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...

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...

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...

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 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...

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...

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...

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...

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...

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...

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...

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...

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...

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....

Scalable growth is what empowers a single investment in 1992 to develop into nearly 150 investment properties today. Yardi client MG Properties Group has recently expanded its portfolio with a $141 million acquisition in Denver. The growth is supported by robust investment management software. MG Properties acquires 3300 Tamarac Apartments 3300 Tamarac Apartments in Denver marks the first acquisition of the new year for MG Properties. The multifamily property contains 564 units ranging from studio, one- and two-bedroom floor plans. Amenities include three resort-style pools, a fenced dog park and large resident social lounge. For fitness, residents can enjoy a racquetball court, volleyball court, walking trails and a fully equipped fitness center. A spacious playground for the kiddos is perfect for growing families. 3300 Tamarac Apartments are in the Hampden neighborhood which offers pedestrian-friendly and bikeable access to shopping, dining, attractions and green spaces. The area has easy access to major thoroughfares without inner city congestion. Nearly 50% of neighborhood commuters report the trip takes 15 to 30 minutes.                                                    MG Properties Group’s Founder & CEO Mark Gleiberman said, “MG is delighted to add 3300 Tamarac to our portfolio which further scales our Denver presence. We believe this submarket is ideally positioned to benefit from Denver’s continued growth.” Smart growth with Yardi Investment Manager MG Properties continues to grow its presence throughout the West Coast and Midwest with targets in Washington, Oregon, California, Arizona, Nevada, Utah, Colorado and Texas. The San Diego-based apartment community developer, rehabilitator and manager practices smart growth with the aid of Yardi Investment Manager. Investment Manager demonstrates how a technology platform offers coherent insight into real estate investment activity. It provides a single source of the truth for investor and investment information that eliminates the need for disparate systems and manual data...