Yardi Director of Health Care Solutions Fil Southerland has been appointed to the Health Information Technology Advisory Committee (HITAC). The Comptroller General of the United States and head of the U.S. Government Accountability Office announced the appointment of Southerland, along with 6 other members, to serve a 3-year term. Southerland brings extensive experience and perspective to the HITAC, where he’ll be a strong advocate for implementing health information technology in senior living. Members in other health care industries that were recently appointed include Hans Buitendijk, Steven Eichner, Rajesh Godavarthi, Hung Luu, Aaron Neinstein and Eliel Oliveira. The HITAC was established in 2016 under the 21st Century Cures Act. The committee provides recommendations to the National Coordinator for Health Information Technology on policies, standards, implementation specifications and certification criteria. Specifically, relating to the implementation of health information technology that advances the electronic use of health information. “I’m honored to serve on the Health Information Technology Advisory Committee,” said Fil Southerland, director of health care solutions at Yardi. “The opportunity gives myself, and my fellow appointees, a platform to discuss pressing issues and advise the National Coordinator for Health Information Technology accordingly. I’m pleased to bring my experience to advocate for the electronic access, exchange and use of health information in the LTPAC industry.” Fil Southerland has been involved with the LTPAC industry for over 15 years and currently serves as director of healthcare solutions at Yardi, where he leads initiatives in electronic health care records and interoperability. Prior to his time at Yardi, Fil served as Founder and CTO of ALMSA, Inc., a nationally recognized cloud-based electronic health provider in the assisted living industry. With expertise in health information technology, digital privacy, LTPAC policy and interoperability initiatives, Fil is passionate about using technology to...
YASC Global
Virtual Event March 8-10
The Yardi Advanced Solutions Conference, which gives real estate industry practitioners valuable insight into software innovations and industry issues, adapted to pandemic conditions with successful interactive virtual presentations in 2020 and 2021. That new tradition will continue March 8-10 with YASC Global, presented free to all Yardi clients. YASC Global delivers education and business growth with hundreds of on-demand classes and executive spotlight sessions. All class content from the May 2021 event is being recreated for YASC Global. Attendees can interact with colleagues and direct questions to Yardi experts via a proprietary live chat feature. All clients are automatically preregistered in YASC Global, making it easy for them to connect, innovate and grow in their business. As with previous virtual YASCs, the event will feature customized education content from the Yardi® Aspire platform. The virtual YASC presentations in 2020 and 2021 drew tens of thousands of participants from more than 60 countries. Along with YASC Global, Yardi is planning to offer in-person YASCs in San Diego, Sydney, London and Singapore in 2022. Learn more about YASC activities. Read client feedback on the value of...
Storage Stays Strong
New Matrix Report
Despite a slight seasonal dip in occupancy, the self storage sector is beginning the year with a continuation of the strong fundamentals that fueled its success in 2021. Self storage street rates changed little sequentially in January, reflective of positive trends in the industry, and rents remain well above trend on a year-over-year basis, according to the latest Yardi® Matrix National Self Storage Monthly report. Street rates for 10×10 non-climate-controlled (NON CC) units were unchanged at $128 in January. National street rates for 10×10 climate-controlled (CC) units decreased by $1 in January to $145. Year-over-year, street rates for 10×10 NON CC units grew 7.6 percent in January, while rates for 10×10 CC units grew 7.4 percent. “Operators report that occupancy rates have dipped slightly as move-outs have increased in recent months, but that is not worrisome because properties were unusually full going into the traditional winter lull,” say Matrix analysts. Year-over-year rent growth remains positive in all major metros, with 11 of the top 32 metros at 10 percent or more growth and 25 of the top 32 at 5 percent or more growth for NON CC units. Rent increases continue to be highest in the Sun Belt and the Southwest, with demand fueling notable jumps in Texas, Florida and the Carolinas. “Rates are holding firmer than historically is the case” in the winter, said John Good, CEO of NexPoint Storage Partners, during an industry webinar. Yardi Matrix tracks a total of 3,831 self storage properties nationwide in various stages of development — including 731 under construction, 1,287 planned and 520 prospective properties. Matrix also maintains operational profiles for 27,298 completed self storage facilities across the United States, bringing the total data set to 31,129. Learn more about the state of the self storage...
ESG Insights
OSCRE Webinar Recap
Are you ready for new ESG regulatory requirements and increasing investor demands? OSCRE Innovation Forum’s recent webinar, Constructing an ESG Framework for the Future, provided expert insight into this critical initiative. Moderated by Lisa Stanley, CEO at OSCRE, the panelists were Dan Winters, Head of Americas at GRESB, The Global ESG Benchmark, Naseem Wenzel, Strategy + Innovation Lead Partner at Cohn Reznick and Daniel Egan, Senior Vice President, Energy and Sustainability at Vornado Realty Trust. Read on for some important takeaways. Top ESG challenges A polling question during the webinar asked participants to identify the top challenge they face for ESG initiatives. 42% cited inconsistent data across platforms, tied with 42% that stated building skills to implement ESG initiatives are the top challenges. In its January e-newsletter, OSCRE responded to the polling results, “Inconsistent data across platforms is not a new phenomenon for organizations…While investment funds report their activities including zero-carbon targets and other environmental impact initiatives through their Annual Reports and GRESB benchmark reports among others, the information that’s reported is gathered at the property level. This need for information confirms common ground — the need for standardized information for property owners, occupiers and investors that inform decisions and provide insight for risk assessment.” Clearly, there’s a need for not only impeccable data from a centralized location (a single source of truth), but also the ability to automatically extract and properly analyze it for meaningful application. This applies to ESG efforts as for all other operational processes. Good corporate governance Organizations must assess where they are today — including the level of responsible corporate leadership, to create a roadmap for where they want to go. Having an “ESG culture” across your business is key, meaning ESG is part of everyone’s job, as is...
Meet the Athletes
Of Sagora Senior Living
We’re always searching for inspiring stories in senior living. And today’s story, brought to us by Yardi client Sagora Senior Living, is one you don’t want to miss. We’re here to spotlight Sagora’s blog series — Breaking Boundaries: Meet the Athletes of Sagora Senior Living — which recognizes resident athletes in Sagora communities. And while the series was inspired by the 2021 Summer Olympics, with the 2022 Winter Olympics in full swing, there’s no better time to feature these distinguished seniors. Breaking Boundaries: Meet the Athletes of Sagora Senior Living In an effort to help their residents shine, Sagora kickstarted a spirited blog series last summer. Each post follows a different resident and their exercise-related accomplishments. And while some residents are retired coaches or athletes, some simply found a passion for exercise within Sagora communities. Walking with Kay Meet Kay, a resident from Bristol Park at Cypress, a Sagora community in Texas. Kay’s blog post focuses on her inspirational journey: walking on her own. Since having a stroke over two years ago, Kay hasn’t been able to walk without assistance. After a conversation with the community’s lifestyle director, voicing her dream of walking again, Kay began a specialized exercise program. With the right equipment, Kay started reaching new personal records each day. And she’s no stranger to dedication. Her mantra is, “I believed I could, so I did!” Photos and videos were shared with Kay’s family, as well as on the community’s Facebook page. Ready to feel inspired? Watch Kay’s progress. Coached by Arlene Say hello to Arlene, who resides at Sagora’s Ansel Park community in California. This exercise guru was a competitive badminton player and winner of the Arizona singles, doubles and mixed doubles tournaments. From there, Arlene went on to...
Multifamily Experts Agree
Tech Eases Transition Challenges
Demand for rental apartments through the first three quarters of 2021 was 28% higher than the U.S. single-year high in the same time frame in 2018. Asking rents were up 11.4% nationally year-over-year through September, with the occupancy rate of stabilized properties reaching 95.9% in August. Stats like these inspire observers to use words like “robust,” “red-hot” and “overheated” in discussing the state of the multifamily industry. Is this strong market built to last? Or is it too good to be true? What key trends will chart the industry’s direction in 2022 and beyond? A group of experts offered insight in a recent conversation with Richard Malpica, vice president and Eastern region general manager for Yardi. Online tech’s scope expands Social distancing mandates fueled expectations for increased online service and flexibilityamong renters and property teams. The desire for a frictionless digital experience extended to all aspects of property management, including marketing and leasing, electronic money orders, vendor payments, invoice processing, self-guided tours and more. Cincinnati-based Towne Properties and BH Management Services of Des Moines, Iowa, whose representatives joined the discussion with Malpica, are among the property management companies that have accelerated their technology adoption for these and other operations. Joanna Zabriskie, BH’s president and CEO, reported that nearly all residents at the company’s properties who were previously paying rent by check converted to electronic payments after the onset of COVID-19. Among other forward-thinking initiatives, BH is also rolling out leak detection technology that prevents costly water damage and enables instant maintenance services, she added. Fraud, staff shortages spur adoption With fraudulent digital transaction attempts against businesses on the rise, risk mitigation is another principal concern for property managers. The discussion participants predicted that artificial intelligence facial recognition technology will be increasingly incorporated into self-guided tours, online leasing, vendor access, income verification and other operations. The group noted a trend toward adopting virtual assistants that respond to all prospect and resident communications, including chatbots that can generate high-quality leads. Smart home tech for locks, thermostats, leak detection and other elements of multifamily housing is also moving up as a priority for residents and managers alike. On another front, the so-called “great resignation” across the economy has impacted the multifamily industry, making it harder for property managers to find and retain qualified staff. Some have responded by centralizing leasing, renewals, collections, maintenance and other operations, automating processes or instituting a combination of centralization and automation. “Centralizing some of our leasing and maintenance has helped us meet our prospects’ and residents’ demands while mitigating staffing shortages,” said Chad Munitz, vice president at Towne Properties. “We were able to move to a hybrid work environment. I think flexibility to work from home has become an essential perk in today’s tough labor market,” added Zabriskie, who noted that 13% of BH’s onsite positions have been open for several months. “It’s harder than ever to hire and retain valued employees,” prompting the BH recruitment team to place more emphasis on positive corporate culture elements such as days off for mental health, bonuses and added benefits. Boston-based Berkshire Residential Investments also sharpened its focus on company culture issues, instituting monthly town hall meetings to address remote work challenges and other issues, according to Josh Glastein, its chief information and technology officer. ESG’s importance grows With 15% of emissions coming from real estate, sustainability continues to grow as a priority. Institutional clients are increasingly asking for sustainability to be included in property budgets, and ESG is growing in importance for residents as well, according to the discussion participants. Local and federal requirements to comply with ENERGY STAR® standards and other energy initiatives have spurred an interest in energy software capable of gathering and reporting consumption data to property owners and managers. The way forward The participants agreed that, as multifamily property managers and owners adapt to new expectations in the post-pandemic era, carefully chosen and properly utilized...
Transforming the Tenant Experience
Five big questions for 2022
Over the last two years, the value equation in commercial real estate has continued to evolve. Four walls and functioning systems were once enough for tenants to sign long leases. Now experience is everything. Bricks-and-mortar is only as valuable as the experience it can deliver. This was one of the clear takeaways from the latest Yardi Proptech Insights webinar, hosted by Yardi APAC Regional Director Bernie Devine. In the sixth and final edition for 2021, Devine sat down with Chris Brooke for a chat. Brooke has spent more than 30 years looking at real estate from multiple angles. He led CBRE’s consulting across the Asia Pacific and in 2019 was the global President of RICS, the Royal Institution of Chartered Surveyors. An independent director of LINK REIT, one of the largest real estate investment trusts in Asia, Brooke is currently advising several property technology start-ups, including Proxy, which creates mobile-based identity technologies, and smart parking platform Kerb. Commercial real estate was already heading down the innovation route on the technical side of buildings before Covid-19 upended the world, Brooke said. The pandemic has since forced a fundamental re-examination of commercial real estate. If work can be undertaken anywhere, what is the role of the office? Enter the experience era, where the office is the centre of collaboration and connection, teamwork and training, superior engagement and spontaneous exchange. But stepping up to support the experience era brings with it complexity and a range of big questions asked – and answered – during this proptech deep dive. How will proptech evolve in 2022? Proptech remains “highly fragmented,” but we can expect “consolidation, integration, aggregation” in the next 12 to 24 months, Brooke said. Why? Because landlords are no longer interested in fragmented single solutions. They know they need to build an ecosystem of engagement and experience for a diverse and dynamic list of stakeholders. As the commercial real estate sector grapples with how to consolidate all those individual great ideas into an integrated solution, the landlord and tenant must work together and collaborate effectively, Brooke noted. Who will take charge of the tenant experience? Where once commercial real estate was founded on a relationship between landlord and tenant, now landlords must also consider the needs of their tenants’ employees, customers and visitors to the building. “The spectrum of stakeholders has really expanded,” Brooke observed. Tenant customers are also exposed to multiple overlapping brands, Brooke added. The brand of the building itself is the obvious one. But there’s also the portfolio brand of large landlords, the agency brand of the property manager and the employment brand of large occupiers. “Whose experience do you want tenants to have?” Devine asked. “And what’s the value of making that decision?” Landlords are now tasked with integrating several brands into one tenant engagement app while respecting individuality and navigating data security, ownership and privacy. At the same time, such engagement platforms need to be integrated with employee experience initiatives being developed by major occupiers. How will we value tenant engagement? Bernie has watched the real estate industry’s level of investment in technology, as a percentage of revenue, “ever so slowly creep up.” But the market is still telling landlords to “do better.” Is it simply a matter of “show me the money?” It is difficult to apply traditional cost benefit analyses to weigh up the value of investment in tenant experience technology, Devine noted. “How do we measure the return on investment? Is it tenant satisfaction, stickiness or longer leases? Is it product differentiation? Did you get that outcome because of the app or was it another market influence?” How will tenant expectations evolve? Covid has driven a “flight to quality,” Brooke said, both in terms of physical buildings and the service offering and amenities provided by landlords. In the quest for quality, tenant experience apps are becoming “table stakes” for large owners. The challenge? To...
Epic Disruption
Asia Proptech Survey
Big data, artificial intelligence and business process automation may be real estate industry buzzwords, but property companies should start with small data. That’s the key takeaway from the latest Mingtiandi-Yardi proptech survey, which captured the insights of senior leaders from across Asia. Yardi and Mingtiandi first teamed up to track changing attitudes to proptech in 2017. Since then, we’ve captured the accelerated adoption of technology to guide data-driven decision-making, transform business processes and enhance the experience for people who live, work and play in buildings. But we can see that pockets of the real estate industry remain stubbornly resistant to change, and some leaders continue to rely on ‘gut feel’ to make decisions. As one business leader told me recently: “I didn’t need data 20 years ago to make decisions, and I don’t need it today.” This ‘digital divide’ is very clear in our survey. For instance, nearly a third (32 percent) of survey respondents expect big data analytics to have the biggest impact on Asia’s real estate sector over the next five years. Conversely, 33 percent of property companies are still using spreadsheets for accounting, benchmarking and performance analysis, 26 percent for budgeting, 28 percent for valuations, and a massive 46 percent to manage their portfolio financing. Of course, there are some companies that are investing in technology and data at speed. But there is also a propensity for property players to throw around the ‘big data’ buzzword, when they should be focused on getting their simple back-office functions in order. Why, when the data clearly shows a growing gap between the leaders and laggards, are some companies choosing not to invest? The simple truth is change is hard work. Resistance to change remains the biggest barrier to proptech adoption across the region,...
The Brighter Side
Seniors Age Well Study
The pandemic has been a challenging time for seniors. But we’re here to show the brighter side, focusing on how resilient they’ve been through it all. We’re excited to share this Age Well Study by the Mather Institute. It’s full of interesting findings, but best of all, it highlights seniors’ strength during the COVID-19 era. See below for a summary: Study highlights seniors’ resilience during COVID-19 Shared by McKnight’s Senior Living, the latest release from the Mather Institute’s Age Well Study examines seniors’ stress levels and resiliency during the pandemic. The findings — gathered from year four of the five-year study — are based on responses from 3,441 residents at 122 different Life Plan Communities across the U.S. Taking a step back, the initial goal of the study was to assess the impact of residing in a Life Plan Community. Respectively, the impact on residents’ health and wellness over time. And since year four took place during the pandemic, the Age Well Study took a slight pivot. How has COVID-19 affected seniors’ health and wellness? Have seniors become more resilient during this worldwide health crisis? What strategies help them mitigate stress? To find out, the Mather Institute analyzed: Individual characteristics (personality, personal resources, demographics)Organizational characteristicsChanges in the quality of social relationshipsCoping strategies during the pandemic The findings At a glance, the Mather Institute’s research shows: Residents, on average, exhibited low levels of stress and high levels of resilience during the pandemicThose who were open to new experiences, who exhibited higher levels of extroversion and agreeableness, were less likely to exhibit stress and more likely to exhibit resilienceResidents who maintained quality relationships with children exhibited greater resilienceResidents who meditated during the pandemic were less likely to exhibit stressResidents who lived in smaller communities were...
Senior Living Webinar ...
Register today!
How should providers maneuver the latest roadblocks in senior Living? From staffing to compliance, there’s a lot to unpack. And it’s a crucial time for industry leaders to discuss these issues — and offer solutions for the year ahead. Fortunately, that’s exactly what’s happening on February 23. Get ready for an informative McKnight’s Power Panel — Pandemic Year III: Keys to Success — sponsored by Yardi. The virtual roundtable starts at 1 p.m. EDT and you don’t want to miss it. Pandemic Year III: Keys to Success The McKnight’s Power Panel will feature top experts from different verticals across long-term care. They’ll explore the latest issues in senior living, including staffing, compliance, reimbursement, technology and other vital subjects, then they’ll focus on tactics for the future. Join the webinar to see firsthand. You’ll learn from panelists like Yardi expert David Bellew, with takeaways on: Controlling labor costs through staffing analysisAutomating investor reportingProperty acquisitions: data planning and conversionOptimizing care service billingGoing mobile: enterprise mobile device strategies The webinar will also feature panelists TJ Griffin, chief pharmacy officer at PharMerica, Brendan McNamara, chief executive officer at Sound Physicians and Jesse Coiro, general manager and director of health and healthcare at Erlab, Inc. More on panelist David Bellew David Bellew is an accomplished leader in the healthcare industry. Currently serving as the Director of Client Services here at Yardi, David has over 20 years of experience implementing enterprise software systems. Through years of dedication, he has become highly skilled in requirements analysis, as well as managing implementations for ERP and clinical systems. Register today We hope you’ll join the conversation on February 23! Mark your calendar now and register for the McKnight’s Power Panel. To explore Yardi solutions in senior living, check out our Senior Living...
Commercial Retrofits
A Beginner’s Guide
It’s never too late to give an existing structure a greener lease on life. Retrofits offer commercial building managers an opportunity to improve efficiency and drive cost savings. If you’re just getting started, the four retrofit methods below are a great starting point for sustainable practices. Observe, benchmark and improve your energy consumption. Monthly bills are not enough to accurately determine the efficiency of a commercial site. Retrofits connected to the internet of things (IoT) provide real-time insights into energy consumption. Explore usage based on subleased portions or the entire building. What’s best, you can implement IoT retrofits at a speed that matches your budget. Commercial managers often begin with submeters. Submetering offers insights into building performance while facilitating average savings of 2-5%. Implement supportive technology such as energy benchmarking to help you meet compliance regulations for ESG platforms like ENERGY STAR®. Promote water efficiency regardless of your location. Dry, arid regions have long prioritized end-user water conservation. Interest has grown nationwide: efficiency offers economic benefits to all managers regardless of the site’s location. Retrofits for cooling towers and chillers are a great place to implement efficiency measures. Such retrofits will have the most notable impact since they can consume tens of thousands of gallons each day. Smaller projects, such as fixtures, may follow. Streamline HVAC operations to reduce waste and increase comfort. The efficiencies of HVAC systems decline naturally over time. Promoting optimal operation and occupant comfort requires consistent maintenance and smart controls. Networked controllers and cloud-based management software enable you to monitor and manage usage. Smart thermostats and monitoring technology can offer up to 30% energy savings while slashing future maintenance costs. Improve indoor air quality (IAQ). Americans spend about 90% of their time inside. Indoor air contains a higher concentration of...
Looking Ahead
RE Trends for 2022
We compiled predictions from expert observers to get a sense of what’s in store for the real estate industry in 2022. Excerpts follow. Foreseeing a ‘whirlwind housing market’ Pandemic-ignited home-buying, driven by supply shortage and low mortgage rates, shows no signs of slowing down. “We expect a whirlwind 2022 for the housing market,” says Danielle Hale, chief economist for Realtor.com, with home sales increasing 6.6% and home prices 2.9% above 2021 highs despite a small uptick in inventory. While affordability, rising interest rates, and supply and labor shortages will continue to pose challenges, “home buyers should find the coming months to be more advantageous than any time in 2021. While sellers remain in a very strong position, price stabilization and the continuation of competitive interest rates may bring some welcome relief to buyers in the new year,” notes Nick Bailey, president of RE/MAX LLC. Home living tops investment U.S. real estate remains among the most attractive and largest asset classes for investors and families alike. “For the second year, homeowners have told us that their main reason for taking on projects around the home is to better meet their needs. Before the pandemic, return on investment was the primary motivation. This is a huge shift and something we know will continue throughout 2022, especially as people continue to spend more time at home,” says Robert Morgenstern, principal of New York City-based Canvas Property Group. Tech amps up Property management technology’s capabilities and use will continue to grow for reasons of convenience and social distancing. “With the right data collection tools and overall acceptance by industry professionals, real estate will greatly benefit from the increased use of technology in 2022,” according to Paul Ryll, owner of Oscar Mike Mobile Appraisers of Greenville, S.C. And with...
Rents Gain Again
Multifamily Report
Multifamily asking rent gains continued in January, rising $8 to a U.S. average of $1,604, according to the latest Yardi Matrix Multifamily National Report. The latest gain defied normal seasonal expectations and continued a trend established last year, a historic period for multifamily asking rent growth. Year-over-year, rents increased 13.9 percent. While rents are unlikely to remain in that growth range throughout 2022, January’s performance is a sign that demand remains healthy. Some 460,000 multifamily units were absorbed in 2021, according to Yardi® Matrix data, more than double the previous year and more than 50 percent above the previous annual high. Absorption in 2021 was led by Dallas and Houston. Five of the next six highest performers were gateway metros Miami, New York, Chicago, Washington and Los Angeles, all of which absorbed some 20,000 units or more. Freddie Mac’s 2022 multifamily outlook sums up the market: “The strong economic conditions along with unprecedented levels of demand for multifamily housing have combined to create robust apartment market conditions in 2021,” the report said. “While there are still uncertainties, such as increasing inflation or more transmissible variants of the COVID-19 virus … the multifamily market is expected to be on solid ground in the short term.” Learn more in the latest Yardi Matrix Multifamily National...
Problem Solvers
Senior Living Client Support
Where would the world be without problem solvers? Certainly not far. Problem solvers propel innovation and help us make the most of the resources available to us. At Yardi, four departments of work behind the scenes to help Senior Living clients anticipate, mitigate and troubleshoot dilemmas. They are among the problem solvers that help clients explore innovative solutions and deliver quality services to customers. Yardi solutions rise to face new challenges Evolving client needs require evolving technology. As developers issue new features, client-facing team members are ready to help with change management. Craig Christensen, team leader, Consulting Practices at Yardi says, “We work in a rapidly changing environment that has been heavily impacted by COVID-19. Our developers worked quickly to implement new solutions like vaccine administration tracking for our clients.” To navigate such new functionalities, clients can access tools like on-demand resources in Client Central or live training calls. Such tools are also helpful during the onboarding and continue education processes. Senior Living has a comparatively higher staffing turnover rate compared to multifamily. The ongoing pandemic has made it even more challenging. Yardi helps clients deal with the workforce shortage by streamlining routine processes. Stephanie Joralemon, product specialist, CSD, explains, “Clients found themselves consumed with ongoing trainings. We’ve resolved this issue with a Train the Trainer approach.” Through Aspire software, client trainers gain access to role-specific trainings 24/7. Live calls and trainings help fill any remaining gaps. Clients get the education that they need to quickly and accurately move forward with their work. Improved communication where it matters most Improving communication is another challenge overcome by Yardi specialists. In the past, medical profiles received updates via facsimiles and phone calls between the pharmacy and care provider. Yardi EHR and eMAR resolve the communication issue...
Selling the Metaverse
JLL Invests in Digital Real Estate
Yardi client Jones Lang LaSalle (JLL) is investing in the metaverse. The reality is as strange and beautiful as it sounds. You’ve heard of the metaverse, but what is it? In short, the metaverse is a virtual reality. It’s an entire virtual world where people engage in the same activities as we do in the “real” world. It’s like Second Life or The Sims in that it is a life simulation. But there are distinct differences between the metaverse and the games of the early 2000s: The metaverse is a more immersive experience. Rather than using a laptop, most participants engage via virtual reality (VR) devices that literally encase your skull.The metaverse is interoperable. Information is exchanged between different systems (like the integration between Yardi Voyager and the Elevate suite). Rather than having Second Life and The Sims as two distinct worlds, the characters could interact with each other in the metaverse.NFTs allow individuals and companies to “own” items in the metaverse. You can own everything from a unique masterpiece to real estate.You can make (and spend) real money in the metaverse. This is where things get very interesting for companies like JLL. The corporate world cashes in on the metaverse While the metaverse is still fringe territory, CIOs across various industries are exploring its potential. For organizations like JLL, the proof on concept stage is an exciting frontier. In an interview with The Wall Street Journal, commercial real estate services company JLL expressed interest in development within the metaverse. Edward Wagoner, CIO at JLL, said the company may use several different paths to invest in the metaverse. The long-term value of commercial real estate in the digital realm is undetermined. But as a first step, JLL plans on “buying specific virtual locations within high traffic areas to test various scenarios,” said Wagoner. Such test plots give the organization ideas of how marketing and services will work in the metaverse. While that approach is on par with a commercial real estate company, its second approach demonstrates how the metaverse can give mundane routines a fresh start. JLL may explore using the metaverse as part of its hybrid work model. Remote work via the metaverse will supplement in-office arrangements. JLL is not going into the metaverse alone. While technology plays a significant role in scalability at JLL, the company does not plan to develop metaverse tech on its own. JLL may invest in startups that help to “prototype and create these metaverse-related opportunities,” reports Wagoner. To boldly go where no one has gone before Virtual reality is not a world that we will ever (easily or feasibly) visit. But in any space where humans interact, there are opportunities for businesses to engage with consumers. The metaverse is a growing media channel with a growing participant base. That means uncharted territory where all content can take a fresh twist. Stay abreast of industry trends and insights on our News...
Rapid Onboarding
With Yardi Aspire
Could your leasing office staff use additional support? Recent data suggests that industry turnover remains high. And while hiring is on the rise, it still falls short of expectations. If your current team members are burning the candle at both ends, thorough and efficient training of new hires is of the utmost importance. Get your team the support it needs. Read on to learn how you can shorten the time between hiring and training completion without cutting corners. Growth for multifamily operations The Bureau of Labor Statistics reported at the end of the year that employment rose by 210,000 jobs. While the growth is notable, it is also falls short: the number of employed persons is still 3.9 million below its pre-pandemic level. Within the industry, growth comes in small increments. Multifamily residential property managers witnessed job growth by 0.58% from November to December. Employment for residential property managers increased by 3.7% year-over-year. In leasing, employment rose by 0.03% month-to-month and 0.67% year-over-year. Though the overall figures fall short of pre-pandemic levels by 2.6%, the uptick in hiring holds promise. Job growth in apartment operations indicates that onboarding procedures will also be on the rise, offering relief to site staff. Tools for easier onboarding Recent new hires offer much-needed support for site staff. The tasks of training and mentoring, however, can make the transition burdensome to existing teammates. Ease the onboarding process with self-guided and role-specific online training. Online learning management software offers secure 24/7/365 remote access to training materials. Learners benefit from the ability to learn at their own speed and review content as needed. Each lesson can include learning checks to assess strengths and opportunities. For optimal efficiency, automatically distribute role-based learning plans. Plans may cover multiple competency areas, including Yardi software...
Canada Multifamily Report
Now Available for Download
Yardi has launched a quarterly report series designed to help Canadian multifamily industry professionals measure portfolio performance, optimize property management and identify investment opportunities. The Canadian National Multifamily Report analyzes vacancy rates, rent growth and other industry fundamentals from data at the national, provincial and Census Metropolitan Area levels. The first edition was released this month. The inaugural report indicates promising signs for the Canadian apartment industry in 2022. Demand remains robust due to the national immigration plan along with gross national product and total employment figures in 2021 that exceeded those seen before the onset of COVID-19. In-place rent averaged $1,326 nationwide as of December, 2.1 percent higher than the same period the previous year, according to the report. Fourth quarter year-over-year in-place rent growth leaders for new leases were London, Winnipeg, Kitchener-Cambridge-Waterloo, Vancouver and Hamilton. Nationwide vacancy in the final quarter was 3.8 percent and slightly trailed pre-pandemic levels. Last year’s strong rent and vacancy performance “was highest in smaller CMAs, as migration out of large cities drove demand in smaller markets,” the report says. The report also notes headwinds to watch for, including inflation, potential Bank of Canada policy rate increases and supply chain bottlenecks. “The Canadian Multifamily National Report presents a new dynamic resource for the real estate industry. We look forward evolving the data to help influence decision-making and innovation across the country,” said Peter Altobelli, vice president of Yardi Canada Ltd. Get your copy of the first Canada National Multifamily...
How Online Learning
Can Help Cut Costs
If you are still conducting live training courses, you are missing out on the opportunity to save time, save money and customize the learning experience for your employees. e-Learning can work on its own or in tandem with live trainings to expedite corporate education. Why e-learning? The market size of e-learning is growing at exciting speeds. The market value surpassed $250 billion in 2020, and it is anticipated to grow more than 21% before 2027.This industry-wide shift away from classroom education reflects the perceived and calculated costs of live training courses. Yardi Aspire is a training solution that transitions clients to online learning using role-based plans. The customizable program offers savings in four key areas: Personnel This category includes the cost of all people involved in producing the training such as content designers, IT professionals, reviewers and approvers. Aspire software significantly reduces administrative costs through the introduction of technology. The software also allows users to eliminate travel and lodging expenses.Technology The cost of the e-learning solutions, computers, web conference system, and any other technology involved in conducting the training are included in this category. These costs are the primary reason many companies choose to invest in e-learning.Content This category includes the cost of content production and the cost of acquiring content from a vendor. By recording an instructor once and delivering the recorded course online, organizations can maximize the use of content and decrease costs associated with instructors.Administrative Significant time is spent recording training activities, setting up training opportunities, and communicating with trainees and instructors before and after the event. Decreasing administrative costs offers benefits throughout the organization. Cost savings, line-by-line What do these savings look like in a real world, real estate example? Let’s take a sample client who is in the middle...
22 Energy Outlook
Favors Renewables
Global energy demand surpassed pre-COVID 19 levels in 2021. Energy was the top-performing S&P 500 sector that year. With energy demand still on the rise, the energy sector stands to grow even more in 2022. The Balance Sheet sampled expert predictions of what’s ahead for renewables and the rest of the energy industry in 2022. We will keep tabs on key developments throughout the year. Economist Intelligence, a policy analysis and consulting group, predicts that global energy consumption will rise by 2.2% in 2022 as economies recover from the pandemic. All types of energy except nuclear power will benefit, although “energy companies will need to undertake an urgent review of their strategies next year, as governments and investors ramp up pressure to cut emissions.” Kathryn Downey Miller, president of energy industry analysis firm BTU Analytics, echoes that assessment. “Despite a strong profit outlook heading into 2022, enormous pressure is coming from providers of capital and other stakeholders to evolve business models for the new energy economy,” she said in an editorial published in December. That pressure is a principal reason that “renewable energy growth is poised to accelerate in 2022, as concern for climate change and support for environmental, sustainability, and governance considerations grow and demand for cleaner energy sources from most market segments (residential, commercial, and industrial consumers) accelerates,” according to an energy industry outlook report prepared by Deloitte. Renewable generation expands Renewables were the only energy source for which demand increased in 2020, according to the International Energy Agency. Renewable electricity generation in 2021 expanded by over 8% in 2021. Record levels of wind and solar generation additions are expected to come online in 2022, according to S&P Global Market Intelligence, which studies energy markets. The adoption of renewable energy sources will be...
Offline Charting
Enhanced in Care Stream App
It’s crucial for senior living providers to keep resident information accurate and secure — especially when it comes to medications. But when using an online system to execute point-of-care charting, errors can occur if your community loses power, or the Wi-Fi disconnects. Luckily, we have a solution. With the Yardi EHR Care Stream app, your resident data stays safe and up to date, no matter the circumstance. Say hello to offline charting. Keep reading to learn about the latest functionality. All about Care Stream The Yardi EHR Care Stream app allows caregivers to perform order resolutions, execute electronic point-of-care charting and complete related tasks. This includes medication orders, behavioral issues, daily assignments and more. With this simplified, mobile record-keeping solution, caregivers can spend less time on administrative tasks and more time with residents. Fully integrated with Voyager Senior Housing, providers can easily connect business and resident care to keep their communities moving forward. For added convenience and efficiency, the Yardi EHR Care Stream app is compatible with both smartphone and tablet devices. Meet offline charting How does offline charting help providers eliminate errors, empower caregivers and pass medications securely? It’s simple. Offline charting allows senior care staff to work offline, without an active internet connection, all from one central platform. And thanks to the newest functionality, caregivers can remain offline as long as needed, even if the internet is down for days. So if you’re facing connectivity issues, whether briefly or for extended periods of time, it’s not a problem. Caregivers can still log in to Care Stream and complete their work. Every input automatically saves and syncs when the system comes back online. At Yardi, we’re passionate about helping you deliver the best possible care — and making care-related tasks seamless....
