This year, Senior Housing News (SHN) has honored a variety of senior living leaders through their Changemakers series. And without fail, each member of the Changemakers class is inspirational, unwavering and transformative in their approach to industry obstacles. That certainly describes Yardi client Fee Stubblefield, founder and CEO of The Springs Living. Headquartered in McMinnville, Oregon, The Springs Living owns and operates multiple senior living communities across Oregon and Montana. Fee started the company in 1996 with a mission to create communities that felt like home and since then, he’s elected positive change in the company’s design and operations. That’s exactly why he was chosen as a 2021 Changemaker and interviewed in this special series, sponsored by Yardi. In this excerpt from his SHN interview, you’ll learn how Fee has led The Springs Living through a period of change — and how he’s preparing for the future. Plus, you’ll get an inside look at Fee’s approach to innovation, his dedication to senior living and his tolerance for risk. Do you agree that change-makers are risk-takers, and secondly, how do you describe your own personal tolerance for risk? I would say that we’re probably categorized as both innovators and risk-takers, but I don’t see it that way. I don’t see it as risky. This is what we’ve learned. This is what we believe the market wants and we have hedged it in ways that we think makes sense — that eliminates risk. It’s been really fascinating to see how different people look at the mountain from a different side. When you go on a hike, you look up the hill and you think, okay, I’ll remember that spot when I get there, and then when you get up there, it looks completely different. Our view...

Federal tax reform enacted in December 2017 reduced or eliminated capital gains taxes for investments directed toward multifamily, commercial and self storage real estate located in more than 8,700 low-income “opportunity zones.” This source of capital was expected to seed startups, accelerate business expansions, create jobs, improve housing options and revitalize built environments in areas where about 35 million Americans live. A Yardi Matrix white paper published in 2019 noted that the zones initially appealed to “a new base of largely untapped investors” and offered value-add opportunities in “new markets that were thought to be too small or risky as investment strategies.” Many policymakers touted opportunity zones as a way to create jobs and lift up underserved communities and minority-owned businesses. Critics assert that the program lacks transparency and mostly helps well-heeled investors and developers. A year-and-half since investors joined the program in earnest (many waited until final Treasury Dept. regulations were released in December 2019), has the opportunity zone initiative fulfilled its promise? Expert opinion is split. The White House Council of Economic Advisors, for example, reported in October 2020 that the program had attracted $75 billion in new investments to distressed American communities, $52 billion of which wouldn’t otherwise have entered the zones, and increased private property values within the designated areas by 1.1%. This infusion of capital represented “a powerful vehicle for bringing economic growth and job creation to the American communities that need them most,” holding the potential to “lift at least one million Americans out of poverty [and decrease] the poverty rate in opportunity zones by 11%,” U.S. Department of Housing and Urban Development official Denise Cleveland-Leggett said at the time. Michael Novogradac, managing partner of Novogradac, a San Francisco-based professional services organization, says the program “has seen notable...

At every step of your journey, there are opportunities to elevate your asset performance. Today’s technology can equip you with the tools and insights needed to make the most of every square foot. Read on to learn how you can maximize rents at every stage of your project. Design for density To maximize net rentability, begin with your design. Dense multifamily housing offers more units and the potential to garner more rents. Data from Hanley Wood explores ways to increase density in multifamily, along with the benefits and disadvantages of each methodology. Explore site plans that truly show the relationships between design options and core development metrics. Of the most favorable options, you might: apply for a variance to decrease the setbacks on the site. This relatively simple adjustment can boost your buildable square footage. increase the net rentable square feet (NRSF) by increasing the depth of your units at the desired square footage. In longer runs, you can increase density and the potential for rents. get creative with amenities. When possible, decrease their size and explore options such as an outsourced gym with Amenify or outsourced communal space. With improved density, you help to increase your NRSF and position yourself for greater net rentability. Maximize rents with the latest data If you’re working with a built structure, there are ample opportunities to maximize rents. Implement a program that optimizes the value of your asset using big data, predictive analytics and prescriptive actions. Overall, this approach helps to keep costs low, increase your revenue and mitigate costly operational risks. Consider a solution that allows you to benchmark your operating income and expenses against your competition. Transparency within your portfolio is crucial as well. A robust system synthesizes data throughout your integrated property management, leasing...

To effectively serve their communities while navigating a growing portfolio, senior living organizations need support. For many, implementing integrated senior living management software is key. Meet Anthology Senior Living, CA Venture’s senior living platform that develops, acquires and operates 34 senior housing communities across the United States. Their portfolio includes independent living, assisted living and memory care with uniquely designed communities that provide residents with meaningful hospitality and care. Kim Smart As they grew and expanded their community footprint, Anthology needed the right software solution — a single connected system built for the unique needs of senior living providers. They welcomed the Yardi Senior Living Suite. To dive deeper into the importance of utilizing a single connected solution, we sat down with Kim Smart, director of systems and support at Anthology. Smart discussed the organization’s journey to now operating 34 communities, explaining the role the Yardi Senior Living Suite has played in driving Anthology’s success. Here’s a highlight: The Challenge: Navigating a Growing Portfolio With a range of communities to serve and rapid expansions underway, Anthology Senior Living needed a solution that did it all. They searched for senior living software that combined resident care, marketing, sales, finance and more on a single platform. To fulfill the needs of their many communities, Anthology chose a single connected solution they knew they could trust — The Yardi Senior Living Suite. The Solution: Yardi Senior Living Suite The Yardi Senior Living Suite is powered by a secure cloud-hosted database and unites property management, finance, marketing, resident care and more on a single connected solution. The Story: Single Connected Success, Efficiencies Gained & Unparalleled Support With extensive experience in systems analysis, Director of Systems and Support Kim Smart knew the value of interconnected tools. Whether it be...

This is the final week to submit applications for The National Apartment Association (NAA) Innovation in Diversity Grant (IDI). The program aims to advance diversity and inclusion in the rental housing industry through impactful education and hiring practices. NAA seeks to “inspire the next generation and strengthen those whom we work and exist to serve.” To do so, NAA has designated $25,000 per fiscal year towards the IDI grant. NAA member associations, property management firms, supplier partners and related organizations are eligible to apply. Creating a more equitable multifamily industry To qualify, participants are encouraged to align their program objectives with the ideals of the NAA Diversity and Inclusion Vision Statement. Additionally, the proposals must reflect the NAA’s dedication to an inclusive and supportive workforce environment that is rich in diversity. Applicants must propose innovative ideas that will result in meaningful contributions to the multifamily industry. NAA supports projects that fall into three main categories: Education Programs should demonstrate methods to improve diversity, inclusion and awareness within the applicant’s organization. Leadership Programs should enhance the presence of diversity among leadership and boards within their organizations. Such programs may create specialized training tracks for marginalized groups. D&I Projects Programs should bolster the presence of underrepresented groups at all levels in the industry. Opportunities may include but are not limited to scholarships and innovative steps towards more equitable hiring practices. Selecting finalists Applications will be received by the NAA Diversity and Inclusion Committee. Evaluators analyze each applicant’s potential for measurable outcomes, detailed budget, program timeline and support of NAA’s Diversity & Inclusion vision. Home Depot Pro: supporting diversity and inclusion in multifamily housing Home Depot Pro is a proud sponsor of the IDI Grant. The world’s largest home improvement retailer released a statement, stating, “We are...

Have you ever heard the phrase, “practice what you preach?” It’s a call for practiced values to align with value statements. At Yardi, we’re in the business of creating software solutions that are so robust and user friendly that even we would use them—and we do. Our latest release, Yardi Corom, makes lease management efficient, simple and transparent. We’ve implemented Corom at home to navigate back-to-office protocols. You Meet Corom Corom is a workplace management solution for commercial occupiers. The Corom suite simplifies end-to-end corporate real estate organization such as lease management, occupancy tracking and desk hoteling for flexible workplaces. Discover additional powerful features in Corom. The platform is scalable to any size business and the needs of any corporate occupier. We are using Corom for back-to-office protocols in our 20 U.S. offices. Yardi implements Corom for desk hoteling In July, Yardi offices began to reopen on a rolling schedule. To enhance safety and convenience, employees are able to make workspace reservations through Corom. The platform serves as an internal occupancy tracking and desk hoteling system for offices that are reopening at partial capacity. Currently, settings in Corom ensure that offices operate at no more than 25% seating capacity. This permits ample space between active desks during occupancy. The scheduling system also permits time for cleaning desks and equipment between uses. Corom lets workers customize their work experience Customization options within Corom permit commercial providers to promote greater occupant satisfaction. At Yardi, each workspace includes two monitors, a mouse, keyboard, phone, and one of two docking station styles. Employees can select the docking station that they need when they’re making the reservation. Employees bring their laptop and headset or request a loaner set. Employees can even reserve the desks that they used before office...

Multifamily asking rents jumped an average of 6.3% year-over-year in June, the largest leap ever recorded by Yardi Matrix, a leading industry data tracker. The national average apartment rent increased $23 last month to $1,482, another record, and single-family home rents were up 11% year-over-year. “These are the largest year-over-year and monthly increases in the history of our data set,” said Jeff Adler, vice president of Yardi Matrix. Analysts point to increased household savings and government stimulus funding as factors that have kept the multifamily industry stable during the pandemic period, and now able to rebound as the economy improves. The newly released data is an economic indicator of post-pandemic recovery across the U.S. The largest increases were documented in the lifestyle apartment sector. Renters are also now returning to many gateway markets that saw outbound migration for most of the last year. A supercharged housing market is also pricing out some potential buyers, leading residents to remain in apartments. “Rent growth will not be able to continue at these levels indefinitely, but conditions for above-average growth are likely to persist for months,” Adler said. The increases reflect growth in what landlords are asking for unleased apartments. Renters renewing leases may also be seeing increased rents, but likely at lower levels. Migration is pushing up rents in Southwest and Southeast metros like Phoenix (17.0%), Tampa and California’s Inland Empire (both 15.1%), Las Vegas (14.6%) and Atlanta (13.3%). These metros were lower cost compared to larger gateway metros. Get more insight on the historic report. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property...

Step aside millennials, the largest generation ever is ready to rent. The oldest members of Gen Z will ring in their 25th birthdays this year, and this tech-savvy group is quickly becoming the fastest growing renter demographic. Coming of age in the era of smart phones and social media, Gen Zers are highly skilled and have even higher expectations compared to previous generations. By now, you probably know the basics about Gen Z, but as the up-and-coming generation of renters, it’s critical to dig deeper. To appeal to these “digital natives,” you must first understand their habits, values and lifestyles. Lucky for you, REACH by RentCafe is taking a closer look at Gen Z characteristics and will be sharing its research data with you in a series of infographics. But first, let’s understand who exactly these Gen Zers are. Gen Z’s top 3 characteristics Gen Z is made up of independent and entrepreneurial thinkersMost Gen Zers were raised by members of Gen X. As parents, Gen X tend to favor autonomy and entrepreneurialism, values they have passed on to their children. Members of Gen Z celebrate their independence and ability to express themselves, and they don’t have the perception that things will just go their way. They aspire to become leaders, and 41% plan to become entrepreneurs. More than others, this young generation seeks to create success instead of expecting it. Gen Z values diversity and societal changeWhile Gen Z is the largest generation yet — roughly amounting to 2.46 billion people in 2019 — it is also the most diverse. According to the Pew Research Center, in the US, 52% of Gen Zers are non-Hispanic white, 25% are Hispanic, 14% are Black, 6% are Asian and 5% are other.They’ve also experienced and embraced...

When do you know you’ve found the right job? Many employers offer competitive compensation. Stand out companies encourage, support and celebrate the personal and professional development of their team. Add in a company culture that nurtures clients and community relationships and you’ve got the Yardi Breeze sales department. Staying connected The team consists of about 140 members servicing both Breeze and Breeze Premiere. They are responsible for positioning and selling the software to companies that specialize in managing real estate assets within targeted markets. Yardi Breeze sales team members represent at an in-person trade show event. Team members reside throughout the U.S. including Santa Barbara and Oxnard, Calif., Salt Lake City, Dallas, Irving, Texas, Long Island, N.Y., Raleigh, S.C. and Atlanta. Though far apart, team members share common goals and support one another’s progress. What prompts a 14-year career with Yardi? Mark Coverdale, director of Sales, began with Yardi 14 years ago. “I was excited to start a career in software sales. Once I was at Yardi, I knew this was a place I could be for many years.” The collaborative culture appealed to Coverdale. “In addition to collaborating with other departments, our sales teams meet regularly to give each other advice and guidance regarding sales opportunities, how best to take care of clients, and sharing success stories that we can all benefit from.” He was also drawn to the relationships that Yardi fosters with its clients. “In our industry, we cannot ‘sell and run,’ nor do we want to,” says Coverdale. “We take great pride in building partnerships with our clients. Sometimes the sale is just the start as we continue to build and nurture relationships that last for years.” Client feedback prompts product development, which in turn creates better products and happier...

For more than 35 years, Westcorp Property Management Inc. has focused on spaces and places that bring out the best in people. It creates, invests in and manages residential, commercial, hotel and mixed use properties. The company is based in Canada and has properties both in Canada and the U.S. It’s no surprise that a portfolio of this size and diversity relies on technology to help its prospects, tenants and team be successful. Recently we had the chance to speak with Uryelle Dimailig, Marketing Manager at Westcorp, about some of the tools and strategies the company uses to support its residential properties. Keep reading to find out what makes a strong marketing and leasing strategy, how to get the most out of it and who else can benefit from these tactics. If you are currently advocating for any kind of marketing technology at your property management business, this interview is a must-read! What elements are critical to a strong marketing and leasing strategy for residential properties? Digital marketing is important. You have to keep up with how consumer search behaviour is changing. Five years ago, we could put everything on the ILS and get leads that converted. Now, it’s much more competitive and your apartment listings don’t get much exposure on ILSs unless you pay to promote your listings on them. An opportunity that is often misunderstood is that those ILS dollars can be the same investment as a PPC campaign. We’ve found that building a digital leasing presence through property websites, SEO and social media brings in more leads. For us, a RentCafe website is an essential marketing and leasing tool. Because it’s integrated with our Yardi Voyager database, our website can show renters accurate availability, current rates, floor plans and all the...

We are excited to celebrate the second annual Apartment Onsite Teams Day on Wednesday, July 14! This day has been designated by the National Apartment Association to applaud onsite property teams across the country for their daily contributions to resident happiness and industry success. Extending our gratitude Onsite team members keep apartment communities together. In many instances, they have guided, led, and sacrificed for the sake of their teams throughout the pandemic. On this day, we want to express our thanks to onsite team members for all they do for residents, guests and teammates. They have been our first-responders and essential workers during this challenging time, allowing for continued success and safety through it all. On this #APTeamsDay, Yardi wants to recognize the difficult conditions that onsite team members across the country have faced over the past year and thank them for their continuous hard work and dedication. How to celebrate #APTeamsDay Apartment Onsite Teams Day celebrates team members such as leasing agents, maintenance staff, administrative assistants, concierges, landscaping teams and more. One way to express your gratitude is to recognize the work these team members do daily and thank them for being onsite during a global pandemic. Our onsite team members have had to go above and beyond to adapt to new conditions, while risking their own safety to prioritize that of their residents. Honor leasing agents by thanking them for being the face of the property and quickly pivoting to create new, safe customer experiences for renters. Thank your maintenance staff for working tirelessly over the last 16 months while people were home more than ever before. If you have the ability and budget, you might think about treating team members to a coffee or lunch. In one example from last year,...

Before the pandemic, telemedicine – defined by the American Academy of Family Physicians as the use of technology to deliver care from a distance, with telehealth comprising the technology and services providing that distance care – reached only about 4% of the patient population. With distancing mandates and stay-at-home orders in place in April 2020, the practice accounted for more than 43% of primary care visits, up from less than 1% two months prior, according to the U.S. Department of Health and Human Services. In March 2020, less than 20% of the population had experienced a telehealth appointment; about 61% had a year later. Sustaining patient care While telehealth doesn’t apply to procedures such as biopsies, lab tests or vaccine injections, its use of mobile devices, live audio and video, and smart digital tools enables follow-up visits, medication instructions and consultations in areas ranging from diabetes and dermatology to mental health. “We are not using technology to replace the doctor-patient relationship. We’re using technology to supplement and support that relationship,” says Deidre Keeves, director of connected health for UCLA Health in Los Angeles. Ada Stewart spoke to telehealth’s benefits for her family medical practice in Columbia, S.C, during the pandemic. “People were able to receive access to healthcare. We were able to reach out to our patients who were afraid to come into the office to be seen. It really afforded that opportunity to still take care of our patients and do so in a safe way,” she told HealthDay News. So will telehealth – which by one estimate could account for more than $100 billion of U.S. healthcare spend by 2023 –maintain a central role in medical care delivery? Or, absent the pandemic’s extraordinary circumstances, could it fall into relative obscurity? Could turn...

Access to affordable housing can be a life-changing experience for residents, especially when residential units are paired with social services. HUD’s Family Self-Sufficiency (FSS) program is a perfect example. The goal of FSS is to transform individuals and families by stabilizing housing and providing services like childcare, education, physical and mental health, food and other tools to overcome barriers to increasing income. New Directions is a mission-based affordable housing provider based in Louisville, Kentucky. HUD recently approved New Directions to administer FSS for residents living in seven of its properties. New Directions calls its FSS program “I Rise,” a title inspired by the poem “Still I Rise” by Maya Angelou. New Directions is led by Bridgette Johnson, its chief operating officer. Bridgett studied the success that public housing agencies (PHAs) were having with FSS and found that most of the FSS graduates she spoke with had moved on to home ownership, started their own business, or both, within a few years of graduating from the program. Inspired by those success stories, Bridgette created I Rise for New Directions, and conducted extensive fund raising to pay for staffing. FSS does not pay administrative fees for affordable housing providers, a significant difference from PHAs’ ability to pay staff with a portion of FSS funds. Solving the “Benefit Cliff” Affordable housing and social services workers often refer to the “benefit cliff” as a metaphor to describe how access to programs can suddenly be taken away when participants’ incomes rise. That can cause households to lose access to support before they are entirely self-sufficient. Under FSS, participants can maintain enrollment in social services even as their income increases. FSS prevents participants from falling off the benefit cliff by requiring households to save a portion of their increasing wages...

Is there a market for renters who want it all? Privacy, outdoor living space, a manicured lawn and financial flexibility are available to renters of single-family homes. Research reveals that interest in single family rentals has been growing since the Great Recession. The pandemic further ignited demand, as demonstrated by a surge in the construction of single-family rentals. As the market develops, specialized technology is necessary for smart growth. Industry powerhouses set their sights on single-family rentals   In mid-2020, the first wave of institutional buyers made their mark on the industry. During Q1 2021, they continued the trend by purchasing nearly 55,000 homes, according to Redfin data. Built-to-rent single family homes are also taking off. New York-based Trepp real estate analytics firm reports a 66% increase in single-family homes built to rent. Both homebuilders and apartment companies are entering the market. Builders such as Lennar Corp., the largest homebuilder in the nation by revenue, and multifamily behemoth Greystar Real Estate Partners are investing in single-family houses. Mike Clow, executive director at Greystar, aims to increase investment in the division by a noteworthy 1,566.66% percent by 2026. Operator Invitation Homes announced that it will spend $1 billion in single-family home acquisition in 2021, per an interview with Business Insider. While major players are pumping major dollars into the sector, small landlords still own the majority of single-family rentals. Only about 6% of new homes are built-to-rent.   Single-family rental data by Yardi Matrix The demand for single-family rentals is reflected in the strength of rents and occupancy. Yardi Matrix reporting now includes insights into built-to-rent single-family communities. Data is compiled from more than 90,000 units in 700 communities nationwide. Single-family rentals (SFR) thrived during the pandemic. The industry recorded a powerful 7.3% year-over-year (YoY) rent...