The senior living industry has faced unprecedented challenges this year. And while the ongoing pandemic changed the way assisted living staff provides care, these individuals have remained dedicated to residents and their families. They’ve continued to provide the highest quality care without fail. To honor these heroes — individuals who reside, work and volunteer in assisted living communities across the country — the National Center for Assisted Living (NCAL) leads a nationwide celebration each year. Known as National Assisted Living Week (NALW), the 2021 celebration will take place from September 12-18. Each year’s celebration has a theme, too. NCAL has deemed “Compassion, Community, Caring” as the 2021 theme given the endurance and resilience of staff members during the pandemic.   About National Assisted Living Week Established by NCAL back in 1995, NALW provides a unique opportunity for residents, their loved ones, staff, volunteers and local communities to celebrate senior living staff. The annual observance encourages assisted living communities to host a variety of events to honor the individuals they serve, while educating the public about long term care. This year’s celebration The NALW theme for 2021 — Compassion, Community, Caring — represents the resilience of assisted living heroes. The pandemic has created some of the most trying situations we’ve ever known, but these individuals stayed strong. This year’s NALW is the perfect opportunity to show thanks. And while NCAL encourages assisted living providers to modify events with COVID-19 safety protocols in mind, they’re still advocating that communities come together. They’re offering inspiration through their annual planning guide, a free online packet with ideas for how to recognize staff, honor residents and commemorate NALW in a safe and meaningful way. Here’s a few ideas outlined by NCAL: Engage residents in creative art projects to promote...

It’s not every day one celebrates their 100th birthday. For Pacifica Senior Living resident Theodore Albertus Mertz, a World War II veteran, his 100th year was commemorated in style.   Pacifica Senior Living is a dynamic organization with communities across the U.S. Utilizing Yardi solutions in senior living since 2009, Pacifica provides personalized care services in independent living, assisted living, memory care, skilled nursing, namaste therapy hospice and more. Pacifica honored Theodore with a 100-year birthday celebration at their Vacaville community. Best of all, the celebration is highlighted in this summer edition of Vacaville Magazine. The feature covers Theodore’s life story, his honorable war service and the Pacifica-led birthday extravaganza. We’re pleased to share a highlight here on The Balance Sheet. Pacifica honors veteran resident In early June, Theodore was honored with a gathering of local citizens, the Vacaville Fire Department, Travis Air Force Base and more. Over 200 vehicles passed by Pacifica Vacaville in commemoration of Theodore’s 100th birthday — and war service. Visitors also showed their appreciation with special gifts and heartfelt tributes. “We are so proud that this inspiring World War II Veteran and Centenarian is part of our community,” shared Pacifica on LinkedIn. The special gathering was made possible by Pacifica Community Relations Director Rosa Gracida, who noted Theodore’s upcoming birthday when he became a resident. She crafted the idea for a 100-car parade to memorialize his 100 years and to no surprise, local agencies were honored to join. “This is a milestone,” said Gracida in Vacaville Magazine. “I just feel so blessed — this is part of our story, our freedom. My heart just feels so full. He deserves all the respect.” Theodore’s Navy career began in 1941 where he was stationed in the Philippines. From inspecting and repairing...

While senior living providers have faced occupancy challenges throughout the pandemic, according to the latest survey from the National Investment Center for Seniors Housing & Care (NIC), demand for senior housing is on the rise. In surveying providers from July 12 to August 8 of this year — deemed the Wave 31 survey — NIC found an acceleration of move-ins across the senior living industry. And with increased demand for senior housing and care, providers need the right tools to stay ahead of the curve. They need a comprehensive solution to market their communities, streamline care, boost resident satisfaction and more. Occupancy insights in senior living NIC Executive Surveys aim to provide transparency in the senior living industry. The Wave 31 survey — gathering responses from senior housing and skilled nursing providers within 70 small, medium and large organizations — shed light on summer occupancy levels. And according to NIC’s findings, resident demand is the driving force behind increased move-ins. Here’s an overview of NIC’s other key discoveries: Between roughly 55% and 60% of respondents said the pace of move-ins has accelerated in the past 30 daysFewer nursing care organizations reported accelerated move-ins, compared to previous surveysIncreased resident demand was cited by nine out of ten respondents as a reason for accelerated move-insBetween approximately 50% and 70% of organizations reported an occupancy increase, with the memory care segment showing the most improvement61% of organizations anticipate their occupancy will rebound to pre-pandemic levels sometime in 2022100% of respondents said their organizations are experiencing staffing shortagesAmong organizations with multiple properties, 80% have staffing shortages in more than half of their propertiesFour out of five respondents indicated that attracting community and caregiving staff — and staff turnover — were the biggest challenges facing their organizations today. Roughly...

Minnesota will soon have more affordable housing options. Plymouth-based developer an Yardi client Dominium selected a 5.2-acre parcel in Roseville for its newest affordable project. The market is ripe for new development, with recent average vacancy rates hovering around 2.2%. A local average rate of 5% is typical in a balanced market. The Harbor at Twin Lakes will be a senior affordable housing community. It will offer 277 units including 131 one-bedroom units, 116 two-bedroom and 30 three-bedroom units. The units are divided between five floors within a single building. Photo courtesy Dominium The rent-restricted neighborhood will accommodate residents aged 55 and over who earn 50% of the area median income or below. Exploring the neighborhood near The Harbor at Twin Lakes The Harbor at Twin Lakes will be a walkable community with access to shopping and dining. The community includes seven commercial properties, surface and underground parking. Just eight miles from Minneapolis and 10 miles from downtown Saint Paul, the community is conveniently located near several local attractions. The Harbor parcel, located at 2730 Herschel St., is part of the larger Twin Lakes Station redevelopment. It rests adjacent to Oasis at Twin Lakes, an affordable housing community with 228 units. The units are divided between two low-rise buildings. Construction on the $74 million Oasis project began in July 2020. It is scheduled for completion in 2022. “Dominium is very excited to announce this new development as it will provide much-needed high-quality affordable housing in the Twin Cities metro,” said Dominium Vice President and Project Partner Ryan Lunderby. Financing The City of Roseville has provided a $35 million bond for the development of The Harbor. Tax-exempt financing, once offered by Greystone, is now managed by Freddie Mac. The property is also funded in part...

For many of us, in person events bring a sense of enlightenment and inspiration. Plus, they provide a chance to connect with others. And with shutdowns across the span of COVID-19, events have gone virtual. Now, as more people get vaccinated and the world emerges from the pandemic’s challenges, many associations are welcoming attendees back in person. This holds true in the senior living industry. Professionals are once again tasked with choosing which events to attend, aiming for those that are educational and prioritizing attendees’ health and safety. We’re pleased to offer an event that meets said criteria: The Argentum Senior Living Executive Conference & Expo, set to take place September 13-15 in Phoenix, Arizona. Argentum 2021: Better Senior Living Together This year, Argentum invites you to partake in the ultimate networking opportunity. With over 2,500 attendees from 750 different companies, you’ll have the chance to connect with transformative executives, gain fresh perspectives and discuss solutions for today’s senior living challenges. By joining like-minded leaders across the industry, you’ll take home ideas to enhance your own operations — and enrich the lives of your residents. And the health and safety of all attendees is a priority for Argentum. According to the association’s website, “Argentum has committed to instituting a variety of measures aimed at protecting your health and safety. Specific event details around the measures below will be updated on a regular basis and communicated to all attendees, exhibitors, vendors, and speakers.” You can read more about their health and safety commitments here. Ready to network, learn and explore? Yardi is sponsoring the registration and we invite you to come meet our team, learn about our pioneering software solutions and attend our speaking session on business intelligence.   Attend our session: Driving Performance with...

Investors have set their sights on suburban and tertiary markets. Lenders are responding favorably to the trend. While banks will continue to keep one foot planted in major metros, many are following their trusted relationships to less familiar terrain outside of city limits. Sleepy secondary markets are waking up The shift began as a trend prompted by the pandemic but has continued at a steady clip through the highs and lows of COVID-19. This is particularly true in cities where major employers have transitioned to remote and hybrid models. Many white collar industries such as technology, consulting and legal have adapted more flexible work conditions. With zero or fewer days required for office attendance, employees have been exploring their housing options. Blake Hering, principal with Gantry Inc explains, “As these remote operating models adopted by many office users have taken root and grown following last year’s social distancing mandates, a generational shift valuing the lower cost of living, higher quality of life, and larger footprint domiciles available in secondary markets has clearly fueled the beginning of a new, robust cycle for regional markets outside the MSA domain.” Employees are venturing further from their workplace hubs to secondary and tertiary markets where their money likely goes farther: lesser-known markets may offer more square footage for their money and more outdoor space, housing trends that were revitalized during the pandemic. Lending follows the leader The migration is particularly evident in MSA markets such as Seattle, Wash., and Portland, Ore.  in the Pacific Northwest. Investors are following demand to smaller markets such as Bend, Salem and Tacoma. “This shift is now rewarding experienced sponsors in what have become prioritized markets by offering access to a host of new lending sources that once only reserved their allocations for operators...

How do real estate leaders pick proptech winners? Don’t start with technology, start with business strategy, advised Radiant Property Technologies Managing Director Paul Chen in the first instalment of Yardi’s Proptech Insights webinar.  The property technology universe, once studded with a handful of stars, is now strewn with countless constellations. Technologies from artificial intelligence to augmented reality, driverless cars to big data, blockchain to smart buildings, are transforming the real estate value chain. But in a market with what can seem like millions of choices, how do savvy real estate players set their priorities? This is a big question – one that Yardi’s Bernie Devine posed to Paul in the first of a new online insight series. Welcome to planet proptech Paul Chen was talking proptech before it was common industry parlance. Paul advises real estate investors and operators – from beginners to behemoths – to map out their digital strategies and navigate the competitive proptech landscape. “Right now, the most common question I hear is: ‘How do I scale my business?’,” Paul said. The answer is never simple. But one of most talked about methods today is investment in the right operating infrastructure. Bernie Devine, Yardi’s Regional Director, has worked at the intersection of real estate and technology for nearly three decades. He sees two big barriers holding real estate back from rapid advancement: “Resistance to change and resistance to spend”. While the telecommunications and finance industries routinely spend 10 percent of revenue on technology, real estate is a different story. “Twenty years ago, it was one percent. Today it is only three or four percent and in a few cases five percent,” Bernie said during the first instalment of a series he has dubbed the ‘proptech duck dive’. Real estate leaders know...

A majority of online seniors — seniors segmented by their tech adoption and utilization — spend at least six hours a day online and own an average of five digital devices. That’s according to data collected by Google and research firm Known, who partnered to analyze seniors’ digital habits in 2020. Digging deep into their online behaviors, the research shows that a majority of online seniors are digital enthusiasts. What does that mean for senior living providers? For one, it sheds light on the need for digital marketing strategies to attract new residents. With a large group of seniors active online — for six hours a day, in fact — providers have an opportunity to showcase their communities in the digital world. But not any digital marketing tools will attract prospects. Providers need leading-edge services with a wide reach, equipped with tools like SEO and pay-per-click advertising (PPC), to stand out from the crowd. Looking at the findings from the Google and Known research below, senior living leaders may see why investing in effective digital marketing services is crucial. Digital habits of today’s seniors Most of us recognize that younger generations are active online. And while it may be less obvious to some, seniors are too.   Pulling a statistic from the Pew Research Center, Google and Known explain that “80% of Americans 55 and over are online, and today’s 65-year-olds have spent much of their adult lives experiencing advances in technology firsthand: They were only 36 when the first internet browser was introduced in 1992 and 42 when Google was founded in 1998.” Analyzing the digital habits of both boomers and seniors, their research sought to understand how — and why — these age groups navigate the online world. Here’s what they found...

As pandemic restrictions loosen, senior living providers face new challenges. They need the right tools to streamline workflows, empower staff and provide quality care — while still prioritizing safety. Luckily, a recent online roundtable gathered experts to guide providers through it all. Sponsored by Yardi, the McKnight’s Senior Living Executive Power Panel assembled Yardi Director of Healthcare Solutions Fil Southerland, along with two other industry executives, to discuss tactics for navigating the current landscape. But in case you missed it, their discussions are highlighted in a brand new ebook — available for you to explore. Today’s industry experts offer fresh insights   Given the ongoing pressures of the pandemic, McKnight’s recognized the need for expert insight in senior living. Their online roundtable covered a range of topics — with discussions centered on the latest industry obstacles. How can providers approach today’s challenges? How can they prepare for the future of senior living? Each executive aimed to answer these questions and bring something insightful to the table. The ebook captures their expert opinions, pieces of advice and more. At a glance, you’ll learn: How to improve staffing levels & retentionThe importance of digital workflowsToday’s best infection control practicesAnd more! About panelist Fil Southerland 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 healthcare 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 and LTPAC policy and interoperability initiatives, Fil is passionate about using technology to improve outcomes for residents and care providers. Explore the ebook to start...

Why have housing prices risen so dramatically lately? The answer begins with a huge uptick in demand driven by rising housing starts – seasonally adjusted single family housing starts in December 2020 hit their highest level since 2006 – along with low mortgage interest rates. An equally crucial factor is the rising cost of materials used to build and renovate homes. Structural steel, copper wire and other metal items – prices for all these products have risen substantially because of new housing, locked-down homeowners with time and money to spare for renovations, shut-down factories and lumber mills and tariffs. A sharp upturn in copper prices is “adding tens of thousands of dollars to a half-a-million-dollar” commercial project, according to Ben Goldberg of Petaluma, Calif.-based Simply Solar California. Perhaps the most volatile element is the market for lumber, used for framing, roofs, decks and fencing. In June, lumber costs were up 340% from 2020 levels before dropping dramatically a few weeks later, as sawmills ramped up production and imports increased. By early July, although still well above pre-pandemic levels, prices per board feet of lumber had dropped to 49% of its all-time high on May 28. Prices for other wood products were up 500% from pre-pandemic levels by mid-July, while the cost of steel mill products, up by about 70% in the first few months of 2021, remains high. The National Assn. of Home Builders, an industry advocacy group, estimated in May that the lumber price spike added nearly $12,000 to the market value of an average newly built multifamily home. Some wood products executives see the recent demand surge as a return to normal rather than abnormally high. Housing starts averaged 1.5 million units per year from 1960 through 2010 but lagged far below...

As an expert who’s redefining the future of senior living, it’s no surprise that Ben Burke has earned a place in this year’s Changemaker class. Recognized by Senior Housing News (SHN) in a special interview series — proudly sponsored by Yardi — Ben embodies what it means to be a senior living leader.   About Ben Burke Yardi client Ben Burke is the president of Anthology Senior Living, a platform that develops, acquires and operates communities as an affiliate of CA Ventures. With extensive experience in the industry, Ben has brought unique, strong ideas to Anthology — including the initiative to create high quality communities at an attainable price point. Under Ben’s leadership, Anthology is leveraging smart and economical design, technology and operational flexibility to stay ahead of the curve. Through the Changemakers series, Ben shares the fresh ideas he’s put into action at Anthology. He delves into the advantages of being vertically integrated, the importance of putting residents first and more. Here’s a highlight from the SHN interview: Can you speak to the ability to develop better products by being vertically integrated? The advantages from the new development side are endless. The heads of our development team, investment team and acquisition team sit at a table every single Monday with the heads of our operations and asset management teams. We talk about every single deal in detail. Then, once a month, we have what we call a “Super Thursday Meeting,” and we go through everything that links operations and development. Whether that’s design, construction timelines, or some of the areas like sales trailers and pre-opening and signage, we talk in detail about all these topics. FF&E [furniture, fixtures and equipment] is a huge area. The business is so nuanced from both an operational...

Multi-Housing News interviewed Yardi client DTN Management Co. chief operating officer Colin Cronin. Together, they explored trends in student housing and how operators are preparing for the new semester. Snapshot of the Lansing market Cronin reports that the student housing sector in East Lansing remains strong.  Enrollment at Michigan State University has increased year-over-year thanks to its appeal with U.S. and international students seeking education at a research-based Big 10 university. “There is uncertainty as to how the supply and demand for student housing will be affected in the near term,” says Cronin. He continues, “We experienced a surge of new renters at the end of the leasing season, when the university closed the dorms for fall 2020. Overall, 2020 turned out to be a great year for off-campus housing at Michigan State University.” DTN meets the changing needs of its clients Pandemic protocols encouraged DTN site staff to implement multiple ways of interacting amongst themselves, with residents and prospects. Cronin explains, “All our leasing, maintenance and resident services were configured to work with each individual customer in a manner in which they were comfortable working with our staff throughout the ever-changing pandemic.” To meet the needs of prospects, DTN adapted virtual tours. This option offered many advantages. During quarantine, prospects could still access video tours even when the offices were closed. When staff returned to the offices with limited capacity for guests, virtual tours provided a live experience for prospects from the comfort and convenience of their homes. Cronin says, “We also leveraged our web presence by enhancing our online experience to better serve remote users. On top of these changes, we focused on both paid search and social media to gain additional market share online.” Paid search options include pay-per-click ads with flexible budgets and...

The tech-savvy members of Gen Z are no strangers to browsing and shopping online. As a generation with high expectations, ratings and reviews are a large part of their online buying process. But just having ratings and reviews isn’t enough to win their business. You have to be strategic if you want to stand out from the competition. REACH by RentCafe is digging into how Gen Zers use ratings and reviews. This information will help you figure out how to achieve glowing ratings from your young renters. Why are reviews important? Before jumping into how Gen Zers use ratings and reviews, it’s important to first understand just how essential this aspect of your business is. For one, reviews help potential customers gauge an item or service’s quality while simultaneously informing your business about what works and what could be done differently. Additionally, reviews improve your search rankings. Did you know that, without them, there’s no chance of showing up in the Google local pack? Lastly, and perhaps most importantly, reviews increase the likelihood of conversion, and isn’t that the goal of your digital marketing strategy? Ratings and reviews inspire customers to reach out to you, increasing the probability of them converting. RentCafe.com conducted a study of all the apartment search journeys that resulted in a lease and found that ratings and reviews were one of the top three features that lead to conversions. When you’re looking to draw in Gen Z renters, ratings and reviews are a critical part of the marketing process. How do Gen Zers use ratings and reviews? As part of a survey series with more than 10,000 Gen Z participants, 65% of Gen Zers say they consider ratings and reviews always or most of the time when searching online. This...