Student Housing Mar28

Student Housing

Last month, the average student housing preleasing rate for Yardi 200 schools reached 61.5 percent, marking a 450-basis-point increase year-over-year, according to the latest Yardi Matrix National Student Housing Report. The market is healthy enough to absorb 46,000 new beds coming online, with demand fueled by enrollment growth. The average rent per bed reached $883 in February, showing a 5.2 percent increase since the same period last year. Year-over-year rent growth was down from the 6.7 percent recorded in October 2023. A total of 16 universities were more than 80 percent preleased, including larger student markets like Ole Miss (98.7 percent), Purdue (88.7 percent), Tennessee-Knoxville (87.5 percent), Virginia Tech (87.2 percent) and Arkansas (86.8 percent). Only 35 schools were less than 40 percent preleased, compared to 47 percent in February 2023. “Rent growth slowed each month of the leasing season but is well-above the average of 3.5 percent going back to the beginning of 2018, and well ahead of the general multifamily market, as student housing has proven to have much different demand drivers,” note Matrix analysts. Enrollment data collected from 178 universities shows that total enrollment was up 0.8 percent on a year-over-year basis, marking a significant increase from the -0.3 percent recorded in Fall 2022. Yardi Matrix forecasts that 46,285 new beds will come online in 2024, improving considerably on the 35,610 beds delivered in 2023. Gain more insight in the new Yardi Matrix National Student Housing 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, vacant land, industrial, office, retail and self storage property types. Email [email protected], call 480-663-1149 or visit yardimatrix.com to learn...

Dignity Matters Mar28

Dignity Matters

Dignity Matters, founded in 2016 in Framingham, MA. Dignity Matters provides a reliable supply of free menstrual care and undergarments to homeless and impoverished females. Menstrual care is expensive, rarely donated and can’t be purchased with SNAP/Food Stamps, WIC, or any other federal benefit programs – so tens of thousands of women in Massachusetts are going without these essential items. Dignity Matters supports 15,000 women and girls monthly through a network of shelters, food pantries, public schools, community colleges and medical clinics. “Being able to manage their period safely each month makes it possible for them to attend school consistently, work to support their families, and live with dignity and confidence,” said Meryl Glassman, development director for Dignity Matters. Dignity Matters supports 15,000 women monthly, using a wholesale contract to buy menstrual care in bulk. Unfortunately, these costs have increased with inflation, but Dignity Matters hopes to grow to 1,000 more women this year. Funding from Yardi helps Dignity Matters plan for the year ahead and ensures they can consistently be there for every woman who counts on them. Every three dollars helps a woman manage her period with dignity. Yardi has made it possible for 14,000 women to manage their periods with dignity over the last five years! “Your consistent support helps us ensure we can be there for these women and girls every month,” expressed Glassman. She continued, “We appreciate the trust you put in us to use the funds where they will make the biggest difference, and we are incredibly grateful for your partnership!” Families in Need Many of the women who support Dignity Matters care for young children, and they put the needs of the children first, so there is often no money left to purchase menstrual care for themselves. Every month, Dignity Matters hears of women who are so grateful they do not have to choose between buying food and clothes for their children and buying menstrual care. This is not just for moms and daughters. The entire household benefits when menstrual care is accessible and when it can be discussed openly. One parent sent Dignity Matters a note to let them know how much the support means to them: “I am a single dad with teenage daughters. The most important thing we get is those pads. Thank you so much!” Volunteer Opportunities Dignity Matters started as a volunteer organization and still relies on hundreds of active volunteers to continue its efforts. They have opportunities to volunteer in the warehouse, help deliver products, and create menstrual care kits. They always look for runners for charity teams at the Falmouth Road Race and Boston 10K for Women. Anyone, anywhere, can help by making a donation on its website or sending products directly to the warehouse through its Amazon Wishlist.  “You and Yardi have made it possible for thousands of women to learn, work, and live with dignity,” said Glassman. She continued, “Your support is helping us put this issue front and center where it belongs – the more people become aware of period poverty, the more resources we’ll have to fight it. THANK YOU!” Find future non-profit profiles...

The Ultimate CRM for Multifamily...

What should your CRM system do for you? At Yardi, we should believe it should do, well, everything. That’s why we’ve built one powerful solution that helps you seamlessly do it all — from managing leads to collecting rent payments — without breaking the bank or disrupting your workflow. No matter your portfolio size, here are five reasons to consider one dashboard for all your property management needs. 1. You can do virtually anything from a single dashboard When we said your property management software should let you do everything, we meant it. In one location, you can: Gain full visibility into every prospect, applicant and resident workflow. See when a prospect has scheduled a tour, when an applicant completed their screening, when a resident has renewed their lease and more! Think of anything that’s related to the customer journey, and view it all in one, user-friendly screen. Manage all transactions, interactions and relationships. In a connected platform, access communication records (emails, call transcripts, texts and chats) in one place. Cross-portfolio insights makes it easy to determine if a customer has resided at any of your properties in the past, giving you complete oversight. And did we mention you can manage and streamline your AR/AP processes in the same system, too? This functionality leaves no gaps in your process and offers a comprehensive solution for all your operational needs. Drive overall efficiency across your portfolio. Looking for a way to increase resident satisfaction, simplify onboarding and empower employees with more meaningful tasks? Streamline your processes by utilizing a single platform that enhances customer familiarity and navigation, reducing friction along the way. 2. User-friendly dashboards If you haven’t heard already, we’ve made some major upgrades to our CRM’s user interface. Designed to prioritize the user...

Yardi Atlanta Women Meet, Celebrate Mar26

Yardi Atlanta Women Meet, Celebrate

Last week, the women of the Atlanta office gathered to celebrate each other and network through thoughtful conversations in honor of Women’s History Month. The morning started with a raffle drawing and an exciting networking game: Meet Your Match. Everyone got a clue, such as “cookies” or “sweet,” and you had to network to meet your match without saying the word. For example, “milk & cookies” or “sweet and sour.” While the event took place, music played in the breakroom, and a complete brunch feast was served, including waffles with all the fixings, salmon and grits, bacon and eggs, and mock mimosas. Afterward, the women gathered in the meeting room for fun trivia questions and discussions. The trivia knowledge consisted of famous women in our industry and more, with prizes. Fireside chats were then discussed to create a supportive and informative environment for the office women. A box of tissues circled as many had emotional and profound stories to share. These stories and strategies for overcoming traumatic experiences that have built such strong women were welcomed with open arms, and everyone was in their feels. It wrapped up with some open conversations and engagement for “Women at Yardi,” which will soon open the doors for women to come together virtually for support and vitality. What an empowering day for the women in the Atlanta...

Discover ENERGY STAR Solutions Mar26

Discover ENERGY STAR Solutions

As environmental, social and governance (ESG) regulations evolve, so do the challenges building owners and managers face with data aggregation and reporting. Fortunately, Yardi offers Energy Solutions that provide ongoing access to reliable data, automated workflows and streamlined reporting tools — all of which help alleviate those challenges. It all starts with our Invoice Processing and ESG Reporting solution, which equips you to streamline disclosures, benchmark properties with ENERGY STAR® and GRESB, ensure data traceability and report on performance improvements. In the Q&A below, we delve further into the ENERGY STAR piece — an integral component — courtesy of Randy Moss, manager of sustainability products at Yardi. You’ll see how as an ENERGY STAR Partner of the Year for the last six years, Yardi has direct, automated access to import and export data in and out of ENERGY STAR Portfolio Manager. That means you have a holistic view of your ESG data at all times, helping you meet benchmarking and reporting needs, make informed decisions and reduce the risk of errors. To date, nearly 9,000 properties have benchmarked in ENERGY STAR Portfolio Manager with Yardi, and we’re excited to see more growth in the future.  Read on to learn all-things ENERGY STAR from Randy, whose impactful work in energy management and sustainability extends over 30 years. In his role at Yardi today, Randy helps clients and internal teams identify how our products can most effectively address specific sustainability needs. What motivated you to get involved in ENERGY STAR as a Manager at Yardi? Moss: Our clients were voicing frustration with the process of loading and maintaining data in Portfolio Manager. Since managing data is one of Yardi’s strengths, it made sense to assist clients in this area. In addition to being able to automate much of the data transfer to Portfolio Manager, Yardi’s team excels at confirming data is high quality and up to date. What is ENERGY STAR Portfolio Manager used for? Moss: Portfolio Manager is now the most used system for Compliance and Green Finance reporting in North America. Literally hundreds of jurisdictions and programs use Portfolio Manager as their system of record for compliance reporting. Loading data into Portfolio Manager permits properties to share the same data with multiple programs. One property we manage today is sending Portfolio Manager data to five different programs. All receive reports based on the same data, eliminating the chance of discrepancies between data being sent to different programs. The coming wave of Building Performance Standards (BPS) are usually referencing data in Portfolio Manager. This makes the accuracy of data in Portfolio Manager critically important. What does it mean that Yardi is an ENERGY STAR Partner? Moss: Yardi has been Partner of the Year for six years in in row and has received the Sustained Excellence Award, which is the highest level of EPA recognition, for three years now. This recognition is reserved for best in class service providers and Yardi is honored to be recognized as a Partner of the Year with Sustained Excellence. This motivates us to continuously seek ways to improve our services so we can provide our clients with the best service available for their ENERGY STAR data.  How does Yardi help clients comply with local and state regulations? Moss: New regulations are emerging almost weekly. Every jurisdiction — and there’s about 100 of them we report to — has different reporting requirements and timelines. For building owners and managers, the process of collecting data and reporting annually is painful. With Yardi Energy Solutions, we have a team of analysts who are highly skilled at working with environmental data and utility vendors. We handle capturing the data and putting it into ENERGY STAR, ensuring accurate and on-time reporting to keep your properties in full compliance with the relevant regulations. The Yardi team also tracks emerging regulations and trends in the industry. Building Performance Standards, built on ENERGY...

Perspectives on Driving Tech Adoption

We’re back for part two of our senior living blog series, where we share our perspectives on themes from Argentum’s recent technology survey. So far, we’ve covered the survey results and our take on silo-busting (replacing disparate systems with integrated, interoperable software). Today’s post is all about the next theme: Capital to drive technology adoption. In short, operators currently see limited capital as a barrier to adopting integrated technology — but their appetite for adoption is strong. And when asked what’s most important when vetting new solutions, their answer was simple: proven return on investment (ROI). Read on as we delve deeper into the survey results — and share how the Yardi Senior Living Suite offers maximum ROI. Capital to drive technology adoption: The importance of ROI For today’s operators, financial constraints act as barriers to adoption, deployment and effective utilization of integrated technology solutions. This was agreed upon by more than 50% of survey respondents, according to Argentum. That said, operators are confident that moving forward with integrated technology is crucial. They require proven ROI, though, when evaluating potential solutions. Nearly two-thirds of survey respondents deemed ROI as critical when vetting new software. Respondents also shared their priority “shopping list” in the search for integrated technology. This included integrating outcome data and health records, as well as building out a comprehensive data infrastructure for analytics. See how the Yardi Senior Living Suite optimizes ROI Plain and simple, by uniting every solution you need on a single integrated platform, the Yardi Senior Living Suite maximizes your ROI. You eliminate the need to license disparate software systems — which lowers your total cost of ownership and offers added benefits like time savings, prevention of data-entry errors, streamlined workflows and more. As it relates to the Argentum survey, here’s a glimpse of key integrations within the Yardi Senior Living Suite — all of which offer unmatched ROI: Yardi Voyager Senior Housing and RentCafe Senior CRM: access readily updated unit availability, create electronic leases with ease and utilize a comprehensive leasing workflow. Yardi Voyager Senior Housing and Yardi EHR: capture all care cost data — and view changes in care instantly — in one secure place. RentCafe Senior CRM and Yardi EHR: enjoy a database that centralizes the entire resident story through their prospect-to-resident journey, equipping caregivers to streamline assessments. Yardi EHR, eMAR and pharmacies: optimize orders by facilitating seamless communication between caregivers and pharmacy partners. Yardi Senior IQ and all of the above: unlock a business intelligence solution that automatically collects data from tools across the Senior Living Suite, including outcome data related to CRM and EHR, as well as financial analytics. Hear from Yardi clients, connect with our team We know proven ROI is what operators need most, so we invite you to reach out to our senior living team. We’ll give you a personalized, in-depth demo of our solutions to show exactly how they maximize your ROI. In the meantime, our fantastic clients can speak to their experience with our solutions. Explore Yardi senior living client success stories, case studies and testimonial videos to see how they’re building success and boosting ROI. Keep up with the series Be sure to read the other posts in this series. If you’d like to read the full Argentum survey, download it...

NJ Leep Mar21

NJ Leep

NJ Leep, founded in 2007 in Newark, New Jersey, works to close the educational equity gap for first-generation and low-income students with skills, experiences and exposure to achieve their college and career ambitions. NJ Leep starts with students in middle school and lasts through college by building academic and social-emotional skills: Middle School: Students come to NJ Leep in the summer and focus on experiential learning. Ninth Grade: Students participate in the Summer Law Institute, learning about the legal system and careers. Throughout the year, they transition to the Constitutional Law Debate program, which extends to 10th grade. This program helps support students with critical thinking, research skills, analytical writing, public speaking, and self-confidence. Tenth Grade: During the summer, incoming sophomores participate in Week on The Job, a series of four micro-internships designed to expose them to careers. Eleventh Grade: Students participate in the Junior Year Experience, which includes intensive support on standardized test prep. They also continue developing social-emotional skills and learning about college applications. Twelfth Grade: Students receive intensive support on all aspects of the college application and decision-making process, including essay writing, financial aid forms, application completion, and college decision-making. College and Beyond: Students receive ongoing check-ins, access to the NJ Leep network, and regular webinars and events to help them thrive in college. All students attend a twice-monthly Saturday writing program to learn and practice their writing skills in various modalities. NJ Leep hopes to expand its programming by partnering with schools in Newark to create school-based programs to reach more students with NJ Leep opportunities. “Building life skills and social-emotional learning is woven into each program year. Students learn time management, building healthy relationships, communication, task management, building a college-going identity, and more,” said Caryn Tomljanovich, managing director of...

Side Hustles Mar20

Side Hustles

Real estate has long been a popular side hustle – in other words, a job that is performed in addition to other work or responsibilities. Choosing a real estate side hustle can be challenging since some roles require a heavy financial commitment to get started, like investing in rentals or flipping properties. Let’s explore a few of the lower-risk options. Airbnb Hosting. Airbnb hosting has been a popular side hustle for many property owners. The Airbnb host makes, on average, $924 a month, depending on the location and frequency of rental traffic. Airbnb hosting will require investing in the property, keeping it clean and minimal with appropriate decorations and furniture, and adequately stocking the property for guests. Property Data Collector. Not to be confused with a property appraiser, property data collectors record facts, not opinions or judgments. Property data collectors then use the information gathered to draft a property data report, which they submit to the appraisal management company. According to ZipRecruiter, the national average pay is $20/hour. Staging Business: Taking photos of properties and staging the property to be prepared to hit the market. Requires some interior design knowledge. The goal is to help buyers visualize themselves there and aid sales appeal. Real Estate Wholesaling: Real estate wholesaling is a strategy in which a wholesaler obtains a contract on a property with its seller and, in turn, sells the contract to an investor. Wholesalers start by looking for discounted property to put under contract. This is a good option for those looking to become an investor but do not have enough capital. One attractive aspect is that wholesaling does not require special licensing or certifications in most states. For example, some real estate wholesalers in Georgia can earn close to $72,000 annually with...

Lindsay Carter Mar20

Lindsay Carter

Yardi’s global offices make essential contributions to property management and investors worldwide.  Meet Lindsay Carter, a senior sales account executive focusing on integrating new companies onto the Yardi platform. Meet Lindsay Carter Lindsay Carter will be celebrating five years at Yardi in May this year. Carter spends her days researching organizations not currently using Yardi with an endgame to understand their business better and how Yardi will align with them to achieve their business goals. She also assists her current Yardi clients with regular meetings to discuss new product enhancements, business initiatives, and demoing solutions available that they might wish to adopt. “I really enjoy meeting prospective clients. I like researching organizations, learning how they’re structured, understanding what they’re focused on achieving, and then strategically aligning Yardi to be a superior software choice for them,” says Carter. Welcome to the Family Carter has always felt welcomed at Yardi. This family-run organization treats everyone like family, and Mr. Yardi is a wonderful person to work for. Carter is proud to work for him. She appreciates Yardi’s collaboration and philanthropic efforts—”much of who we are is about taking care of each other and our communities.” “Our teams are incredibly diverse, so we all bring something different to the table. This makes for great idea-sharing and problem-solving, so we can work together to support each other and our clients better,” explained Carter. For a new hire just starting at Yardi, Lindsay Carter would greet them with, “Welcome to the Family!” With unlimited resources available to help anyone succeed and incredible diversity, everyone brings something different. At Yardi, there are excellent idea-sharing and problem-solving skills, so they provide better support for each other and their clients. “We stand behind our motto: We take care of our clients, we...

OneGoal Student Summit

OneGoal Metro Atlanta works with regional partner schools to develop their knowledge and capacity, resulting in more equitable and practical support for all students. Over the years, OneGoal has delivered real student impact. 2024 Atlanta Student Summit Conference Hosted at Clayton State University, OneGoal brought 850 high school juniors and seniors from ten schools around the Atlanta metro area for a college and career exploration day. The event was full of energy and excitement as students began to envision what a path to higher education could look like for them—the day included planning for the future, using tools to define the path to higher education and personal connections with the OneGoal community. It allows students to explore various career paths, and postsecondary options and engage with colleges and technical schools at an Opportunity Fair. #TeamYardi of the Atlanta Relief Team contributed significantly to this event by assisting with setup/organization, welcoming committees, lunch support, cleanup, and even featuring entrepreneurs who shared their experiences and lessons learned. “We successfully fulfilled every request made to us, contributing to the nonprofit cause and investing in the future workforce and our communities,” exclaimed Amy Mojica, relief suite team Atlanta case supervisor. The entrepreneurs who shared their experiences: Scott Mclean, Senior Manager for Yardi Relief Suite Robyn Woods Green Jacket, Yardi consultant   Ternisa Kirk, Black Jacket, Case Auditor Janice Wells, pink Jacket, Case Auditor The Yardi Relief Team is a Yardi group that assists states, counties, and cities in managing federal and state funds to help communities in need. This assistance encompasses mortgage, rental, and utility aid as well as other forms of support to facilitate Treasury, Department of Energy, and other community service block grants. Yardi looks forward to more events with OneGoal and future community events! Find future nonprofit profiles...

Tarry House Inc. Mar19

Tarry House Inc.

Yardi-supported nonprofit Tarry House Inc. was founded in 1967 in Akron, Ohio. Tarry House provides residential treatment and supported house services to adults with severe and persistent mental illnesses. It is currently updating the bedroom spaces at its main facility, turning two dorm spaces into single or double occupancy, improving clients’ quality of life. Tarry House also focuses on getting some staff involved with community leadership programs. Tarry House has struggled the last several years due to the global pandemic, mainly securing and retaining qualified workers. Its focus has been ensuring its clients and staff are safe from the pandemic while competing with a three percent unemployment rate. “Our administration team and our Board had been stressed for months. But when we received the very generous donation from Yardi, it really brightened our spirits,” said Michael Bullock, executive director for Tarry House. Team Tarry House One of Tarry House’s board members, who has served as a board member for many years, struggles with severe mental illness. After treatment in the state hospital, he graduated and became a client of Tarry House. He then graduated from Tarry House and secured his own apartment. He managed his illness for many years and has been an invaluable member of Team Tarry House. Volunteer Opportunities Tarry House hopes to have a “Demolition and fence rebuilding party” this year at its main facility and will be recruiting volunteers. They also have their annual golf fundraiser, where they are looking for sponsors, participants, and volunteers. Those interested in volunteering, please contact Michael Bullock at [email protected]. Recovery from significant mental illness and addictions is possible. Tarry House has had great success in helping people get there, too, but kindness is key! “We never know what people are going through. Our clients...

Perspectives on Silo-Busting

According to a recent Argentum survey, today’s senior living organizations recognize the need for integrated, interoperable software.   Argentum — a leading association serving companies that own, operate and support senior living communities — conducted the survey to assess where operators’ priorities lie when it comes to technology. Four key themes (including the importance of “silo-busting” and the need for integrated technology) emerged from the report. We’re all about keeping the pulse on the senior living landscape, so we’re releasing a blog series that delves into each theme. And as a leading provider of senior living management software, we’re sharing our perspectives along the way. Read on for our perspectives on the first theme — silo-busting — and stay tuned for the posts to come.   Silo-busting: The power of integration and interoperability As Argentum puts it, cohesive and integrated technology solutions are needed more than ever in the senior living industry. Among survey respondents, there was near unanimous consent on this — with majority calling attention to the need for silo-busting. Respondents also shared the barriers they see in getting there, citing the industry’s struggle with software incompatibility, lack of interoperability and resistance to change. Argentum notes how the call for silo-busting goes beyond reaching smoother operations in senior living communities. At its core, it’s a “strategic imperative for achieving comprehensive resident health management, which is critical for future participation in value-based care.” The survey respondents shed light on this, with only 23.5% stating they have a comprehensive view of resident health outcomes with their current technology. Meet our fully integrated solution We agree that senior living software needs the power of integration and interoperability. Both are needed to effectively centralize resident health data, promote accuracy, enhance care services and more. We prioritize both in the Yardi Senior Living Suite, our single connected solution that unites every tool you need in one place. Uniquely designed to meet the needs of senior living operators, the suite of integrated tools is hosted on a HIPAA and SOX-compliant platform. That includes financials, care, pharmacy, marketing, business intelligence and more. With Yardi, you say goodbye to the challenges associated with siloed solutions — and reap the benefits of working with the industry’s most trusted cloud provider. More specifically, when you partake in silo-busting and implement a fully integrated solution like ours, you’re equipped to save time, reduce costs, prevent errors, streamline operations and most importantly, improve resident care outcomes. Learn more about the value of integrated tools in the Yardi Senior Living Suite. Explore our interoperable platform We’ve covered that our solutions unite on a single platform, but what about seamless data exchange between information systems? On the care side we have Yardi EHR, our interoperable electronic health record solution, which channels interoperability through a range of verified interface partners. That means comprehensive data automatically flows to and from Yardi EHR in real time. Our partnership with Kno2 — a leading health information platform — allows you to seamlessly connect Yardi EHR to all outside providers, HIEs and health systems. And depending on your license, additional features may include Kno2-to-Kno2 messaging, online identity verification, Kno2 and national provider directories, message handling, unstructured document quality control tools and more. The connection between Yardi EHR and Kno2 ultimately aligns with value-based care initiatives — and offers you better visibility into residents’ overall health management. Additional health interfaces supported by Yardi EHR include a nurse call system, dietary management platform, infection control solution and more. Learn more about the power of interoperability in Yardi EHR. Get in touch with us We encourage you to read more of Argentum’s report and check out the next post in our series. Agree on the importance of silo-busting and ready to explore our single connected solution? Reach out to our senior living...

Multifamily Debt Mar14

Multifamily Debt

The multifamily market has 58,533 properties with loans set to mature over the next five years, representing $525 billion of the total $1.1 trillion of loans currently backed by apartments, according to a new special report from Yardi Matrix. Metros with the largest volume of maturities include Atlanta ($34.9 billion), Dallas ($26.6 billion), Denver ($22.9 billion), Houston ($20.8 billion), New York ($19.9 billion) and Chicago ($18.8 billion). Markets with the highest percentage of loans coming due through the end of 2029 are Atlanta (65.9 percent), Denver (56.9 percent), Nashville (56.2 percent), Las Vegas (55.9 percent), Houston (53.6 percent) and Chicago (53.2 percent). More than half of the multifamily loans found in Yardi Matrix’s database, $641.8 billion (56.3 percent) was originated by Fannie Mae and Freddie Mac. Next in line, at $187.3 billion (16.4 percent) came from commercial banks, followed by the federal government/HUD ($115.7 billion, 10.1 percent), debt funds (69.9 billion, 6.2 percent), life companies ($67.6 billion, 5.9 percent) and CMBS ($25.2 billion, 2.2 percent). “Multifamily originations peaked during years with record transaction volume, including 2021 (when $194.7 billion of loans were originated) and 2022 ($209.8 billion), as investor demand reached a high point during a time of strong fundamental performance and low interest rate,” note Matrix analysts. Of the loans in the database, $61.8 billion are set to mature in 2024, with another $84.3 billion in 2025, $89.3 billion in 2026, $77.9 billion in 2027 and $107.3 billion in 2028. By percentage, 5.4 percent of the loans will mature by the end of this year, 12.8 percent by the end of 2025, 27.5 percent by the end of 2027 and 46.1 percent by the end of 2029. Markets with a high percentage of loans maturing over the short term and recent negative rent growth include...

Guiding Eyes for the Blind Mar14

Guiding Eyes for the Blind

Yardi-supported Guiding Eyes for the Blind is a nonprofit founded in 1954 in Yorktown Heights, NY. Guiding Eyes for the Blind provides guide dogs to people with vision loss. This one-of-a-kind nonprofit organization is known worldwide as a center of excellence with a spirit of innovation. Since 1954, Guiding Eyes has graduated over 10,000 guide dog teams and is one of only two guide dog schools to serve people who are Deafblind. Guiding Eyes provides services, programs, and follow-up support to their clients at no cost and serves all 50 states, including Canada. Guiding Eyes also collaborates with guide dog organizations worldwide to share expertise and information on genetics, breeding and training. Guiding Eyes aims to graduate 150+ guide dog teams and support 1,000 active guide dog teams yearly. The journey of a guide dog takes about two-plus years and includes the following: Breeding and care: focus on the human-dog bond for up to eight weeks. Training with a skilled volunteer puppy raiser: eight weeks to 15 months. Formal harness training: hundreds of repetitions in various settings, five to 12 months. Training with blind people: on-site or in the student’s home area, 10-15 days. Follow-up Support: Throughout the partnerships, it averages eight years. Guiding Eyes is beginning to build a new Canine Wellness and Training Facility over the next three years to provide the best environment for guide dogs in training and enable its organization to grow and place more guide dog teams annually. “Guiding Eyes relies on the support of individuals, corporations and foundations to facilitate our work. We do not receive government grants. We also have a network of 1,700+ volunteers who make the mission possible every step of the way,” said Rebekah Cross, director of donor relations for Guiding Eyes. Funding from Yardi helps Guiding Eyes assist in training and placing a guide dog for someone blind in the local NY/CT/NJ area, directly impacting donors. “At Guiding Eyes for the Blind, we are incredibly grateful for the support received from Yardi over the past two years. Yardi’s support plays an integral role in enabling us to fulfill our mission of providing guide dogs to people with vision loss,” expressed Cross. Breeding, raising, and training a guide dog is resource intensive, both financially and through the hundreds of people involved in each guide dog, and costs up to $50,000 annually per dog. Yet, the ROI is priceless through the opportunities resulting from the increased independence and confidence partnering with a guide dog brings. Jaydene and Nita Every individual receiving a Guiding Eyes guide dog has a unique and diverse experience and vision loss journey. Still, the resounding sentiments from all graduates are the feelings of joy, freedom, safety and confidence provided by their four-legged partners. NYC native Jaydene lost her sight as a teenager and received services from a local agency that she now works for, providing technology support and training for those with vision loss. Before getting her first guide dog, Licorice, she realized how much more quickly friends with guide dogs walked. Living in the greater New York City area, Guiding Eyes is a household name she applied to and took that leap of faith. “I have a much greater sense of independence. I like to say that a guide dog is the fine wine of mobility and travel,” shared Jaydene. Nita is now Jaydene’s second guide dog, a yellow Labrador Retriever, “With Nita, I can get wherever I need to the fastest and safest way possible.” Read more about Jaydene’s journey at Guiding Eyes and more fun perks about Nita. Volunteer Opportunities Guiding Eyes has many volunteer opportunities, from home socialization of six to eight-week-old puppies to puppy raising and sitting to fostering a brood or stud in its breeding program. They also have opportunities on its campuses in Yorktown Heights, NY and Patterson, NY, ranging from administrative to dog care. Learn more and...

Rents Vary Regionally Mar13

Rents Vary Regionally...

National asking rents posted their first increase in over seven months in February, according to the latest Yardi Matrix National Multifamily Report. The average U.S. asking rent rose $1 to $1,713 in February, up 0.6 percent year-over-year (YoY), while occupancy decreased 60 basis points YoY to 94.5 percent as of January. Markets in the Northeast and Midwest continued to register rent increases, in contrast to rent contractions in high-supply Sun Belt markets. Of Yardi Matrix’s top 30 metros, 13 posted rent declines, and five were down by three percent or more YoY. Occupancy was positive only in San Francisco, up 0.1 percent. While rents generally show signs of stability, factors including supply, demand, regional metrics and affordability will determine the market’s 2024 performance. Occupancy is likely to continue to decline, with one million new rental units expected to come online through the end of 2025. Already, heavy deliveries in Sun Belt and Southwest metros have eroded rent growth, with more construction underway. “While high-demand markets are likely to record weak rent growth over the next year or two, the seeds of a rebound have been planted, as starts are declining and deliveries will drop in 2026 and 2027,” states the report. Single-family rents declined $2 in February to $2,133, equating to a 1.2 percent year-over-year increase. Single family occupancy remained flat at 96.5 percent in January. High mortgage rates and the scarcity of for-sale assets continue to boost demand. Gain more insight in the new Yardi Matrix National Multifamily 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, vacant land, industrial, office, retail and self storage property types. Email [email protected], call...

Science Fiction Tech

Science fiction literature and movies can be inspirational, provocative or outlandish. But how often does the exotic technology they often depict actually go into development and gain widespread use? Perhaps more often than you might think. Here’s a sampling of latter-day technology that originated, or at least became widely known, from science fiction. Mobile Phones Featured in: Star Trek (TV series, 1966) Hardly an episode of the original television series ran without the Enterprise crew whipping out their flip-top phones for a quick chat. Today … … cell phones are ubiquitous. Motorola mass-produced the first handheld mobile phone in 1973, with the company launching commercial cell phone service a decade later. As of 2021, 97% of Americans owned some type of cell phone. Smartwatches Featured in: Dick Tracy (comic strip, 1946) The iconic police detective utilized a two-way wrist radio barely a year into the post-war era. Dick Tracy creator Chester Gould incorporated video capability into the gadget in 1964. Since then, .. … smartwatch technology accelerated after the Hamilton Watch Company and Electro/Data Inc. developed the first digital watch in 1972. Seiko’s T001 model, which linked to a portable TV receiver, was exotic enough to be featured in a James Bond movie in 1983. A Timex model unveiled in 1994 was the first watch capable of downloading data from a computer wirelessly. In 1999, Samsung inched closer to making Dick Tracy’s handy communication tool a reality, releasing the SPH-WP10 with a monochrome LCD screen and capacity for 90 minutes of talk time with an integrated speaker and microphone. Today, smartwatches are used for monitoring blood pressure and other vital signs, accessing entertainment, tracking a user’s location, checking into airline flights and more. And some models support voice dictation. Machine Learning Featured in: Erewhon (novel,...

What’s New in Construction? Mar12

What’s New in Construction?

An article published here almost three years ago explored the state of housing construction, which were reaching the highest prices in 15 years because of rising demand driven by low mortgage interest rates and the spiriling cost of materials such as steel and copper wire. By May 2021, lumber price spikes alone added nearly $12,000 to the market value of a newly built multifamily home. A Wells Fargo economist noted, “New residential construction remains strong but building material pricing and availability are likely to remain significant headwinds.” Crane and building construction site against blue sky Today, construction has slowed “due to supply chain bottlenecks, rising costs and high-interest rates,” says Construction Dive, a news source for construction and building industry trends. The federal funds interest rate recorded a 22-year high in September 2023, potentially making financing more expensive going forward as interest rates fluctuate and impact the feasibility of some projects. Materials, supply chain impacts While prices for some materials such as lumber and softwood lumber declined in 2023, other materials have seen sharp increases. Concrete products, for example, were 14.8% higher in 2023 than in 2022. Construction equipment and machinery also saw double-digit price growth from 2022-23. Furthermore, the supply chain is still recovering from the massive bottleneck caused by COVID-19. Federal law requiring federally funded construction projects to employ U.S.-created materials poses a formidable challenge to manufacturing capacity. “Supply chain challenges mean that even the most diligent contractors are likely to get hit with parts shortages and delays,” says Construction Dive. Worker shortage persists Another persistent problem is the shortage of skilled construction workers.  “Demand for construction workers is at an all-time high but the number of skilled workers is lower than ever,” Construction Dive says, with 91% of contractors having trouble filling positions in 2023 and the industry needing about 546,000 additional workers — including engineers, superintendents, project managers, safety and quality managers and architects — to meet production demands this year. Property insurance leader The Hartford projects that more than 40% of the current U.S. construction workforce will retire in the next decade. Meanwhile, job openings remain at a historic high level. “The expectation is that construction worker shortfalls will remain elevated,” says Anirban Basu, chief economist for Associated Builders and Contractors (ABC), a national construction industry trade association. Pipeline strength boosts industry These factors contribute to an environment in which “contractors are looking for ways to cut costs, protect their assets and stay ahead of potential losses,” says Construction Dive. But many insiders believe the economy is still strong enough to keep the industry out of serious trouble. In fact, a JLL forecast of U.S. and Canada construction trends for 2024 forecast notes that a strong project pipeline will keep the industry busy through the year, despite higher interest rates and slower private starts. JLL projects construction cost growth of 2% to 4% this year, with shorter lead times and more stable prices for most materials. “We believe some of the pressures are easing from the COVID-19 pandemic and related issues, like product delays, have slowly alleviated. Yet there are still some bottlenecks with things like electrical equipment, so it is still critical to plan well in advance,” says Chris O’Hala, managing director of construction risk engineering for The Hartford. With the industry in flux, it will be important for leaders to “address any potential risk factors. A lot of leaders have been increasing their planning efforts and looking into technology solutions to combat the ongoing labor shortage,” says David DeSilva, head of construction at The Hartford. Further boosts to construction could come from legislation passed in 2021 and 2022: the Infrastructure Investment and Jobs Act, the Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act. Tips from Construction Dive and other insiders that can help construction firms remain stable include: Developing a contingency plan for material shortages or delays...

Impactful Contributions Mar08

Impactful Contributions

March is Women’s History Month. Here’s a look at nine impactful women, past and present, who have changed the course of technology and science. Ada Lovelace. The very first computer programmer was a woman! Ada Lovelace is considered the founder of scientific computing. Lovelace was an English mathematician who published the first code meant to be carried out by a machine. Sadly, she did not live to see her work used in Charles Babbage’s analytical engine. Still, her previously little-known work and approach to science have broken through to inspire present-day young women interested in computer programming. Ana Roqué de Duprey. Ana Roqué de Duprey was the first woman in Puerto Rico to write a geography textbook for students, which the Department of Education of Puerto Rico adopted. Roqué had a passion for astronomy and education, founding several girls-only schools and the College of Mayagüez, which later became the Mayagüez Campus of the University of Puerto Rico. Roqué wrote the Botany of the Antilles, the most comprehensive study of flora in the Caribbean at the beginning of the 20th century and was also influential in the fight for Puerto Rican women’s right to vote. Edith Clarke. Edith Clarke was the first woman electrical engineer. Struggling to find work as a female engineer, she became the first professionally employed female electrical engineer in the United States in 1922. She paved the way for women in STEM and engineering and was inducted into the National Inventors Hall of Fame in 2015. Katherine Johnson was an African American space scientist and mathematician who enormously contributed to America’s aeronautics and space programs by incorporating computing skills. She played a huge role in calculating critical trajectories in the Space Race, calculating the trajectory for Alan Shepard, the first American in space, and the 1969 Apollo 11 flight to the moon. In 2015, Johnson was awarded the Presidential Medal of Freedom. Johnson is now retired and continues to encourage students to pursue careers in science and technology. Maria Klawe, the first female president of Harvey Mudd College, was a prominent computer scientist. She worked hard to ignite passion for the STEM field among diverse groups. Her workhelped support the computer science personnel’s innovation ability during her tenure at Harvey Mudd College. It has raised the percentage of women majoring in computer science from less than 15 percent to more than 40 percent today. Sally Ride. Sally Ride transformed history by becoming the first American woman to fly into space in 1983. After her second shuttle to space, Ride retired from NASA and pursued her passion for education by inspiring young people. Ride passed away in 2012, but her legacy and work inspire young women nationwide. Dr. Gladys West. One of the most inspirational black leaders and pioneers of the tech industry. Dr. West is credited with writing the code that made GPS possible. Over the years, she worked to account for the tidal, gravitational and other forces that distort the understanding of Earth’s shape. Without her tireless efforts, GPS as we know it may not exist today! Megan Smith. Former President Obama named Megan Smith the first female United States Chief Technology Officer (CTO) in the Office of Science and Technology. Before this role, Smith served as CEO of PlanetOut. This leading LGBTQ online community broke many barriers by partnering with several major web players. She was also the former Vice President of Google. After leaving politics, she pushed for more diversity in the tech sector during her years as CTO and helped create the Tech Jobs Tour, a country-wide effort to put more people in tech jobs. Gayle Nobel. Gayle Nobel is a 77-year-old retired Jewish engineer. Her quirky ways have captured the eyes of many on social media with her heart of gold. In her working years as an engineer, Gayle has over 50 patents registered. She always wanted to be a pilot,...

Self Storage May Struggle Mar07

Self Storage May Struggle

The latest Yardi Matrix Self Storage webinar provided insights into the current state of the economy and its impact on the self-storage industry. Find a full recording of the March 6 webinar here and view the presentation deck here. The self storage sector began seeing weaker performance in 2023 due to a decline in demand, primarily caused by low home sales (due to high interest rates) and subsequent reduced mobility nationwide. There has been a 25 percent reduction in state-to-state migration compared to 2021 and 2022. Consequentially, self storage revenue growth was nearly flat last year, driven by declining occupancy and decelerating street rent growth.  Find the most recent monthly report on the self storage sector from Yardi Matrix. A near term expansion in self storage supply is forecast, while the coming years are expected to show an overall inventory decrease. Jeff Adler, vice president of Yardi Matrix, mentioned new rental strategies employed by REITS that keep street rents low and quickly moving vacant spaces, impacting same-store rent growth negatively. Despite construction and completions remaining steady, same-store rent growth was -3 percent in January. Adler discussed the current state of the market, highlighting that occupancy and rent increases during the pandemic pushed same-store sales revenues up by 37 percent. However, same-store occupancies have now declined to pre-COVID levels, hovering around 90 percent, and the decline in street rents is affecting overall revenues. Matrix analysts believe that that the sector may not see a significant performance improvement until home sales recover, expected in late 2024 or early 2025. “I think an improvement really doesn’t happen until home sales happen, which means the for-sale market opens up and that means (lower) interest rates, and that’s later in 2024, maybe early 25,” Adler said. However, potential opportunities in self storage are not unheard of. Locations where supply pressures were putting downward pressure on street rents, such as Orlando, Tampa, and Atlanta. Markets that experienced declining supply over the past few years, like New York, Denver, and Minneapolis, are considered to be on the mend. “These are places that really were hit hard a few years ago. But supply is waning. So they’re the first to kind of bounce, and I would say there are opportunities for stressed or distressed properties, you know, acquired in 2021 and 22 or developed in 2023,” Adler said. Gain more insight on the state of the economy as a whole and projections for the housing market by listening to the webinar...

Global Village Project Mar07

Global Village Project

Each year, Yardi distributes philanthropic aid to organizations selected by its employees. Decatur, Ga. based Global Village Project (GVP), founded in 2009, is a one-of-a-kind, tuition-free middle school created to meet refugee girls’ unique and holistic needs. Refugees arriving in the U.S. often find their children facing obstacles to an equitable education or needing to catch up academically. New students are typically placed in classrooms according to their age. Girls — who often have additional family responsibilities inside the home and who may face cultural pressure to pursue paths other than education — are at further risk of dropping out of school. “In contrast to these typical odds, when given access to a school community that is deeply committed to understanding and meeting their unique needs, we see our students and alumni thriving within and beyond the classroom,” said Leah Kuenzi, senior grants manager for GVP. GVP’s mission is to reactivate the schooling of refugee girls so they can access all the benefits of an education. GVP is a dual-accredited (State of Georgia and Southern Association of Independent Schools) special-purpose middle school offering a three-year accelerated curriculum designed so that students can overcome gaps in their education and get caught up academically before moving on to high school and beyond. Typically, 45 students are enrolled yearly, the maximum capacity for the current space. Growing at a rapid pace In recent years, the Atlanta area has seen a 300% increase in refugee arrivals. Per this trend, since 2017, GVP has had to turn away, on average, 44% of the students applying each year due to the limited scale of operations and space constraints. GVP plans to relocate to a larger venue to accommodate its growing needs, with the intention of being able to accept 100 kids yearly. Luckily, a large donation was made, and GVP will be renovating a three-building campus with over 26,000 square feet of space just four miles away from its current location. Funding from Yardi has helped GVP respond with agility to areas of greatest need and support for their current operations. “While all grant funds are meaningful to our organization, it’s especially exciting to know that our work caught the attention and won the support of the entire team at the Atlanta Yardi office,” explained Kuenzi. “As our name implies, we know that “it takes a village” and are so grateful that Yardi Systems chooses to be a part of ours!” Mathematical Thinking Caroline Henry is a math teacher at Global Village Project. She teaches newcomers and intermediate students. Henry teaches math a bit differently than a typical math teacher would. Instead of students just showing a numerical answer, she invites the students to the board and has them explain their thinking of the problem and their strategy aloud and analyze as a group what the best strategies are. Henry always allows those to “pass” if they wish, but to her delight, most girls jump at the chance to share their mathematical thinking with their school sisters. Last year, one reserved student would clap with such enthusiasm that it quickly became a tradition. “If you feel safe and brave enough to stand in front of the class, show us your math and explain it in English, you deserve a round of applause!” This same student has carried this tradition forward to a new group of girls, and the classroom is full of shouts of encouragement, congratulations, clapping, and so much joy. Henry says this is the joy and great privilege of her work at GVP. “These seemingly small things that we celebrate each day at GVP really are not small things at all: a girl has survived, a girl has adapted and is beginning to thrive, a girl is getting an education,” said Henry. At GVP, refugee girls feel safe taking risks, trying new things, and honoring one another. “Thank you for your part in...