultures each month within Senior Lifestyle communities. And to create the themes for each month-long program, Senior Lifestyle brought together community leaders and residents for brainstorming sessions. This resulted in creative ideas like a monthly calendar equipped with resources, games and celebration ideas to accompany each theme. At its core, Better Together creates a space in which people of different backgrounds feel represented. What better way to improve the community experience for Senior Lifestyle staff and residents? Read more on Senior Lifestyle’s launch of Better Together.  Read more From us here at Yardi, congrats to both Benchmark Senior Living and Senior Lifestyle! We love celebrating your innovation and dedication to making the industry a better place. Be sure to explore Argentum’s Senior Living Executive resource for more on the Best of the Best Awards. If you’d like more information on how Yardi supports our senior living clients, read our Senior Living Suite infographic to start....

Real estate represents stability and remains a cornerstone investment option in an era of increasing economic uncertainty, according to the inaugural WMRE Institutional Investor Survey of real estate industry participants across the U.S. The survey was sponsored this year by Yardi and originally published by WMRE magazine. As a measure of the industry’s standing as an investment asset, more than 90% of respondents to the survey – which canvassed high-net-worth family advisors, private real estate investors, pension fund managers, institutional investors and life insurance companies – anticipate holding or increasing their real estate allocations. Just 7% anticipate that institutions will reduce such allocations. Instability in the stock and bond markets has spurred investors to value real estate for its status as a stable asset, a portfolio diversifier, a hedge against inflation and a steady source of income. “Real estate tends to be less volatile and more consistent” than stocks and many other assets, the report notes. Multifamily, industrial widely favored The survey also reveals institutional investors’ favored real estate markets, with multifamily (preferred by 67% of respondents), industrial (47%) and data centers (36%) leading the way. The $154.6 billion in multifamily sales in the first half of 2022 represented about 41% of all property transactions in that period, with industrial coming in second with $74.6 billion. The office and retail sectors were rated favorably by 14% and 12% of survey respondents, respectively, reflecting the reduced need for central physical work locations during the pandemic. Broadening geographic focus Whereas institutions traditionally favored the six gateway cities – San Francisco, Los Angeles, New York, Boston, Washington and Chicago – investment activity now encompasses some 25 other top markets, principally Sun Belt areas with more affordable living. Growing metros previously considered secondary, such as Phoenix, Seattle and Denver, are receiving more attention from investors. “What COVID did was really rip off the cover and accelerated the movement of … institutional money to those places where people were already moving,” Jeff Adler, vice president of Yardi Matrix, notes in the report. Investment tech’s role expands Although only 35% of survey respondents use an investment management system to calculate promotes, waterfalls and other structures, “a number of factors are driving technology further into the industry,” the report says, including growing demand from institutional clients for real-time data and analytics. This set of expectations has given rise to automated investment management systems that connect information from the asset level through the investment structure to the investment with a previously unattainable degree of efficiency. Other topics covered in the report include: Key factors that influence institutional investors’ allocations to real estate.The investment vehicles most and least in favor among real estate investment managers.Niches within the office world that are impressively outperforming the general office market.The annual rate of return that institutional investors seek from their real estate investments. Get details on these issues and more by downloading the full WMRE...