As Australia continues to fight and recover from the worst fire season the country has ever seen, Yardi has donated to two important Australian organizations to support relief and recovery efforts. The California-based real estate technology leader, no stranger to the frequent wildfires that have taken place near its corporate headquarters, has offices in Sydney and Melbourne. “We’ve been shocked and saddened by the devastation caused to communities, wildlife and individuals that have lost their homes and lives in the fires in Australia,” said Neal Gemassmer, vice president of international for Yardi. “Supporting our communities, and those effected by disasters has been an important part of Yardi’s philosophy of giving back.” The company has made a $250,000 donation, split evenly between two critical agencies in New South Wales and Victoria. To date, the two coastal southeastern states have suffered 16 million acres of land burned, 2,500 homes lost and 33 fatalities. It is also estimated that hundreds of millions of wild animals have either perished or lost critical habitat. The New South Wales Rural Fire Service is the largest volunteer firefighting organization in the world. Its volunteers provide fire and emergency services to approximately 95 percent of New South Wales (NSW). Over 2,000 volunteer brigades provide firefighting coverage for 108 local governments in NSW, and over than 1,000 firefighters are battling 60 ongoing fires. “The NSW RFS acknowledges the support of many kind organisations, big and small, as well as community groups, schools and individuals who have contributed to support the work of our volunteers across NSW,” the organization said in a statement. More information about ways to help the volunteer firefighters and fire victims is available on their website. The Victorian Country Fire Authority Bushfire Appeal is a government-administered fund that will distribute 100 percent of donations directly to those affected by the fires. The intent is to provide practical support as impacted Victorians begin to rebuild their lives. An Advisory Panel, chaired by former Victorian Deputy Premier Pat McNamara, will consider applications and recommend where funds will be distributed. Donations are tax deductible and can be made online. Fire and disaster relief has been a longstanding part of Yardi’s corporate philanthropic program. In recent years the company supported recovery efforts from the Thomas Fire in Southern California, the Fort McMurray wildfire in Canada, Hurricane Irma in Florida and Hurricane Harvey in Texas. The company also contributed to mobile disaster response command centers in its hometown of Santa Barbara. To learn more about all of the philanthropic efforts and employee volunteerism at Yardi offices around the world, check out the Giving...
Disaster Recovery
Matrix Report on Multifamily
A new research bulletin from Yardi Matrix assesses the ongoing recovery of multifamily markets in U.S. areas hit hard by hurricanes, wildfires and other natural disasters in 2017. Three hurricanes inflicted about $110 billion in property damage and $300 billion of economic loss in Texas, Florida and Puerto Rico, the bulletin notes, with the affected counties in the two states accounting for about 13% of total U.S. housing permits. Relocation by renters and homeowners sparked a rapid rise in apartment rents. Houston, for example, saw a 1.6% increase over the last four months of 2017, reversing about 18 months of decline. While increases were lower in Miami, Tampa and Orlando, this may change as residents displaced from Puerto Rico, which still needs major infrastructure resources, spur demand in these Florida metros. The bulletin predicts that the long-term need for housing will lead to higher occupancy rates, especially in the renter-by-necessity segment. Another factor impacting the housing recovery is a shortage of construction labor, driven by fewer young people entering the industry and a declining immigrant labor force. “As a result, expect prolonged construction delays nationwide,” the bulletin says. The report also examines natural disasters’ impact on the insurance market. Property owners in the private insurance market “should brace themselves for not only increasing insurance rates but also tightening terms and conditions of their policies,” the bulletin says, noting that “insurers are increasing deductibles for multifamily portfolios, and changing the deductible structure from a dollar value to a percentage of property value.” In California, which endured wildfires from San Diego to Sonoma, Proposition 103, an insurance regulatory measure, is expected to moderate rate hikes. Download the complete bulletin, titled “Flood and Fire: The Multifamily Sector’s Response to Natural Disasters.”...
