“Adversity does not build character. It reveals it.” Those words from James Lane Allen have resonated with readers for years. As we face challenges, our true nature is exposed. Yardi is proud to share the stories of several clients that have supported residents, built community and exercised leadership during this difficult time. Employee and resident support The Bridge Employee Emergency Support Initiative to Aid Employees Amidst COVID-19 details support services for team members. Bridge has offered to pay employees’ regular salary or hourly pay during their absence from work due to COVID-19 illness, self-quarantine, or to care for COVID-19-infected family members. The aid supports employees who can work remotely as well as those who cannot. This Initiative exceeds the requirements stated in The Families First Coronavirus Response Act for companies with less than 500 employees. It supplements current Bridge protocols regarding teleworking and enhances the organization’s protective measures for employees and residents. Bridge Investment Group multifamily residents are eligible for the COVID-19 Financial Hardship Assistance Program. Residents can contact property staff to negotiate a rent payment plan suitable for their financial condition. The plans may include deferrals, lease extensions, and renewal opportunities. Bridge will not pursue any evictions for the non-payment of rent during the crisis. “We do not want any resident to be concerned that they will be without a home during this pandemic,” states a recent Bridge press release. Hope through health and fitness To help residents cope with shelter in place practices, Bozzuto has introduced #BozzutoStaysHome, a virtual event series committed to bringing a sense of sanctuary to residents. “Sanctuary means many different things, but at the heart of it is a place where you feel at peace, where you can be yourself,” says Nicole J. Wells, content marketing manager, digital marketing and strategy with Bozzuto. “Prior to scheduling any activities, we first surveyed our residents to learn what topics were of true interest. Wellness and fitness were among the top areas. It’s natural that the place where you are at peace, where you can be your full self, would incorporate movement. Whether through dance, fitness or yoga, you are free to express and be,” says Wells. The #BozzutoStaysHome series emphasizes the importance of physical movement and fitness as a tool to release stress and maintain health. Sessions include yoga, functional movement, and dance resources. The multifamily housing provider also created the Flamingo 21-Day Virtual Wellness Challenge. Residents are encouraged to participate in home workouts. They can then post photos and encourage their fellow renters. Participants earn points that will be used to calculate rewards which include a party thrown by Flamingo—once shelter in place mandates are lifted– and year of free housekeeping services or personal training. In May, Bozzuto encourages residents to join A Wider Circle’s Virtual Race to End Poverty on May 16. Residents can sign up to exercise at a specific time to raise funds and awareness for A Wider Circle. The nonprofit focuses on emergency and long-term solutions for housing and food insecurity. Finding normalcy while sheltering in place Lincoln Property Company (LPC) has kept the atmosphere light by providing ways that residents can make sheltering in place feel more natural. Via social media, LPC shares content from their blog and sites such as Apartment Therapy to give residents tips on sheltering in place. Such resources include a guide to working from home, a list of the most versatile workout apps, bonding activities to do over teleconferencing apps, and quick meals for days when residents feel overloaded. The housing provider is also hosting the #LPCHomeTogether contest. Residents can submit pictures of how they’re making the most of their extended time at home. Submission ideas include pictures of DIY projects, workouts, and family games. Each week, LPC choses a winner who will receive a $50 Amazon gift card. LPC resident relief efforts include options for payment plans and other policies to lessen financial...

The uncertainty caused by the COVID-19 pandemic affects affordable housing providers in many ways. Missed rental income, difficulty documenting residents’ eligibility and ensuring compliance with a suddenly remote team are just three of the challenges faced by the industry. Thankfully, there are assistance resources that can help alleviate the discomfort of change and uncertainty. Yardi is here to help Affordable housing providers have big concerns, and Yardi is committed to help. Here are some questions you may be asking, and follow-up answers from Yardi below: Q: Where can I get information about changing compliance requirements? A: Current Yardi clients can log into Client Central to watch a free webinar titled “How COVID-19 Changes Affordable Housing Compliance.” The recorded demonstrates ways to keep socially distant and while making sure compliance work gets done. Q: How can we accept applications or conduct compliance interviews when staff are working from home? A: It’s possible for households to complete their affordable housing application online, without having to bring paperwork to your office (which is likely understaffed or closed as employees are working from home). Yardi is offering a fast-track implementation of RentCafe Affordable Housing to current Yardi Voyager customers. Clients can be processing online applications and certifications in as little as two weeks. RentCafe Affordable Housing includes online portals for application processing, screening, move-in, initial, interim, and annual certifications, leading practice compliance forms, payment processing, maintenance requests, compliance reporting and more. The fast-track offer is currently limited to 50059 certifications. As we develop additional leading-practice workflows, we will include additional subsidy types. Q: How do you certify the eligibility of new and current residents when they can’t drop off forms and employers are closed? Your housing specialists can use RentCafe to review household, income, asset and expense data submitted through the online applicant portal. Applicants and residents can upload images of bank statements, paychecks, and any other required eligibility documentation. The online interface enables your compliance team to collaborate, even as they work individually from home offices. Q: How can I implement RentCafe when most of our team are working remotely and have limited to no time available to complete the setup of the software? We understand current circumstances may make implementing any new software or processes challenging. To overcome this, we have developed a streamlined guided implementation approach featuring our leading practice certification workflows and forms. As your partner, Yardi will take the lead to complete the necessary configuration and setup and provide remote webinar training and support for your teams enabling them to start using RentCafe Affordable housing in as little as two weeks. Learn more by downloading a free ebook called Five Steps to Revolutionize Affordable Housing Applications and Workflows. Another way to bolster income certification data is to use social service verification screening from Equifax®. That service delivers applicant and resident payroll data, year to date income reports and more as part of the applicant screening and annual recertification processes. Affordable housing providers using Yardi’s ScreeningWorks Pro can access social service verifications on the Yardi Voyager and Breeze dashboard. Q: How do we process rent deferrals? RentCafe includes a new feature that facilitates rent deferrals and doesn’t require in-person meetings. Residents can log into RentCafe to see what options they have for rent deferral, see how a deferral affects their account balance, and keep up to date with changing policies. Watch a free webinar and see how this new rent deferral feature works. Q: How Does the CARES Act support affordable housing? A: The CARES Act includes legislation that offers relief for property owners experiencing reduced revenue from missed rent payments. Specifically, the CARES Act identifies the procedures landlords can take to keep their properties viable despite financial hardships caused by COVID-19. It addresses forbearance of mortgage payments, temporary eviction moratoriums, and more. Now more than ever Affordable housing is a vital resource for communities across the country. As...

(Part one of a three-part series highlighting the efforts of food banks during COVID-19.) If there is a silver lining in any crisis, it could be that we have the chance to better prepare for the next emergency to come. In Yardi’s hometown of Santa Barbara, that has been the case for the Foodbank of Santa Barbara County (FSBC), which used the lessons of the devastating Thomas Fire and Montecito mudslides of 2017-2018 to create a comprehensive disaster feeding plan. It includes widespread cooperative response from local agencies, nonprofits and medical resources, as well as ways to ramp up supply quickly and get food directly to people at home. That plan has come into play in a major way over the last three months, as the Foodbank saw its demand and food outlay double simultaneously nearly overnight due to the impacts of COVID-19. Always a supporter of the communities in which its offices are located, including during the Thomas Fire, during the last three months Yardi has committed funds for hunger relief services across North America. This week, the real estate software leader announced a second round of donations for the food banks it supported in March. “We are pleased to be able to provide another round of funding to food banks across North America that are doing such crucial and outstanding work during this time, including right here in our hometown of Santa Barbara,” said Sally Parks, vice president of human resources at Yardi. We recently caught up with Judith Smith-Meyer, marketing and communications manager for the FSBC, to learn how the organization is responding daily on a local level to the current crisis. “We worked really hard in the development of this disaster feeding plan to make sure we had strong relationships at every level to be ready. But because that plan was in place, our partners that we had been working with came forward right away. It’s not easy, but we had a plan, and it’s working,” Smith-Meyer said. By the numbers The FSBC provided food to 85,000 individuals during the first quarter of 2020, compared to 57,000 for the same period in 2019 and 37,000 in 2018. As of May 10, it had distributed 3 million pounds of food since March 9, with half of that fresh produce. Normally, in a full year FSBC would distribute around 10 million pounds. “To distribute 3 million pounds of food in two months is unprecedented compared to any kind of disaster we have encountered,” Smith-Meyer said. Luckily, supply channels and donations have so far been able to keep up with the enhanced demand. “We have been making use of all of the pathways that we know of to source food. We have great ongoing relationships with farmers and growers across the county, as well as local businesses who have seen the need and donated during this time,” Smith-Meyer said. They have also received financial support from companies like Yardi that enables the purchase of additional supplies, typically at pennies on the dollar compared to normal retail cost. Adapting to the times With the shelter-in-place orders and social distance requirements, FSBC quickly adapted to conduct food pickup and distribution safely. The organization relies on volunteers and is thrilled that citizens who are able have continued to donate their time. “We lost a lot of volunteers because seniors have had to stay home, but it’s really beautiful to see all the people who are out of work right now and want to come out and help. We’ve had a lot of people volunteering because they were receiving services for the first time and wanted to give something back in return,” Smith-Meyer said. Their efforts have been supplemented by a unit of 20 National Guard troops who were assigned to FSBC in March and have now had their service extended through the end of May. They have been vital in making at...

Yardi Matrix continued its series of comprehensive market impact webinars on May 13 with an in-depth look at the state of the commercial real estate industry, presented by Jeff Adler, vice president of Matrix, and Rob Teel, senior vice president of global solutions at Yardi. Both provided data and insight into the crucial question Adler introduced at the start of the session: How do we move forward, past the lockdown and into the recovery phase? “Despite the herculean efforts by the federal government to keep businesses afloat, there is still more pain to come,” Adler said. And for each sector of commercial real estate, the road ahead will look different. Optimistic outlook for industrial Across all real estate sectors, industrial and multifamily are holding up best during the COVID-19 pandemic. “They were also the two best performing sectors before this hit,” Adler noted. April rent collections for industrial averaged around 86-87 percent, so the sector is not entirely immune to nonpayment, but looks good compared to retail. Dependence on e-commerce for home-delivered supplies and other purchases has helped industrial stay stable. In some smaller markets ideal for last-mile delivery siting, industrial rents are even edging up. There’s also newfound demand for cold storage due to changes in the grocery market. Office holding up, but changes expected All things considered, “office is in pretty good shape,” said Adler. “Though coworking is hurt pretty bad.” April collections of office rents were in the 85 percent range, and are expected to stay high for buildings with large, well-capitalized tenants. Office may see significant changes as states return to work, however. Concern looms for office hubs like New York City, where dependence on public transit and crowded elevator rides in skyscrapers are both hard to reconcile with ongoing social distancing requirements. “There is going to be a rethinking of the footprint. How much physical space and face to face contact do you need to keep (corporate) culture together?” Adler asked. Teel noted that there has been a spike in interest in serviced, suburban office space from firms who want to return workers to the office but in a less congested setting. And coworking is likely not dead, but will have to return either long-term or with major changes to accommodate social distancing needs. A rough road for retail “This is where the carnage is,” Adler summarized bleakly. “And for retail, the snapback is not likely to happen anytime soon.” April rents were paid by around 45 percent of retailers, and May is expected to be far worse. Major retailers like J.Crew and Neiman-Marcus have already declared bankruptcy, although in some cases the pandemic merely sped up a predetermined outcome. Brick and mortar stores were already struggling with online competition well before the pandemic. “We are social animals, we will gather again, it will just take a bit of time for it to happen. And there will be pain in the sectors that depend on the gathering of people,” Adler said. Grocery-anchored retail continues to outperform, but is still taking a hit due to closed secondary tenants. For more in-depth information on the state of the commercial real estate market, view the latest Yardi Matrix report. Yardi observes latest CRE technology trends Teel delivered an overview of the tech requirements that commercial owners and managers are now finding to be essential in today’s changed world. Accounts receivable tracking for deferrals and concessions is crucial, as is accurate documentation and tracking of tenant status. Yardi will soon introduce a new CRE tool, LeaseManager, to help with that. But perhaps the biggest tech shift will be a paperless push. It will help CRE improve contactless business practices like vendor invoicing and electronic payment fulfillment. “This is one area that’s overdue for disruption and change and it’s happening now,” Teel said. He estimated that physical checks still make up 90 percent of the payments that Yardi clients...

According to INREV, more real estate investors are looking to allocate capital to European value-add strategies in 2020 than to core. As a notable sidebar to that finding, opportunistic investing is more apparent than at any time since the 2008 global financial crisis for those investors with a greater risk appetite. Many European investment firms are keen to attract the increased allocations reaped by Asia Pacific investors, especially those in Singapore, South Korea and Hong Kong but also China, Taiwan, Malaysia and Japan. Key factors driving this trend to invest in Europe include economic and geopolitical stability, low interest rates, desire for diversification and yield, currency trends and reliable legal environments. Europe has been the beneficiary, but many Asian investors also have a longer and more conservative investment approach with a renewed focus on core office, logistics assets and student accommodation investments in key gateway cities in the U.K., Germany and France. Many investment management firms that traditionally focused on European value-add and opportunistic strategies are also attracting capital with longer term core and core+ fund investment strategies. This turn of events is driving firms to embrace new technology as a step toward facilitating their asset strategy and decision-making process. Collaboration between all internal and external parties involved in the asset lifecycle becomes more critical than ever to facilitate informed decision-making, due to the longer-term nature of the strategy Essential elements to promoting that collaboration include: Full insight into the deal pipeline and portfolio value obtained from relevant comparisons with MLA’s and existing leases. Availability and transparency of current operational and financial data, which comprises the foundation of a comprehensive business plan. Asset managers’ ability to improve cost control, reduce risk and keep projects on track with complete budget oversight, accurate forecasts, and management of contracts, commitments and cash flows. Technology platforms that encompass the full investment management lifecycle are already helping many firms — including those working with outsourced parties, operating partners and fund administrators — drive stronger revenues while giving them instant access and full transparency into their data. Such systems have revolutionised how asset/portfolio/fund management, development and finance teams gain insight into risk, exposures and tasks during the leasing, forecasting, budgeting and development processes. As fully integrated systems, they enable superior collaboration among internal and external teams and maximise efficiency by automating business processes. Undertaking a new investment strategy can be attractive yet unsettling. Advanced real estate asset management technology can help chart a way forward that minimises risk and maximises opportunities for success. Learn how Yardi solutions promote success for real estate asset managers in Europe and...

Anabelle Strauss grew to love the Mission District of San Francisco. As a data scientist, she enjoys the balance of living in a neighborhood of creatives. Her apartment is nestled amid an array of local grocers, international restaurants, and small businesses that are also appealing. But as COVID-19 swept through the city, much of what she loved about the area changed. Her tech job allowed her to work comfortably from home two weeks before the governor issued a shelter in place edict. But then the local shops closed, some temporarily while others were less fortunate. Her cozy apartment began to feel claustrophic. She yearned for outdoor access that she didn’t have. What’s worst, she felt that the shared ventilation system in the apartment building caused her illness. “I was sick for a while, likely COVID,” Strauss says casually. “All the neighbors coughing constantly, I think I contracted it inside the apartment. It was a milder form, so it wasn’t that bad, but it affects my cognitive ability and there is lung pain. It’s been one-and-a-half months now.” Now Strauss, like many other Americans, is looking to escape the congestion on urban life. Her interview took place over the phone as she drove to the suburbs to tour a single family home. “A detached home would be nice. The more detached the better,” she laughs. “It would be very nice to get some outdoor space.”  The quiet exodus The transition from cities to suburbs has been happening quietly for years now. The COVID-19 pandemic shined a light on the shift and brought a few newcomers onto the moving truck. Many wonder, though, if the suburbs create a false sense of safety. It’s a misconception supported by legislators nationwide. New York Gov. Andrew Cuomo has accused density of spreading the virus more rapidly.  “Why are we seeing this level of infection? Well, why cities across the country?” he asked reporters during a news briefing.  “It’s about density. It’s about the number of people in a small geographic location allowing that virus to spread. … Dense environments are its feeding grounds.” In an effort to not be consumed by the respiratory infection, those who can seek refuge in less densely populated towns are doing so. Austin, Nashville, Asheville, and a spattering of towns in Texas and South Florida have experienced a spike in new residents. The problem: research doesn’t support the theory that densely populated cities increase the likelihood of illness.  The facts: policy—not space—protects residents   Some of the most densely populated cities in the world have successful mitigated COVID-19 spread. Decisive, proactive policy coupled with community adherence has led to success in ways that space alone cannot. Tokyo, Vancouver, and Seoul exemplify that population density does not correlate to an increase risk of illness. Vancouver, which is more densely populated than New York, has had a fraction of the illnesses and deaths per capita, reports Joe Cortright, director of The City Observatory in New York. Conversely, less populated areas like Cynthiana, Kentucky and Fairfax County, Virginia have a disproportionately high number of cases per capita. “I think that’s one of the lessons here: With information and smart policy, there’s no reason why cities are inherently going to be hit harder,” observes Cortright. So why are people still leaving the cities? While less populated towns can’t offer refuge from a pandemic, people like Strauss still want to leave the cities for the sake of their mental health. “Even before COVID, all the face-to-face time in the city extracts energy. It takes a toll. It’s draining,” she says. “And the neighborhood that I live in, I think it’s becoming more dangerous. Those are other reasons to look for something new. And I think I may just like more space, more green space, if the price makes sense.” Strauss plans take her tech job with her to her new location. COVID-19 highlights just...

  The U.S. Energy Information Administration, the U.S. Department of Energy’s statistical and analytical agency, provides annual projections for U.S. and world energy markets over the next 30 years. Highlights from the latest release: Overall U.S. energy consumption will grow more slowly than gross domestic product as energy efficiency continues to increase. Purchased electricity consumption will increase by 0.6% and 0.8% annually in the residential and commercial sectors, respectively, due to increased demand for electricity-using appliances, devices and equipment. In 2019, 44% of residential light bulbs were LEDs, the most efficient light bulb technology available, and 17% of commercial lighting service demand was met by LED bulbs and fixtures. By 2050, these shares will reach 90% and 88%, respectively. Energy-related CO2 emissions decrease initially then rise closer to 2050 as economic growth and increasing energy demand outweigh improvements in efficiency. After initially falling, total U.S. energy-related CO2 emissions will grow modestly in the 2030s, driven largely by increases in energy demand in the transportation and industrial sectors. Emissions in 2050 will still be 4% lower than 2019 levels. Increases in fuel economy standards will drive a 19% decrease in U.S. motor gasoline consumption through 2050. The U.S. will continue to export more petroleum and other liquids than it imports as domestic crude oil production continues to increase and domestic consumption of petroleum products decreases. Renewables/biofuels Renewables will be the fastest-growing source of electricity generation due to continuing declines in solar and wind capital costs coupled with federal tax credits and higher state-level targets. Total renewable generation will exceed natural gas-fired generation after 2045. Without distributed generation sources, particularly rooftop solar, electricity consumption in residential and commercial buildings would be 5% and 3% higher, respectively, by 2050. Generation from renewable sources will rise from 18% of total generation in 2018 to 38%. Solar photovoltaic (PV) will contribute the most to the growth in total renewable generation, increasing from 13% in 2018 to 46%. Although onshore wind generation will more than double, its share of renewable generation will go from 37% to 29%. The U.S. will add 117 gigawatts of new wind and solar capacity between 2020 and 2023. Electricity is the fastest-growing energy source in the transportation sector, increasing by an average of 7.4% per year as a result of increased demand for electric light-duty vehicles. While gasoline vehicles will remain the dominant vehicle type through 2050, the combined share of sales from gasoline and flex-fuel vehicles (which use gasoline blended with up to 85% ethanol) declines from 94% in 2019 to 81% because of growth in sales of battery electric vehicles, plug-in hybrid electric vehicles and hybrid electric vehicles. The percentage of biofuels (ethanol, biodiesel, renewable diesel, and biobutanol) blended into U.S. gasoline, diesel, and jet fuel will increase from 7.3% in 2019 to 9% in 2040. Commercial and industrial space Total delivered energy consumption in the U.S. buildings sector will grow by 0.2% annually as energy efficiency improvements, increased distributed electricity generation and regional shifts in the population partially offset the impacts of higher growth rates in population, number of households and commercial floor space. Lower costs and energy efficiency incentives will result in efficient LEDs displacing linear fluorescent lighting as the dominant commercial lighting technology by 2030. Commercial PV capacity will increase by an annual average of 3.4%. Residential space S. total delivered residential energy intensity, defined as annual delivered energy use per household, will fall by 17% between 2019 and 2050 as the number of households grows faster than energy use. Factors contributing to this decline include gains in appliance efficiency, onsite electricity generation (e.g., solar photovoltaic), utility energy efficiency rebates, rising residential natural gas prices, lower space heating demand and population shifts to warmer regions. Residential PV capacity will increase by an average of 6.1% per year, accelerated by rising incomes, declining system costs and social influences. Learn how Yardi software can increase energy efficiency...

This period of unexpected hardship has also sparked unprecedented acts of support and compassion. Several Yardi clients in Canada have stepped up to support their residents and communities through financial assistance and emotional support. Shiplake Properties: help during hard times In the throes of COVID-19, Shiplake Properties has launched several initiatives to support residents, essential workers, and the community. Residents of Toronto-based Shiplake Properties Ltd may qualify for credits toward rent increases and $250,000 in gift cards. If experiencing extreme hardship, the firm encourages residents to discuss their situations with property management using a designated email address. Additionally, the property management and development firm has offered $100 in UberEats gift cards or grocery gift cards to support residents and local businesses. For the community, Shiplake Properties founders allotted $250,000 to support University Health Network emergency staff. The funds help cover accommodation costs to support frontline workers who are staying in hotels to be closer to work and minimize exposure to families. The real estate firm also plans to support both Sinai and Sunnybrook Hospitals and The Daily Bread Foodbank in coming weeks. Greenrock Properties offers relief from duress Greenrock Property Management announced a $500K COVID-19 Relief Fund for residents and staff facing financial duress during COVID-19. The property manager has deferred all rent increases for residents. They are also offering flexibility on rent payments, such as allowing residents to use March rent deposits as credits towards April rent payments. For help beyond housing, residents will receive a $100 grocery card. Greenrock Property Management outreach extends into the neighborhoods in which they operate. The real estate firm has donated $300,000 to local nonprofits that aid families affected by COVID-19. “COVID-19 has created unique and extreme challenges for our city and communities. GREA through its Greenrock Charitable Trust has pledged $300,000 towards local charitable organizations to address concerns surrounding food security, mental health, domestic abuse, and senior care during this crisis,” states a press release. Northview uses creativity to spark hope Emotional support can also help residents thrive. To encourage social distancing while nourishing mental wellness, Northview Apartment REIT hosts Social Distancing Balcony Parties. Residents are encouraged to get outside, get creative and create a much noise as possible in support of frontline workers. The first events took place on April 5th and 15th. Residents decorated their balconies and honored frontline workers with noise makers. Whistles, pots, pans, cheering and more could be heard resounding throughout the community. Residents submitted images and videos of their parties for a chance to win $500 rent discounts. Northview matches the discounts with $500 donations to the local food bank. Northview plans to host similar events each week. Additionally, Northview has encouraged residents to paint rocks with uplifting and encouraging messages. Residents have created messages for health, happiness, and support of frontline workers. Creativity contests with CLV Group Ottawa-based CLV Group invites residents to think out of the box and show their creativity on social media. Residents are challenged to create and document visible rainbows throughout the property. To date, residents submitted rainbows using yarn, chalk, balloons, prisms, construction paper, Leggos and more! Participants vote on their favorite submissions and the winners receive grocery store gift cards. CLV Group is also publicly acknowledging their essential workers each week with the Home Heroes series on social media. CLV photographs employees executing their essential tasks throughout the property, accompanied by a brief bio. The comments are filled with messages of gratitude and encouragement. To support prospects, CLV offers rent discounts, lease concessions and free move-ins offers. Prospects can take advantage of a contactless leasing process that promotes health, efficiency, and convenience. Explore more corporate social responsibility initiatives by Yardi...