While the pandemic has shaped senior living as we know it, there’s no shortage of industry experts to provide guidance, tips and insights as we move forward. Sponsored by Yardi and presented by the National Investment Care for Seniors Housing & Care (NIC), an upcoming webinar will huddle experts and leaders alike to share their best practices for 2021 — giving senior housing operators the tools to navigate the pandemic’s aftermath. About the webinar In this live leadership huddle, experts will discuss key trends that have shaped senior living in the last year. Through their insights, attendees will learn what trends to watch for — both in the short and long term — and best practices to stay ahead of the curve. We’re pleased to highlight the primary speaker, Fee Stubblefield, a Yardi client and the founder and CEO of The Springs Living. Fee has firsthand experience navigating the ever-changing landscape in senior living. Co-facilitators include: Joe Kiernan, Chief Strategy Officer/SVP, Network Development, Ocean HealthcareMaria Nadelstumph, SVP-Center of Excellence, Brandywine Living About NIC NIC is a nonprofit organization who supports access and choice for America’s seniors by providing data, analytics and connections that bring together investors and providers. Launched as the first of its kind in collaboration with Yardi, the NIC Actual Rates Initiative compiles actual rates and leasing activity submitted by senior living operators. Yardi clients can easily participate by using Voyager Senior Housing to map and extract rent roll data, which can then be exported to NIC and Excel. For more information or to participate, explore the NIC Actual Rates Initiative and complete the online form. To register for the upcoming webinar — Trends That Will Shape Senior Living Post-Pandemic — visit the NIC leadership huddles. The live discussion is set for Wednesday, May 26...

Along with virtually every other business operation, corporate communications underwent profound change during the pandemic. The challenges gave leaders “a compelling reason to engage and strengthen overall connections with employees,” creating “a chance to rebuild organizational health, productivity, and talent retention,” a trio of researchers from management consulting McKinsey observed in June 2020. Several corporate communications experts have proposed strategies for effectively managing the drastically altered work environment. The McKinsey team, for example, defines “clear and inspiring communication” as the key to “making this next unsteady phase a success.” The most successful adopters of a remote work environment, they say, are “more diligent than ever in demonstrating communications best practices in order to manage a work-from-home culture” that prioritizes employee safety, connectedness and engagement. John Capodanno, senior managing director of Washington, D.C.-based global business advisory firm FTI Consulting, offers a similar perspective. “Proactive, consistent and clear external communication strategies can help maintain a level of business continuity, demonstrate a commitment to all stakeholders (patients, health officials, local communities, employees, vendors, partners and investors), earn trust, and even strengthen and build relationships during this uncertain time.” The implications of those best practices will extend far beyond the pandemic’s timeframe. “Even when we return to normal, working virtually will remain a reality. The imperative is creating a unique culture for all employees when many will not be in the office full-time — or at all,” says Valerie Di Maria, principal at the 10company, a strategic marketing and communications agency in New York. In creating that culture, it’s important to avoid thinking that any one solution fits all scenarios. Some employees, for example, “will be enthusiastic about returning to the office, while others will not want to venture back yet. Still others may want to reenter in theory,...

It’s time to recognize a new wave of senior living leaders! Published by Senior Housing News (SHN) and sponsored by Yardi, the Changemakers series is back for 2021 — highlighting exceptional leadership in the senior living industry. With insights captured through in-depth interviews, this year’s Changemakers are recognized for their unique strategies in navigating industry challenges. And there’s no questioning the obstacles the industry has faced — especially during the pandemic. But these visionaries have pushed forward. They’re utilizing their knowledge and skills to pave a bright future in senior living, and they’re here to share their expertise. Released in batches over the next several months, the first interview is ready for you to explore: Meet Terri Cunliffe Changemaker Terri Cunliffe is President and CEO of Covenant Living Communities & Services, a non-profit operator of senior living communities. Since joining the organization in 1988, Terri has devoted her career to improving the lives of seniors — quickly evolving into the leader she is today. Appointed as COO in 2010 and later CEO in 2015, she’s expanded the efforts of Covenant Living and its many communities, introducing proactive measures every step of the way. And with over three decades of experience, Terri is no stranger to change. In the following excerpt from the SHN interview, see how Terri’s knowledge — and dedication — have proven successful in maneuvering through an ever-changing industry, all while leading Covenant Living’s journey to growth. To be a changemaker, you’ve got to be willing to take risks. Do you agree with that? How would you describe your own risk tolerance? When I think of risk, I think the longer I’m in the role, the more risk I’m willing to take, because I understand the implications of that risk. If we...

The multifamily market is rebounding from the pandemic at a rapid clip, and gateway markets are now seeing positive performance indicators for the first time in many months. The latest Yardi Matrix Multifamily National Report has much good news for owners and investors, including a 1.6 percent year-over-year rent bump. “That is the largest increase that we have seen since the beginning of the pandemic,” said Matrix analysts. Overall rents increased by $10 in April to $1,417. The last time overall rents increased by that amount in a month was June 2015. It was also the largest year-over-year jump since March 2020. Out of the top 30 markets Matrix reported on, 24 had month-over-month rent growth greater than 0.5%. Of particular significance were the gains in gateway markets. Miami leads the gateway markets with 0.8% rent growth on a trailing 3-month basis. All other gateways had positive trailing 3-month rent growth, with Chicago (0.5%) and Boston (0.4%) showing strong gains. Washington, D.C. (0.2%), New York, San Francisco and Seattle (all 0.1%) are further back in the recovery process. “We expect the gains in these markets to strengthen as we head into the summer,” states the report. Find more good news and in-depth analysis for multifamily from Yardi Matrix. 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 types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...

Jeff Adler, vice president of Yardi Matrix, was recently featured as a guest panelist on an NMHC virtual forum. The April 20 focused on apartment investment, trends and economic factors affecting the industry. Adler appeared alongside Jim Costello, senior vice president at Real Capital Analytics, and Suzanne Mulvee, senior vice president of research and strategy at GID. The conversation was moderated by Dave Borsos, vice president of capital markets at NMHC. Markets like Portland, Oregon have seen an influx of residents as rising single family home sales over the last year. All three industry experts were bullish on the state of the multifamily industry, which is already well on its way to recovery from the impact of the COVID-19 pandemic. “As it relates to multifamily, it is game on,” said Adler. “(Investors) are out there buying and rents are up. There are pockets of weakness in the urban gateway but if you look south and west, there are a lot of people bidding with a lot of cheap (capital). There are a lot of people moving out of office investments and into industrial and multifamily.” The economy and inflation risk With many Americans flush with cash, both from saving during the pandemic and stimulus funds from the federal government, spending is rampant and economic growth is expected to be around 6.5 percent for 2021, Mulvee noted. But with those conditions comes a concern about potential inflation. “We know we are going to see a period of six months or so of inflationary pressures,” Adler said. “But we hope that in six to nine months, there will be enough deflationary counter pressures that it won’t get out of hand. That in my mind is the bigger issue.” Costello, who writes extensively on market conditions, tempered...

Australia and New Zealand were “underperformers” in Asia Pacific’s real estate market last year, with Sydney’s commercial transaction volumes down by 52%, Melbourne’s by 35% and Auckland’s remaining stagnant. But the countries’ overperformance in their handling of the pandemic could set them up for future success. Last week Yardi called in the experts to find out more. David Green-Morgan, Managing Director of Real Capital Analytics in Asia Pacific, Dr Sarah Hunter, BIS Oxford Economics’ Chief Economist for Australia and New Zealand, and Yardi’s Regional Director, Bernie Devine, joined us for the latest instalment in Yardi’s Executive Briefing Series for 2021. And their insights might surprise you. The pandemic hasn’t been a financial disaster While the world has witnessed the biggest economic downturn on record, the Australia and New Zealand experience was far from the “double digit” declines felt in some markets, Hunter said. This was thanks to “good luck and good policy”. Geographic isolation played its part, but both governments were also “aggressive leaders” in lockdown stringency, tracking, tracing, testing and other public health responses. Controlling the pandemic has allowed both countries “to normalise economic performance,” Hunter noted. Central banks have thrown the “kitchen sink” at the pandemic, with quantitative easing and a lower cash rate making it easier for people to borrow. Emergency support measures “have more than compensated” for loss of income from wage freezes, lower dividends or job cuts. On an “aggregate level” the pandemic “has not been a financial disaster,” Hunter observed. A “wave” of investment in infrastructure projects bodes well for the property industry, she added. Investment volumes took us back to 2016 Australia and New Zealand were “slight underperformers” in 2020, Green-Morgan said. Asia Pacific investment volumes, while down on the “record year” of 2019, were far from...

We’ve learned that most every company is a tech company: in the past year, companies that prioritized adaptability and tech innovation managed to thrive in the most unprecedented circumstances. At PM Springfest, two real estate industry experts shared their best practices for tech selection, implementation and creating efficient processes that scale. Their analysis offers insights and inspiration to prepare Canadian property managers for a harmonious future with technology. PM Springfest 2021 PM Springfest is a two-day online educational conference for decision makers and influencers of the property management industry. The event gave participants the opportunity to connect, network, learn and share insights on the industry’s most important topics including sustainability, legal and regulatory issues, resiliency and technology. Panelist Sandeep Manak, CFO, Wesgroup Properties, Brian Turpin, CIO, Greenwin and moderator Sam Amin, marketing manager, Yardi Canada led the webinar, “Hello New World: Are You Ready for the Future of Real Estate Tech?” The panel explored how tech facilitates business continuity, strategies for successful adoption and how they leverage data to thrive. Tech is essential for modern, successful business continuity The pandemic served as a catalyst for technology adoption throughout real estate verticals. Manual processes, paper-based filing systems, and face-to-face interactions came to an abrupt halt. Technology empowered companies to press forward and thrive in remote environments. Turpin says, “At Greenwin, we always had this digital mindset of being cloud-first. Our overall strategy has been focused on mobility, digital payments, online leasing, and virtual tours.” As a result, Greenwin was able to shift to remote work environments within a few days. The organization also accelerated disaster response protocols that were already in place. “Something that we specifically did around the pandemic was the deferred payments,” says Turpin. “A vendor like Yardi quickly stepped up and pivoted...

The oldest members of Gen Z are turning 24 this year. They were just seven years old when Facebook launched and 13 when Instagram came along. They have never known a time without the internet. And they’re poised to be the largest generation of renters ever. Just when we’ve adapted to Millennial renters, this new generation enters the market with its own set of renter preferences. But how different are they, really? A rentcafe.com survey of 2,500 renters revealed what Gen Z renters are looking for in their next apartment. First, see the results from that survey in an infographic that you can share. Then, get some tips for attracting and retaining Gen Z residents. Finally, watch a video interview with a Gen Z renter who shares her take on today’s online experience. Infographic: Gen Z renter preferences Gen Z is a generation of digital natives who value technology above most traditional amenities. They search for apartments on Google, check out reviews first and consider high-speed internet to be more important than onsite parking! While Gen Z renters may just be entering the market, their preferences indicate future multifamily trends. For example, this generation is 2x more interested than previous generations in smart home features like locks and thermostats. So for now, smart home features are nice to have. But in the future, will they be considered a must-have to demand the best rent rates? 3 tips for marketing apartments to Gen Z renters The results of this survey were also discussed during the keynote address of the Apartment Innovation and Marketing (AIM) Conference’s virtual Reconnect event. In the presentation, Drew Davis, award-winning marketer and author, and Esther Bonardi, vice president of marketing at Yardi, shared strategies to attract and retain the newest generation...

Did you know that more than 51 million Americans experience mental illness? May is Mental Health Awareness Month. Participants are encouraged to end the stigma around mental illness and promote conversations about mental health. Yardi offers an array of resources to support mental health awareness and services. Mental health by the numbers Per the National Institute of Mental Health (NIMH), nearly one in every five adults live with a mental illness. That’s approximately 51.5 million Americans aged 18 and older that have a diagnosed condition. An estimated 49.5% of adolescents ages 13-18 have a mental disorder. The National Library of Medicine reports that “46% of Americans will meet the criteria for a diagnosable mental health condition sometime in their life, and half of those people will develop conditions by the age of 14.” The Canadian Mental Health Association (CMHA) reflects similar numbers: in any given year, 1 in 5 people in Canada will experience a mental health problem or illness. By age 40, about 50% of the population will have or have experienced a mental illness. With more than 20% of the population living with mental illness, we face a growing need to understand mental health. That understanding comes in the form of formal research and open dialogue with our communities. Mental Health Resource Library To support the wellbeing of its employees, clients and their residents, Yardi has sponsored the COVID-19 Mental Health Resource Library. The investment and property management software provider developed the library to aid those affected the pandemic. The virtual library offers tools to help manage changes in our homes, employment and social conditions. Users can explore practical insights from dozens of videos, articles and other media. Each is presented on a free, user-friendly platform that is accessible on any internet-enabled device. The...

As optimism in outlasting the COVID-19 crisis continues to grow, senior living providers face a new challenge — navigating the business world in the pandemic’s aftermath. Recognizing the need for expert insight, McKnight’s Senior Living is featuring three industry executives in a digital power panel on May 5, 2021. The session will break down strategies in maneuvering through the coming months and beyond. And set to speak is Yardi’s own Fil Southerland, a seasoned expert in the LTPAC industry. Topics at a glance Sponsored by Yardi, the McKnight’s power panel — Preparing for business after the main COVID-19 storm — will explore a range of topics. With an expert viewpoint and strategies to share, Fil Southerland will cover the following subjects, plus more:   How to improve operations, both post-pandemic and in generalWhy digital workflows are a mustThe industry’s shift toward interoperabilityStrengthening resident and family engagement, digitally and in person   About 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. Don’t miss Fil’s insightful contribution, along with two other expert speakers, on May 5 at 1 p.m. EDT.   Save the date and register...

Working in multiple locations need not hinder efficient record-keeping by nurses and other senior living community care staff thanks to the Yardi EHR Care Stream App. Yardi EHR Care Stream app lets care staff execute point-of-care charting and related administrative tasks on mobile devices. Previously users had to log in to Yardi EHR, a full service electronic health record solution for senior living, to perform order resolutions before charting orders in the Yardi EHR Care Stream app. “This faster, more efficient process for order resolution helps all senior care nurses and especially those who work in multiple communities or remotely. They can spend less time on record-keeping and direct more of their energies to their pressing care responsibilities,” said Ray Elliott, vice president of senior living for Yardi. See how Yardi EHR combines with the rest of the Yardi Senior Living Suite to create a comprehensive technology platform for senior living...

Last year was a tough one for commercial real estate in Singapore and Malaysia. But with record-breaking transaction volumes rounding out 2020 and Covid-19 vaccines rolling out at speed, there’s hope on the horizon. Yardi recently brought together some of the region’s brightest economic brains to unpack the data and unearth the trends. Here are their top five insights to help guide investment decisions in 2021 and beyond. Both markets are on the move Oxford Economics is predicting a GDP growth rebound of 7.1% in Singapore and 5.4% in Malaysia. Singapore is likely to return to pre-Covid levels in the second quarter and Malaysia in the fourth. But “growth recovery is dependent on health success” and is tied to each country’s efforts to contain Covid infections, warned Oxford Economics’ lead economist for Asia, Sian Fenner. The vaccine rollout is key to recovery, Fenner emphasised. In Singapore, just under 24% of the population has received its first dose. A 80% vaccination rate – and with it herd immunity – will be achieved in Singapore by the third quarter. While just 2-3% of Malaysians are currently vaccinated, 70% of the population will be fully vaccinated by the end of the year, Fenner said. Economic scars will take time to heal Rebound and recovery in both nations will be influenced by “economic scarring,” Fenner told Yardi’s engaged audience of property professionals. It will take time for businesses to repair their balance sheets and for the labour market to address skills mismatches, she explained. Singapore has followed a V-shaped recovery after an historic fall in GDP. “Singapore has almost recouped its loss in output and its GDP is now close to its pre-pandemic level,” Fenner’s colleague and Oxford Economics economist Sung-Eun Jung said. But this headline figure masks...

It’s an honor to celebrate years of service in senior living, especially for a trusted industry leader like the American Seniors Housing Association (ASHA). As of April 2021, ASHA celebrated 30 years of positively impacting the senior living sector — commemorating various achievements from their three-decade journey.   Formed in 1991, the association has provided exceptional support for senior living providers. ASHA continues to engage in the finance, development and operation of the full spectrum of housing and services for seniors. Representing the interests of over 500 companies today, this spectrum includes independent living, assisted living, memory care and continuing care. The early days In honor of the 30-year anniversary, ASHA president David Schless took the time to reflect on the association’s early accomplishments. “ASHA was initially focused on providing a voice for senior living owners and operators on Capitol Hill,” says Schless in a company letter. “We were laser-focused on issues that impacted senior living communities, which at that time included a lot of fair housing and tax issues.” Schless also acknowledges how ASHA paved the way for senior living data. “Because there was virtually no senior living data in the early 1990s, ASHA filled this void to demonstrate that, among other things, senior living was an investment that could in fact be profitable.” ASHA today With 30 years of experience and achievements, ASHA remains at the forefront of senior living advocacy. Through the work of diligent leaders and teams, the association continues to provide legislative support, research and educational opportunities for providers today. Learn more about ASHA and their efforts in senior...

Yardi regularly works to foster product enhancements, develop new features and improve usability in the Senior Living Suite. From gaining client feedback to testing new ideas throughout the year, upgrades are crafted to make our software more valuable for senior living providers. These upgrades are then compiled into an accessible guide for clients. We’re pleased to announce that Yardi Voyager Senior Housing 7.14 is now available to explore. Here’s an overview of the upgrades included.       Yardi Voyager Voyager welcomes an array of exciting updates and new functionality. Namely, the enhancement of several reports such as the Portfolio Census, Resident Days and Resident Ledger. Other Voyager updates include: New trust fund accounting functionalityA Copy Resident tool for seamless community-to-community transfers Watch the overview video Read the Voyager new features guide RentCafe Senior CRM RentCafe Senior CRM provides complete visibility into your marketing and sales activities — and 7.14 is packed with upgrades to help. Included is an improved user interface. Equipped with redesigns of prospect profiles and activity list screens, the enhanced interface allows for a smoother navigation of prospect history. Additional upgrades consist of:    Ability to select checkboxes during digital lease signingCentralized pet information tableRevamped calendar integrationDisplay of time spent with leadsNew lead staging workflow with capability to create sales guides and action items Watch the overview video Read the RentCafe Senior CRM new features guide Yardi EHR EHR is full of new features, along with enhancements to several modules. Among these is a brand-new dashboard for infection surveillance and immunization monitoring, designed to help care managers track assessments related to vaccinations and infectious diseases — including COVID-19. Check out the rest, at a glance:  Function to copy resident records from one community to anotherTime-saving tools for incident reportingEnhanced Kno2 interfaceAbility to...

The following information is courtesy of the Energy Information Administration, a statistical and analytical agency of the U.S. Department of Energy that collects, analyzes and disseminates energy information. Post-COVID consumption lags The U.S. will likely take at least a decade to return to 2019 levels of energy consumption and carbon dioxide emissions due to the impact of COVID-19 on the economy and global energy sectors. “The pandemic triggered a historic energy demand shock that led to lower greenhouse gas emissions, decreases in energy production, and sometimes volatile commodity prices in 2020,” says Stephen Nalley, the EIA’s acting administrator. Around the world, global demand for petroleum products in 2020 fell by 9% from the previous year. Just how long it will take production and consumption levels to return to their pre-pandemic levels depends on a range of factors including the pace of economic recovery, advances in technology and government incentives. “It will take a while for the energy sector to get to its new ‘normal,’” according to Nalley. Battery power charging up A significant number of battery energy storage systems will be added in the U.S. between now and 2050, at which time 59 gigawatts (GW) of battery storage will serve the power grid. Falling battery costs, growth in non-dispatchable renewables (such as solar and wind, which can’t be turned on or off at will) and tax credits are the key drivers of the capacity expansion. Wind becomes a force In 2019 and 2020, developers in the U.S. installed more wind power capacity than any other generating technology. Wind turbine capacity additions in 2020 totaled 14.2 GW, surpassing a record that had stood since 2012. The impending phasing out of the full value of the production tax credit spurred investments in this technology. Congress extended...

The increased distribution of COVID-19 vaccines offers hope that commercial air travel can rebound from a year that saw airline revenues fall by 60% from the previous year. The 1.36 million passengers who passed through U.S. airport security checkpoints on March 12 represented the highest volume since the 1.5 million recorded on March 15, 2020, according to the Transportation Security Administration, although the total was well below the 2-million-per-day average in March 2019. “The willingness to travel is still there,” Arjan Meijer, chief of commercial aviation for Brazilian aircraft maker Embraer S.A., said in January. “There will be a push to go travel again as soon as we can.” “Although the next 6–12 months contain risks from pandemic uncertainty, historical trends suggest a faster rebound in passenger traffic, which could make the industry’s long-term prospects more bullish,” notes Ravi Shanker, who covers the North American transportation industry for Morgan Stanley, citing pent-up demand, fewer airline competitors than in past global crises and a more stable fuel-price outlook as key factors. Safeguards in place When air travel reaches pre-pandemic levels, what will the industry’s “new normal” look like? First things first – is it prudent to even consider returning to that volume? One expert thinks so. “The airline industry and airports have taken great steps to create the safest environment that they can,” Becky Lutte, a professor of aviation at the University of Nebraska, Omaha, said in an article published March 12. “It’s really all about passenger compliance – making sure everyone is following the rules and being aware of what’s expected from us.” Those rules encompass much of the guidance that the Centers for Disease Control and Prevention has issued over the past year, include wearing a mask on airplanes and airport premises, maintaining...