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 2021, Yardi offices supported more than 350 nonprofits worldwide. For the remainder of the year, we will be bringing you the stories of those organizations and insight into how they aid their communities. Today, we introduce you to the Midtown Assistance Center (MAC) of Atlanta. MAC is a non-profit that provides emergency assistance to low-income working people and helps avert homelessness and hunger. MAC is a small but mighty organization that specializes in preventing hunger and homelessness in 10 of the highest poverty zip codes in Atlanta. “MAC works fast, often making payments within days of request which is crucial to preventing evictions,” says Chris Ferguson, director of development for the organization. “We also prevent hunger through our food assistance program which includes our food pantry and grocery gift cards. We are excited to have a new partnership with DoorDash to provide free delivery of groceries to those we serve.” “We are excited to be able to expand our food assistance program and hope to continue to grow it. We want to do a better job of keeping in stock high-need (and often expensive) items in our food pantry like beef, deli meat, vegetable oil, and laundry detergent,” says Ferguson. “MAC also supports people who have new jobs or are returning to work. Providing MARTA (transit) passes helps them get to interviews and when hired, to work each day. The nonprofit also provides gift cards to stores for uniform items. The idea is to knock down any barriers that prevent someone from starting a new job.” Jonathan’s story “Given our longstanding status and reputation in the community, word of mouth is how a lot of people new to Atlanta hear about us,” says Ferguson. That is how Jonathan, who had been homeless, heard about MAC. He had recently moved from Philadelphia, thinking he would have a place to stay. It turned out that place was not a good environment for him as he worked to continue nine months of sobriety. Jonathan, reached out to MAC for help with MARTA (transit) passes, nonslip work shoes, black pants, and some hygiene products for a new job. “He filled out our paperwork and we turned around and provided him with three weeks of MARTA to get him to his first paycheck and a gift card to Walmart for his uniform. We also gave him deodorant, detergent, socks, underwear, and a bit of food to support his effort to keep the new job,” Ferguson said. “A week later, he was accepted to a housing program since he is now working full time. We will provide him with some cleaning supplies and food to stock up his pantry and fridge.” Thanks to MAC, Jonathan is on his way to a more stable, healthier life. Support from Yardi helps MAC’s mission “Yardi’s generosity is much appreciated,” says Ferguson. “MAC was able to respond to the surge in need at the end of 2021 thanks to Yardi’s donation. MAC continues to respond to the increased need in Atlanta caused by rising rents, inflation, and the lingering effect of the COVID-19.” “We are so appreciative of Stacy Sinatra and the whole nonprofit Committee for supporting our application.” How you can get involved “Lots of your neighbors are having a tough time right now and some might be at risk of eviction which does not typically fit into a stereotypical box. If you have the capacity to give, volunteer, etc. please do. If you need help, please reach out to wherever you feel comfortable. The generosity of the community is heartwarming,” shares Ferguson.  MAC relies on dozens of volunteers to accomplish its work in the community. “We need volunteers in the office during the week, which we know can...

It’s officially National Assisted Living Week (NALW), an annual celebration of those who reside, work and volunteer in assisted living communities across the United States. The commemoration is spearheaded by the National Center for Assisted Living (NCAL) and same as past years, we love spreading the word here on The Balance Sheet. If you haven’t heard about NALW, not to worry! We’re here to share the meaning behind it, this year’s theme and tips from NCAL on how to celebrate. Celebrating NALW 2022 NCAL does a fantastic job each year in providing resources — like their annual planning guide — to help communities maximize their National Assisted Living Week celebrations. And this year’s planning guide centers around the 2022 theme: joyful moments. The theme stems from the challenges the industry has faced in the past two years, serving as a reminder to find happiness, joy and fulfillment in life’s moments. Described by NCAL as “especially meaningful,” the theme encourages communities to engage residents and staff with moments of joy. Those moments can be sparked through a variety events and activities. Fortunately, NCAL is here to guide us with suggestions that not only create joy — but also adhere to COVID-19 infection control requirements to keep everyone safe. To name a few, NCAL suggests putting together: A slideshow of residents and staff doing activities that bring them happinessAn arts and crafts event utilizing joyful objects like flowersA virtual or outdoor exercise classA furry friends date, bringing animals in from a local shelterAn outdoor concert, dance, sing-along or even a silent disco As NCAL puts it, the possibilities are endless! The meaning behind NALW Established in 1995 by NCAL, National Assisted Living Week is a time for residents, their loved ones, staff, volunteers and local communities to recognize the role of assisted living in caring for America’s seniors, as well as individuals with disabilities. The annual observance encourages assisted living communities around the nation to host events that celebrate the individuals they serve, while educating members of the public about this important aspect of long term care. Learn more about NALW and ways to get involved. Spotlighting Yardi clients With NALW spanning from September 11-17, our senior living clients have started giving thanks and sharing their celebrations on social media. Be sure to check out posts from Maplewood Senior Living, Westmont Living and Nevada HAND — plus more! Join the #NALW conversation Whether you’re attending a NALW celebration or simply wish to bring awareness to the observance, use #NALW on social media! And from all of us at Yardi, happy NALW. We’re proud to highlight this year’s theme and extend our thanks to those across long term care for all that they...

Average apartment asking rents decreased for the first time in 2022, dropping by $1 to $1,718, according to the latest Yardi Matrix Multifamily Report. The anticipated slowdown is no surprise to analysts, who observe in the new report that the U.S. economy is starting to feel the effects of higher interest rates, while migration is slowing and affordability is affecting high-growth metros. “Rent growth tends to slow in the fall, but this year comes at the tail end of the unprecedented increases. The deceleration in August was strongest in many of the markets that have had the most growth over the past two years, a sign that affordability is becoming an issue,” states the report. It’s possible that deceleration could continue for the remainder of the year. Markets that have had the most growth over the past two years are seeing the strongest signs of affordability issues. Year-over-year rent growth dropped 7 to 8 percentage points over the last two months in Orlando (16.9 percent in August), Miami (16.7 percent) and Tampa (14 percent). The cooling housing market is a positive demand driver for multifamily, but inflation and a slowing job market are eroding residents’ ability to pay. Rent declines were concentrated in high-end Life- style properties. Lifestyle rent growth was negative in 21 of Yardi Matrix’s Top 30 metros. Overall, year-over-year growth decelerated by 170 basis points to 10.9 percent. Nationally, asking rents are up 6.6 percent year-to-date, higher than any year prior to 2021. The U.S. occupancy rate was steady at 96 percent. The single-family sector continues to mirror the activity in multifamily. The average single-family asking rent decreased by $2 in August to $2,090, while year-over-year growth dropped by 170 basis points to 9.5 percent. Learn more about the changing outlook for multifamily in the latest 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...

We hope you’ve enjoyed the 2022 Changemakers series, an annual collaboration between Yardi and Senior Housing News (SHN). As sponsor for the fourth year in a row, we’re honored to join SHN in spotlighting senior living leaders for the exceptional efforts and achievements — with this year’s Changemakers class totaling at 11 honorees. If you haven’t had the chance to explore the interviews with each honoree, you can find those here on The Balance Sheet. Each leader sat down with SHN to chat about their experiences in the industry and share their strategies for driving change. And to celebrate the series coming to an end, we have a new resource to share! SHN has published a 2022 Changemakers ebook, which showcases unseen excerpts from the interviews. Read on to download the ebook and access bonus advice from this year’s Changemakers. Changemakers series wraps up for 2022 In light of the series ending, we’re extending a final congratulations to our Yardi senior living clients recognized! These honorees embody what it means to be a Changemaker. Each and every one has forged a unique path within their organization, and they’ve shaped the industry into what it is today. A very warm congratulations to: Joel Nelson of LCSTana Gall of Merrill GardensTom Grape of Benchmark Senior LivingJim Coughlin and Wendy Nowkunski of Northbridge CompaniesJesse Marinko of Phoenix Senior LivingDale Watchowski of American HouseBryan McCaleb of Sagora Senior Living We applaud you all for earning a well-deserved place in the 2022 Changemakers class. Read this year’s ebook To hear extra insights from our clients above and the rest of the 2022 Changemakers, explore the SHN ebook. If you’d like to learn more about how our senior living management software supports providers, get in touch anytime....

Yardi is making a significant donation to help the Nature Conservancy of Canada (NCC) protect and care for the largest private conservation project in the country’s history – the Boreal Wildlands project in northern Ontario. The Yardi donation will help NCC permanently protect an area twice the size of the city of Toronto. NCC, which is dedicated to accelerating conservation, restoring ecosystems and caring for biodiversity, will execute the project in collaboration with communities, government, Indigenous Peoples and others. Boreal forests comprise coniferous and deciduous trees, as well as deep peatlands that counter global warming by removing and storing carbon dioxide from the atmosphere. Species at risk find safe haven among habitats in the project area that includes wetlands, more than 100 lakes and more than 1,300 kilometers of rivers and shoreline. “Thank you, Yardi, for funding the project and enabling us to purchase and protect more than 1,450 square kilometers of Boreal Wildlands for future generations,” said Catherine Grenier, NCC’s president and CEO. “Yardi commends NCC’s dedication to slowing climate change and is pleased to support the transformational Boreal Wildlands project, whose impact will extend far beyond Canada,” said Peter Altobelli, vice president and general manager of Yardi Canada Ltd. The Nature Conservancy of Canada is the country’s unifying force for nature. NCC seeks solutions to the twin crises of rapid biodiversity loss and climate change through large-scale, permanent land conservation. As a trusted partner, NCC works with people, communities, businesses and government to protect and care for our country’s most important natural areas. Since 1962, NCC has brought Canadians together to conserve and restore more than 15 million hectares. To learn more,...

Economic stressors and cranky consumers were a focus of the latest Yardi Matrix webinar, where Jeff Adler, vice president of Yardi Matrix, focused on the self storage market as well as presented a macro-economic outlook and honed in on the storage market for RVs and boats. The economic recovery from the pandemic essentially complete, return to normal doesn’t necessarily mean a rosy forecast for businesses hoping to keep growing. Adler predicted that a recession is definitely on the horizon by 2024. “The Fed is in a tightening cycle; they will continue to increase (interest) rates until they see clear evidence of decreasing inflation back to trend. Their goal is two percent. It’s very hard to get to that level given all of the stressors in the economy,” Adler stated. Those stressors include rising housing rents, which have created affordability issues in some markets; the labor market, which continues to be tight as 3-4 million workers have left the workforce; and inflation, a major source of stress for consumers. In August, multifamily asking rents dropped for the first time in 2022. The decrease was only by $1, but markets that saw the most heated growth during the pandemic, like Florida cities Orlando, Miami and Tampa, took harder hits. “You have a cranky consumer base facing all these stressors,” said Adler. Ongoing interest rate hikes are unlikely to buoy their spirits. Some gas price relief has helped a bit, though prices are still much higher than normal in many states. For the self storage sector, an outlier among real estate sectors with continually impressive performance throughout the pandemic, rents have finally stopped growing just in the last couple of months. Average U.S. street rates for 10X10 non-climate-controlled (NON CC) units remained at $132 in July, matching the all-time high set in June. “Self storage growth is moderating, and you can see it in street rate growth which has come down now sequentially,” Adler said. “There are some markets that are beginning to decline. Their occupancy is retreating which would tell us that the demand wave is also receding.” Major markets with the strongest recent self storage rate growth include Atlanta, Orlando, Miami and Tampa. Those that are seeing the largest asking rate declines are Portland, Philadelphia and Washington, D.C. Investment in the sector, which was historic in 2021, has now tempered. “From an equity standpoint, storage just crushed it in 2021, from a public REITs perspective. It has pulled back some in 2022, as one would expect. But it’s still performing quite well,” Adler said. Typical occupancy rates for storage in the 80-percentile range indicated robust performance. In the last two years, many markets have seen occupancy rates in the 90-percentile range. The webinar also covered trends in the niche storage area of RV and boat storage, which Adler will speak on this week at the annual Self Storage Association Fall conference in Las Vegas. Storing RV and boats accounts for three to five percent of the total storage market. “Demand has been surging, both because of the growing use of RVs and boats, and it’s hard to build (these facilities) in residential areas. The aging of the population means more people are buying these things,” Adler said. “I do think this is an interesting niche that’s earlier in development than existing consumer self-storage and that makes it an interesting opportunity for early-stage investors.” Learn more about the economic outlook, state of the self storage industry across the nation, and RV/boat storage investment opportunities in the Yardi Matrix webinar...

Before a majestic skyscraper, sleek office building or sturdy apartment complex takes its place on a city’s skyline, a structure currently occupying the space might have to be cleared out. In many cases that requires an explosive sequence that looks like an exercise in disarray but actually is a carefully calculated, prepared and controlled event. An old building is a candidate for demolition when it requires too much maintenance, contains dangerous materials or is otherwise unsafe. It’s fairly easy to level a five-story building using excavators and wrecking balls, but bringing down something on the scale of a 20-story skyscraper safely and efficiently requires an exquisite, fully planned explosive demolition involving “highly trained experts working with debris, weather conditions, materials, mass and physics,” says Irvine, Calif.-based BigRentz, the U.S.’s largest online construction equipment rental network. “Today’s technology can see skyscrapers fall from their stance in a matter of seconds, transforming the aesthetic of a landscape and allowing for new features to be constructed,” adds information source Live Science. Explosives comprise a compound or mixture of compounds that releases tremendous amounts of energy in the form of heat and gas when ignited. They include molecular explosives such as trinitrotoluene (TNT) and nitroglycerin, chemical explosives like dynamite (which includes nitroglycerin) and composite explosives that contain fuel, oxidizers and other self-explosive ingredients. When a building is surrounded by other structures, implosion – a collapse into the structure’s own footprint using explosive materials in a pre-determined, detailed sequence and detonating them at a pre-arranged time – is the method of choice. A series of small explosions, strategically placed within a structure, encourages a collapse by weakening or removing critical supports. Explosives on the lower floors then initiate a controlled collapse and the building fails under its own weight, creating a pile of rubble without damaging nearby buildings. The event is preceded by pre-blast structure surveys, blueprint examinations, 3D modeling, clearing of debris and hazardous materials, planning for vibration and blast control measures, weakening of the supporting columns with sledgehammers or steel-cutters, removal of non-load bearing walls, blast area security and warning methods for the safety of nearby people and structures, and the loading of the columns with explosives. Some demolitions take out the entire structure whereas selective demolition removes specific sections of a building while retaining the structure. This approach is favored for remodels, upgrades and extensions where recycling, reusing and a reduced environmental impact from demolition are a priority. “The violent blasts and billowing dust clouds may look chaotic, but a building implosion is actually one of the most precisely planned, delicately balanced engineering feats you’ll ever see,” says HowStuffWorks, another science information resource. In November 2020, the 540-foot Mina Plaza building in Abu Dhabi, United Arab Emirates, became the tallest building to be demolished using explosives, taking all of 10 seconds.  Construction is the fastest-growing segment for the explosives market in the U.S., which also encompasses transportation projects and other infrastructure activities. Mining interests favor explosives as a more versatile, time-saving and less expensive alternative to mechanical drills. The global industrial explosives market was valued at $7.1 billion in 2019 and is projected to reach $10.9 billion by 2027, according to Allied Market Research. “Demolitions are important to the growth a revitalization of our communities and are continually evolving to become more cost-effective, safe and environmentally friendly,” says BigRentz. Property owners can use Yardi Construction Manager to stay on time and on budget through every phase of a commercial real estate construction project – including...

The Yardi Advanced Solutions Conference (YASC) returned in person for the first time in three years. The sold-out event welcomes 3,000 Yardi clients in San Diego, Calif. for three days of learning, networking, exposure to exciting new technologies, and fun. Yardi president and founder Anant Yardi addressed attendees at the San Diego Convention Center, the first time YASC has utilized such a large venue for its general session gatherings. The host hotel for the event is the Manchester Grand Hyatt, where classes and Knowledge Center, a technology resource lab, are taking place. “It is just so exciting to have this conference in person once again after almost a three-year hiatus. Thank you for making the time to be here and to enjoy the atmosphere, the educational sessions and to network with each other,” Mr. Yardi said. Marking the company’s 40th anniversary, Mr. Yardi shared his perspective on the changes that the pandemic will bring to real estate holistically. The last two and a half years have been transformative for the industry. “For me, change is not a setback. It’s an opportunity to figure out how to respond to a theme such as the pandemic and the things that we see occurring around us,” Mr. Yardi said. Anticipating a coworking boom Those pandemic-prompted changes include the vast numbers of knowledge workers no longer working in offices full time, and residential shifts that have taken place as the result of increased workplace flexibility. Mr. Yardi cited a recent CoreNet study that found that 29 percent of knowledge workers are not required to be in the office unless requested by a manager, and close to 60 percent are required to be there less than four days a week. This shift has been buoyed by employers finding that employees are just as productive at home as they are at the office – 83 percent of CoreNet corporate respondents stated this was the case. This change in where people are working portends a significant shift for the commercial office space market. “Corporate real estate agencies or employers are beginning to shed office space. They’re reducing their footprints,” he said, citing national average office vacancy rates that are averaging 16 percent, but are 20 percent in some major markets. Mr. Yardi expects that the shift in space utilization will create a boom for coworking spaces and services. He forecast that coworking space – places where traveling or fully remote employees can use temporarily to have meetings, use the Internet, answer emails or accomplish tasks – will become prolific in the next few years. “Today there are 6,000 coworking locations (nationally). And the expectation is that in three to five years, it will be close to 30 times that number, and every large building will end up with a coworking location,” Mr. Yardi said. “My suspicion is that in course of time, coworking will get to a point where sites such as Expedia will allow you to book your hotel, your airline and your coworking conference space.” Marking 40 years of real estate technology After sharing some of the highlights for other real estate sectors – including rising rents in the multifamily space, an increased focus on built-to-rent single family developments, and a need for more affordable housing nationwide – Mr. Yardi reflected on the journey Yardi has taken as a company over the last four decades. Sharing a photo of the Apple II, an 8-bit home computer on which he wrote the first basic program that became the start line for Yardi’s software, Mr. Yardi contrasted the laborious process of manually programming the original code with today’s AI algorithms, which enable the production of code via machine learning. “The reason I wanted to show this to you is that innovation is one thing, but when the markets change, technology changes,” Mr. Yardi said. “We all have to learn new things.” Yardi continues to innovate technology solutions...

Continuing a longstanding focus on education, Yardi is pleased to announce the establishment of new scholarships at four Historically Black Colleges and Universities (HBCUs) in Atlanta and Raleigh, cities that are also home to Yardi offices. There are 107 colleges in the United States that are identified by the U.S. Department of Education as HBCUs. Most were established in the Southern U.S. prior to the Civil Rights Act of 1964 and were created to provide opportunities to Black Americans who were excluded from attending other higher education institutions during segregation. HBCUs are known for providing diverse and inclusive communities of scholarship, strong academic preparedness for post-college life and rewarding student and alumni experiences. HBCUs Morehouse College, Spelman College, North Carolina Central University and Shaw University will be home to four-year full tuition scholarships funded by Yardi that will begin in Fall 2022. Yardi already supports secondary education in its hometown of Santa Barbara, California through its support of the UC Santa Barbara School of Engineering, Santa Barbara City College, CSU Channel Islands, and the Santa Barbara Scholarship Foundation. Reflecting Yardi’s commitment to diversity and inclusion, Yardi’s executive team decided to support secondary education at HBCUs. A working group of Yardi employees, James Armour, Jackie Jones and Adrian Paul, led the effort to identify the best institutions to fund and the scope of the scholarships, supported by philanthropic leads Liana Rao and Arnie Brier. “Expanding our commitment to continuing education by funding full scholarships at HBCUs is incredibly important to the company,” said Rao. “These scholarships exemplify our corporate commitment to diversity and inclusion at Yardi. We hire talented folks from all four of these schools and are excited to expand our partnership with each university.” James Armour, Finance Director in Yardi’s Atlanta office, commented on the critical impact that support of HBCU students can provide. “In life, we have different starting lines and some people start ahead of others. I think this is just one step in moving that starting line for those who are at the back. I see this is as life changing for the recipients that will be receiving these scholarships. They will be that much closer to their goals,” Armour said. Jackie Jones, a Senior HR Manager in Yardi’s Raleigh office and a graduate of NCCU, described the significant impact attending an HBCU had on her college experience and life. “The HBCU experience, for me, was nurturing but also provided lessons at every turn,” Jones recalled. “I still attend homecoming events each year when I can. I made friends during college who are still among my best friends today.” Marcus Rutherford, a member of Yardi’s corporate training team, attended Johnson C. Smith University, an HBCU in North Carolina, said that his experience at the school has empowered his future. “It’s a legacy that I hold near and dear to my heart. As an alumnus I can encourage dreamers wanting to attend college to believe in their dreams. Don’t just reach for the stars. Be the star,” Rutherford said.Learn more about HBCUs and more about Yardi’s corporate philanthropy...