Are energy efficient features the norm or the exception in your state? How can that impact your property performance and marketing? We’ve got the inside scoop for you as we dive into the latest report on energy efficiency by state. WalletHub report offers insights into energy efficiency by state Personal finance company WalletHub released a report that gathered and analyzed data from government agencies in the continental U.S. Researchers considered data on automobile and building efficiency. States were then ranked in those categories, as well as overall efficiency. Operating within a high-efficiency state has its benefits. The report concludes that household and community-level increases in energy efficiency “decrease long-term costs for everyone.” Increased efficiency translates into energy savings and more resilient buildings and cars as well.   Best and Worst Overall Utah ranked #1 in overall energy efficiency, receiving a score of 83.91 points out of 100.  New York was hot on its tail with 82.05 followed by Massachusetts and Minnesota. Rhode Island wraps up the top five most efficient states with 76.45 points. The south is home to the least energy efficient states, with South Carolina leading the pack with a 21.49. With increasing efficiency comes West Virginia with a 24.20 proceeded by Alabama, Tennessee, and Louisiana at 31.22. Best and worst housing efficiency Among residential properties, Utah re-appears on the list as most efficient at 83.91. This time, it is trailed by Minnesota, New York, Colorado and Vermont. South Carolina also reappeared on this list as the worst in-home energy efficiency. Alabama, Tennessee, Louisiana and Georgia were also nestled at the bottom of the list as well. While local incentives impact efficiency measures during development and construction, there are other ways to promote efficiency. Building operators can improve building efficiency through ENERGY...

After getting to know Gen Z, REACH by RentCafe investigated how these young renters search online and how they use ratings and reviews while doing so. Today, we’re sharing data related to one of the most notable and important aspects of this generation’s lifestyle: social media. All about social media, all the time Welcome to the world of social media, where Gen Zers are no strangers to the posts, snaps, influencers, advertisements, stories and hashtags that dominate these platforms. And how could these young renters not be well versed in the art of social media? They have grown up in the age of smartphones, tablets and computers. In fact, 95% of Gen Zers use a social media app or website at least once a week, while 33% claim they spend most of their time outside of work or school on social media. It’s important to grasp the prominent role social media plays in the lives of Gen Z so you can attract these young renters. After asking over 10,000 members of Gen Z to name their top 3 social media channels, REACH by RentCafe found that those most often chosen included Instagram (46%), Facebook (43%), YouTube (39%), TikTok (33%) and Snapchat (30%).Interestingly, this data informs marketers about what exactly Gen Zers are doing while on social media. Most of these platforms center around videos, meaning that Gen Z is spending a great deal of time seeking entertainment. In a survey, Gen Zers identified the three things they felt most connected with while using social media: entertainment, their friends and the world. Reaching Gen Z on social media So how can you attract Gen Zers using social media? We have a few tips to help you out: Use storiesDid you know that Instagram alone has...

We’re back with another event recommendation, this time for the CALA 2021 Fall Conference & Trade Show. If you’re ready to connect with senior living leaders — and discuss the future of the industry — this is the conference for you. Meet CALA The California Assisted Living Association (CALA) is dedicated to the betterment of assisted living, memory care and continuing care retirement communities. As the only association solely representing the state’s residential care facilities for seniors, they’re an industry leader. Their members include over 660 providers and 150-plus businesses, all supported through CALA’s leadership, advocacy and education. This year’s CALA Fall Conference is a great chance to reconnect with colleagues and re-engage your drive in senior living. More about the conference Filled with informative sessions and networking opportunities, the CALA Fall Conference attracts top decision makers, clinical staff, marketing professionals and more. It’s set to take place November 8-10 in Palm Springs, California. To explore the full show schedule, start here. CALA has an expansive list of their planned sessions. Note you’ll need to show proof of a COVID-19 vaccination to attend the CALA Fall Conference. Their updated list of health and safety protocols can be found here. Back to the event sessions! From learning how to move forward with your business given the pandemic’s challenges, to learning about today’s top technology solutions, the conference has something for everyone. You can find team Yardi throughout the 3-day event, too. Be sure to stop by Booth #37, where we’ll chat about the Yardi Senior Living Suite — our single connected solution for senior living providers. We’ll show you how tools like Senior IQ can drive your business forward. We’re also pleased to be sponsoring the Awards Celebration Luncheon, planned for November 10 at 12:30...

Smart home technology is our new reality. We’ve gone from remotely controlled lightbulbs to a whole universe of interconnected home goods that can be controlled from a phone. Smart home automation saves time and increases efficiency, improving resource management and security for both property management teams and residents. Renters in many markets are seeking out smart apartments, often willing to pay more for units with the right smart home tech. While smart home technology may seem like a simple appliance upgrade, it often offers data resources that have the potential to transform your business. Property managers use smart home tech to mitigate risk and get real-time insights that can ultimately streamline processes and improve sustainability at their communities.  We asked over 16,000 renters about smart home technology and their preferences in a survey on RentCafe.com. Although the technology is still relatively new, a full 48% of respondents said that smart home technology was somewhat to very important to them. Here is what we found. What today’s renters are looking for Many renters are beginning to consider smart home technology a necessity more than a luxury. Some features that are more important to them than others — including smart thermostats, automated lighting features, alarm/security systems and smart locks. While many of these features are for renters’ convenience, it is also for their security and safety. In our smart home survey, we asked respondents which features they desired most, allowing them to choose more than one option. Of the 16,590 responses, 35% wanted security cameras, 22% wanted digital thermostats, 18% wanted keyless access locks, 15% wanted motion or leak sensors and 10% wanted wireless lighting control. Worth noting, according to a 2021 study by Assurant, 47% of prospective renters say that smart home technology increases their...

The September jobs report clearly left something to be desired, adding just 194,000 jobs for the month. However, a brighter point is within that number: Nearly half of all of the jobs added in September were in the office-using sector. And, while many more jobs are needed to rebound to pre-pandemic levels, data from the CommercialEdge National Office Report is encouraging. Nationwide, office vacancy rates continued their slow trickle downward, falling 50 basis points (bps) in September to settle at 14.9%. Moreover, vacancy rates are still up 130 bps year-over-year. At the same time, the national average full-service equivalent listing rate for all office space dropped $0.10 over August figures. Even so, it still represents a 1.2% year-over-year increase. Specifically, 18 of the top 25 markets analyzed experience an increase in listing rates. They were led by Los Angeles and the Bay Area, which saw increases of 8.1% and 6.2% year-over-year, respectively, to $41.62 and $55.79. Meanwhile, listing rates in the Indianapolis office space market cooled ever so slightly over August figures, finishing the month at $21.09 — down 0.29% year-over-year. However, as the pandemic wanes and becomes more endemic, there are reasons to be optimistic regarding commercial real estate. In particular, big tech companies have been on a buying spree of large and high-profile office buildings. For instance, Google will exercise its purchase option at Hudson Yards in New York City for $2.1 billion; Apple purchased a trio of buildings in Cupertino, Calif., for $450 million; and Amazon continues construction on its $2.5-billion HQ2 headquarters in Northern Virginia. Notably, part of the motivation for purchasing commercial real estate is also driven by record levels of cash reserves at large technology companies. And, historically low interest rates combined with record profits means that commercial...

Single-family rentals (SFR) are currently thriving. Last year alone brought $8 billion in new investments, and activity through this year exceeds that pace. Activity is especially rapid around the metros of the southeast and interior U.S. The regions’ low taxes and high land availability attract developers while renters enjoy the low cost of living and a higher quality of life. But can the SFR market growth last as Americans return to the cities from which they fled? What caused the boom in single family rental popularity? The popularity of SFR is threefold. The industry has been steadily gaining momentum since the onset of the Great Recession. Empty nesters composed a significant demographic of early adapters. They aimed to downsize and decrease maintenance without losing the private space they’d grown to love. Millennial families with freelance jobs or with telecommuting options made up the second largest faction of renters in single-family homes. Fast forward about a decade and single-family rentals received another boost in demand. The pandemic served as a catalyst for the recent spike in interest as many Americans opted to leave congested cities for roomier suburbs. Small scale investors made up the bulk of property owners in 2018. By 2020, the landscape began to change. In addition to mom-and-pop operations, builders quickly gained interest in rental assets. Analysts estimated that the pandemic accelerated built-to-rent space by 5 to 7 years. About 10% of SFR are now built-to-rent properties and 12% of current single-family construction is designated for rentals. Trepp reports that 2020 was the most active year for SFR securitizations in U.S. history. New issuance topped $8.3 billion, about a 99% increase from 2019 and a 9% increase from 2018’s previous record-high. Into mid-2021, Trepp recorded $3.1 billion worth of newly securitized SFR...

Ready, set, go! End the month of October with a virtual run or walk that supports higher education. It’s a fun and healthful way to support future real estate industry leaders.  IREM Virtual Fun Run + Walk 5k The Institute of Real Estate Management (IREM) is hosting its annual race to support the development of real estate management professionals, the IREM Foundation Virtual Fun Run + Walk. You can participate regardless of where you live or how you choose to get around: whether you’re in a wheelchair, walking, jogging, running or anything in between, this race is for you. Register to participate in either a 5k or one-mile event. Once registered, you will receive a digital bib. (You can also jazz-up your participation with merch, a great way to promote the cause while you’re on-the-go.) You can then complete your distance at any time between October 22- 31, 2021. After completion, you will receive your race results along with a printable virtual medal. We encourage you to take a picture during your race, jot down your completion time and share the event on social media. Use the hashtags #IREMFunRun or #IREMFoundation to share your experience with other supporters and participants. By participating, you can help communities thrive The IREM Foundation believes that well-managed real estate leads to thriving communities. To create these safe and prosperous spaces, the organization creates scholarships to ease the financial burden on members who want to further their education. You can help! All proceeds from the race support IREM Foundation scholarships and programs to elevate diverse leaders. Yardi is a proud sponsor of the foundation, which provides tuition assistance for up to three certification courses. Scholarship recipients have demonstrated commitment to a career in real estate management. Through your participation,...

With a range of industry events taking place this year, it’s an exciting time for senior living providers. There are several opportunities to learn, network and grow.  We’re here to share an upcoming event — an impactful conference that joins health care leaders and senior living executives. Check out the NIC 2021 Fall Conference: Investing in Seniors Housing & Care Properties.   The conference will take place on November 1-3 in Houston, Texas and is welcoming attendees in person. Yardi is pleased to be a sponsor of the event, as we partner with NIC to drive transparent data in the seniors housing sector. We hope you’ll attend to get an inside look.   Come together at NIC 2021 The 2021 conference marks the association’s first in-person event since the onset of the pandemic. With the goal of reuniting thousands of providers and stakeholders, NIC is gearing up to make this their best conference yet. It’s an exceptional opportunity to learn from business leaders across the industry. Specifically, the 67% of attendees who are senior-level executives. How can you drive your business forward now — and in a post-pandemic world? What new approaches can you take to care for residents? The 3-day event will be packed with discussions and answers. Note that NIC is requiring proof of vaccination to attend. You can explore the full scope of their health and safety measures here.   See what’s in store  Attendees can expect three days of educational programing focused on a variety of topics. If you’re ready to hear insights and perspectives from industry leaders, policy makers and more, this is the conference for you. According to NIC, topics will include: Capital for operationsDebt market trendsCase for investing in seniors housingForgotten middle marketMacroeconomic and capital market trendsPolicy...

Want to know what Canadian tenants want? Results from the sixth Multifamily Tenant Preference Survey are in! Yardi Canada is a proud sponsor of this annual survey that garnered feedback from more than 36,000 tenants. Survey results were presented by Amy Ericson, Global President, Avison Young Investment Management. Her presentation offers the inside scoop on the features and amenities that are worth your investment. Understanding what tenants want, made easy Multifamily Tenant Preference Survey responses represent a nice blend of tenants, with over half of the respondents seeking homes in urban areas and the remainder in outlying areas. Let’s start with the basics. Inside a unit, tenants’ three top preferences include: Elevator AccessBalcony/ Private Outdoor SpaceAbundant Natural Light To find their ideal units, over 50% of the respondents found their rental unit through electronic means such as an ILS or property website. About 70% of renters visited the landlord’s website, and almost half said it influenced their decision. Once on the site, they checked out available photos, floor plans and tour options. Though 60% of tenants are interested in virtual tours, they still want to visit units in person. Tenants want fun close to home Commutes are a thing of the past. Tenants want to be close to the action. This reflects the returning trend of the 15-minute city and may inform future property investment decisions. On-premises programming is in high demand. Renters wanted events and activities within their communities. There is no need to guess what type of programming they’re into. Respondents’ top preferences still surround health and wellness. Such programming is a terrific way to build a sense of community amongst neighbours, a key retention strategy. This helps to fill a void that many renters felt: about 40% of respondents wanted an...

Two major Canadian real estate conferences took place virtually in September. RealREIT focused on the impact of COVID-19 on real estate property classes while the Canadian Apartment Investment Conference offered owners, managers, developers, investors and others insight into the multi-unit residential market. Here are some key takeaways. Economic mixed bag. Although Canada has a high vaccination rate, global markets and supply chains are being impacted, a potential harbinger of a global slowdown. Rising automobile prices are contributing to inflation, which the Bank of Canada forecast at about 3% into 2023, above its 2% target. By summer 2021, thanks in part to Canada’s high vaccination rate, households began to spend the savings they amassed over the previous 18 months. In July, the country added 94,000 jobs, dropping the unemployment rate. “With the reopening of the economy and the strong progress on vaccinations have given us reason to be more optimistic about the direction of the economy,” said Bank of Canada Governor Tiff Macklem. Uneven REIT performance. Prior to the pandemic, the Canadian real estate investment trust sector was booming, with the S&P/TSX Capped REIT Index reaching its highest value in 10 years. The sector has been battered since then and some REITs haven’t fully recovered. ESG acceleration. REITs have significantly expanded their commitment to environmental, social and governance practices in recent years, including environmental initiatives and renewable energy. REITs are also increasingly strengthening ESG performance transparency and accountability. “Rather than distract from it, the health issues are elevating the overall concern over ESG risk in the medium and long term,” said Sasha Njagulj, global head of ESG for CBRE Global Investors. Return-to-work options. The Delta variant caused many companies to postpone calling employees back to work. Some companies are devising hybrid, flexible work arrangements. Analysts...

The Buildex Amplified conference took place recently as a combined live and online event. A Yardi-hosted session, “Mastering Procurement Through the Power of Technology,” moderated by Heather Brady, national sales director for Yardi Canada Ltd., addressed software solutions used to automate invoice processing and manage vendor relations. The panel featured leaders from QuadReal Property Group, Ronmor Holdings Inc. and Wesgroup Properties LP. The session made clear to more than 100 virtual attendees, most of whom were vendors, that procurement technology is a crucial topic for the industry. Here are some highlights from the session: Changes in vendor management Wesgroup and Quadreal shared with the audience that they replaced paper cheques, invoices and work orders with an online portal, which improved vendor communication and enabled their teams to resolve disputes more efficiently. Sandeep Manak, Wesgroup’s CFO, said, “You’ve never heard of a vendor that doesn’t want to get paid quickly.” By generating better spend visibility and standardizing forms and processes  Yardi Procure to Pay “improved our vendor relationships. We are seeing their expectations change because of this.” Increasing organizational efficiency Panel participants reported that with fewer people doing more tasks in more locations, they needed a flexible platform that was accessible from remote locations. Christine Williams, vice president national operations and administration, residential, QuadReal Property Group, said, “Any technology we adopt must comply with our Single Sign On mandate and integrate with other solutions we use. Our IT group first evaluates technology we are considering ensuring it meets our security and functionality standards.” In addition, she noted, “we wanted to lower the number of touchpoints in our RFP process.” Shifts in vendor payments Wesgroup now executes up to 95% of its payments by EFT. “When the pandemic happened, our vendors were forced to switch [from...

For Pacifica Senior Living, this year’s National Assisted Living Week (NALW) was spent gathering residents, paying homage to assisted living caregivers nationwide and celebrating their own staff.  It’s always a pleasure to spotlight our clients, like Pacifica, during NALW. Led by the National Center for Assisted Living (NCAL), the annual celebration encourages organizations to honor those who reside, work and volunteer in assisted living communities. Pacifica did just that, going above and beyond to honor their care staff. Celebrating NALW Honoring this year’s NALW theme — Compassion, Community, Caring — Pacifica invited their staff and residents to an array of uplifting events. They shared a snapshot on social media, too. In communities from North Carolina to California, Pacifica’s week-long celebration gathered everyone with delicious food, an in-house “Price Is Right” game and NALW-themed arts and crafts. There’s more, but we’ll let you explore the photos for yourself! You can find a range on Pacifica’s LinkedIn page. The dynamic senior living company also shared their appreciation for staff members with words of gratitude. They highlighted the resilience of their caregivers — and assisted living staff across the nation — during the pandemic. “The COVID-19 pandemic has brought new challenges to all assisted living communities in America for the past year and a half,” shared Pacifica on LinkedIn. “This National Assisted Living Week, we want to recognize all the efforts put forth by the staff of Pacifica Senior Living communities for all they have done and continue to do. Thank you.” Last but not least, they took the time to honor individual employees. Check out this spotlight of Enrique, a personal care assistant at Pacifica. Get to know Pacifica Utilizing Yardi’s senior living management software, Pacifica Senior Living strives to create communities where residents feel at...

You might be hearing a lot about the benefits of connecting the accounting, operations and investor relations within real estate organizations in a single technology platform. It’s natural to wonder what the appeal to this approach is. The single connected platform strategy stems from a growing realization among investors and investment managers of the deficiencies of spreadsheets, inefficient communications and other outmoded tools. Entering data into multiple spreadsheets and relying on disparate investment, investor and accounting systems can be inefficient and error-prone for investment managers. For their part, investors increasingly expect on-demand service and self-service access to key metrics, capital transactions, documents and reports. Technology that facilitates these operations has become widely available to investment manager service providers over the past several years, improving collaboration among investment participants and increasing investor confidence. A single connected platform centralizes investment managers’ communications with existing and prospective investors, automates the management of capital call and distribution notices, and improves collaboration on investment opportunities. Such a platform also improves efficiency for internal stakeholders. Executives needing a report, can get it themselves from the centralized database without asking Accounting. Investor Relations has full access to investor information readily available from the platform. An added benefit comes in the form of a higher level of investor confidence that comes from the online delivery of timely, responsive data. Investors can view property-level metrics, and investment managers can communicate new investment opportunity information through a secure portal rather than email. Yardi Investment Manager is one example of how a technology platform can unite 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 transfers. Investment managers are empowered to give their investors timely access to...

Lately, most news seems to be centered around when workers will be returning to the office. But, according to the September CommercialEdge National Office Report, the U.S. office real estate market is also warming up again after cooling off of 2020. While August vacancy rates nationwide are still 210 basis points (bps) below their August 2020 levels, they’re also ticking steadily downward, sinking another 10 bps to 15.4% compared to July. Meanwhile, the national average full-service equivalent listing rate for all office space was $38.72 per square foot in August — an increase of 1.2% year-over-year. Even so, seven of the top 25 markets analyzed experienced a contraction in listing rates: Listings in Manhattan and Chicago fell 2.9% and 1.7%, respectively, while Seattle office space vacancy rates notched 6.8% higher — one of the largest year-over-year increases of the markets analyzed. Essentially, the life sciences sector is the only consistent bright point throughout the pandemic. In fact, it’s grown faster in the last 18 months than before the pandemic started. However, more than half of the office space in this sector is concentrated in just four markets: Boston, San Diego, San Francisco and the Bay Area. These markets are prime arenas for the life sciences industry due to the presence of top universities like Stanford, MIT and Harvard that provide not only research opportunities, but also a large talent pool, as well. Furthermore, Boston alone has 7.2 million square feet of lab space under construction, with another 11.6 million square feet currently in the planning and prospective stages — and that doesn’t even include planned conversions. Granted, office construction is slowing across the nation and, although deliveries are holding steady, new starts are slowing down in almost every market. But, Austin, Texas, is a...

The senior living industry has undergone extreme changes in the last year. But leaders are banding together to develop new roadmaps at this year’s LeadingAge Annual Meeting + EXPO. Taking place in person on October 24-27 in Atlanta, Georgia, the event offers an opportunity to join the senior living conversation. How should you navigate the field today? What tools, services and practices can help your communities prosper? Experts and fellow attendees alike will share their answers.   Not to mention, you’ll have the chance to connect with team Yardi at Booth #1331. Our representatives will show you firsthand how technology drives success in senior living. Look ahead at LeadingAge 2021 LeadingAge is a dedicated senior living association working to help the next generation of older adults live their fullest life. They strive to empower their members to transform the aging experience for everyone. With that, they spearhead one of the industry’s biggest events each year — the LeadingAge Annual Meeting + EXPO. The event is packed with four days of invaluable sessions that encourage learning, networking and more. You don’t want to miss this one. And despite going virtual in 2020, this year’s event will allow everyone to reunite in person. That said, LeadingAge is prioritizing your health and safety. Among their many protocols includes the requirement that all attendees, speakers and exhibitors show proof of vaccination. Read more about the event’s COVID-19 safety measures.   Visit Yardi Booth #1331 Ready to find the right tech-enabled tools for your organization? We invite you to stop by Yardi Booth #1331. Our team is excited to show you around the Yardi Senior Living Suite — a single connected solution for senior living management. Whatever questions you have, we’ll be there to answer them. You can expect...

With many workers staying at home during the pandemic, commercial buildings emptied but the obligation to maintain security for buildings, technology, hardware and data remained. Now that many of those employees are on the verge of returning to work, managers of residential as well as commercial properties are bolstering traditional physical security – the protection of outer and inner perimeters and interiors with guards, fences, locks, video surveillance, fire detection and more – with new capabilities. Seventy-five percent of respondents to a recent survey of U.S. physical security and facility management professionals said the pandemic increased the importance of physical security in their organizations. Propmodo, which covers the global property industry, notes, “The expectations about safety and security have changed [after the pandemic] and security teams and the buildings they manage need to be prepared to meet these new higher standards.” Enhanced systems for evolving needs As a result, many property owners seeking to mitigate risk are embracing a notion of security that combines traditional physical security elements with access control technologies that have evolved, as Georgia-based real estate investment advisement firm Think Realty says, “to support a digital environment for tenants and property managers.” Advanced access systems encompass door entry, video surveillance and intrusion detectors, and real-time monitoring of entrants and the property. Many such systems are cloud-based, enabling remote management and scalability. Many employ voice, retinal, and facial recognition, thermal imaging and artificial intelligence. Engaging a technology platform capable of seamlessly physical and data security operations with other Internet of Things building infrastructure elements gives security and facility managers “the opportunity to create an environment that is not only safe and secure, but promotes productivity, collaboration and success,” Propmodo says. Commercial and residential property owners most likely will adopt other new practices...