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...

Unconventional resident events can add a fresh and exciting dimension to a property management company’s community-building effort. The benefits of stepping outside the traditional event model will help to retain residents and attract new ones. Unique gatherings can strengthen the sense of community among residents. Here are some types of think-outside-the-box events to explore over the holiday season. Spice up the community with Escape Room Challenges or Mystery Dinners. Transform common areas or vacant units into escape rooms where residents work together to solve puzzles and mysteries. Include a mystery dinner to solve the crime during the meal, then have residents go out and explore around the building. Add a scavenger hunt and have prizes at the end for the winners. Plants and Pets. Plants are so good for the environment and cleanse the air around them. Arrange a gardening event where residents exchange plants, seeds or gardening tips. Microgardening is popular in smaller apartments, so maybe provide a small basil plant to start residents out with. Don’t forget about the four-legged residents. Look for a local pet mobile photographer for the holidays so residents can get their holiday cards made. Culinary Adventures. Delve into the world of cooking classes as a resident event. Cooking classes can enhance residents’ culinary skills, foster connections and offer a fun and educational experience. Find a local chef or culinary expert to lead the classes and provide some sample recipes or themes for these classes. For example, set up some spaces in the common area to learn how to make fresh homemade pasta, which can be a romantic date night for those during Valentine’s Day. Another example would be to decorate holiday cookies together. Provide the cookies already baked, then have various colors of icing in pipping bags...

From Nov. 1-3, NMHC OPTECH brought together the brightest minds and the latest innovations in the multifamily industry. Las Vegas was the hub of important conversations surrounding the present and future of real estate technology. Here’s a quick recap of the event, including more information about the new AI-driven, human-centered solutions we recently announced.  Meet your maestro, Yardi Virtuoso Whether you went in person or were staying updated from the sidelines, one innovation stood out amidst the bustle of the conference: Yardi Virtuoso. By weaving artificial intelligence across the Yardi platform, you’re not just streamlining your processes — you’re transforming workflows. Virtuoso is your gateway to a more efficient future. It offers an AI-powered agent that seamlessly integrates with Yardi solutions, revolutionizing your workflow through the power of generative AI. This new tech also leverages machine learning, natural language processing and more powerful capabilities to help solve problems in your day-to-day and drive your business forward: Tap into the power of an AI-powered assistant to do more with less – effortlessly track tasks, generate reports and more with a simple voice command Significantly reduce invoice processing time and cost Improve prospect and resident communications with a bot that can chat, text, email and call It’s the future of AI in real estate. Virtuoso doesn’t just analyze, it harmonizes — bringing together disparate, manual parts of your workflow and creating an AI-powered, human-centered symphony. Stay updated. A medley of insights Yardi leaders contributed to pivotal discussions at the event, delivering insights on technology’s evolving role within the industry through the following sessions: Yardi Vice President Michael Tuer participated in the “Multifamily Technology Spending and Staffing” panel, offering insights on necessary adjustments the industry must make to navigate an increasingly tech-centric future. In “Operationalizing Resident Fee...

Yardi is showcasing new solutions at the 2023 NMHC OPTECH Conference & Expo, including the latest generation of Yardi Voyager, an artificial intelligence (AI) platform and a Microsoft® Power BI connector. The event is set to take place Nov. 1-3 in Las Vegas, Nevada, and is a yearly gathering for leading figures in multifamily operations. Yardi is proud to be a longtime supporter of NMHC OPTECH and is once again a Platinum Sponsor for the event.  Booth 105 will showcase new AI-powered and human-centered technology from Yardi. This includes solutions designed to help operators “compose their future,” leveraging the combination of one connected system and AI to drive performance and maximize efficiency.  Eventgoers can schedule demos with the Yardi team at the booth to see the new solutions for multifamily, including: Yardi Voyager 8, the latest generation of the industry-leading platform, now with a fresh update to further enhance the user experience. Yardi Virtuoso is an AI platform built to complement Yardi solutions. It leverages AI, large language models and machine learning to drive operational efficiency between people and technology. RentCafe CRM IQ, a customer relationship management system that provides full visibility into prospect, applicant and resident workflows, in addition to enabling centralized leasing and operations. RentCafe Chat IQ, an automated attendant that answers prospect and resident questions via chat, text, email and calls. Yardi Data Connect, a secure data feed from Voyager to Microsoft Power BI that allows more customization capabilities and inclusion of third-party sources, along with preconfigured dashboards. Book a meeting to see all new solutions up close during the conference or join an on-demand...

How protected are you against residential applicant fraud? Could you be more secure with the right tech in place? Yardi Vice President Michael Tuer recently discussed fraud challenges and strategies with LUMA Residential President Ian Mattingly and Wood Partners Property Applications Administrator David Searles. From false pay stubs to fake IDs, fraud can cost businesses a fortune — but the good news is that you don’t have to rely on the naked eye to detect false documents. Read on for key takeaways including the different types of fraud, what industry experts are doing to combat it and strategies you can implement today. Different types of fraud There are many ways applicants can falsify their way into getting approved for your community: Synthetic fraud is when someone fabricates entire identities, including Social Security numbers, photos and stolen information. This type of fraud can be offered as an “approval package” online, giving people complete sets of phony documents for the application process. Rental application fraud is when an applicant provides incorrect or invalid information, like a falsified paystub or an altered Social Security card. Third-party fraud happens when an applicant misrepresents who they are by misusing another person’s identity — like an image of their driver’s license — to pass credit or criminal background checks. The amount of fraud out there can be overwhelming, but there are many tools and strategies to deter fraudsters from the start or reduce it significantly. Decrease fraud by leveraging AI and automation “About 15% of our total monthly revenue could have been lost to fraud had we not put the right technology and strategy in place,” Ian Mattingly said. Mattingly estimated that LUMA’s fraud prevention efforts over the past three years saved them between $1 million to $1.5 million per...

Multifamily asking rents rose for the second straight month in April, according to the new National Multifamily Report from Yardi Matrix. Despite economic headwinds, the market continues to demonstrate resilience. The average U.S. asking rent rose $5 in April to $1,709, while year-over-year growth decelerated to 3.2 percent, down 80 basis points from March. Solid demand has kept rents rising, but at a slower rate than previous years. Demand is buoyed by a tight job market and healthy household budgets, although economists are scrutinizing how much longer those conditions will persist. A recession is still forecast for later this year. “Rent growth is broadly positive nationally, but regional differences are emerging. High-demand Sun Belt metros are feeling the impact of reduced affordability and robust deliveries, while primary metros have less supply growth and some benefit from rebounding immigration,” states the new report. Multifamily rent gains remain positive year-over-year everywhere but Phoenix and Las Vegas, but the top-performing markets are different each month. In April, Indianapolis (7.7 percent) and Kansas City (6.4 percent) led the top 30 Matrix metros in rent growth, while primary metros New York, Boston and Chicago round out the top five. Single-family unit rents also hit a new all-time high in April, averaging $2,089, but year-over-year rates once again decelerated, dropping 60 basis points to 2.3 percent. Occupancy rates decreased in March to 95.5 percent but have stabilized after peaking at 97 percent in 2021. Gain more insights by downloading April’s 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, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...

Multifamily asking rents remained the same for a second straight month in February, at a national average rate of $1,702, according to the new National Multifamily Report from Yardi Matrix. As the economy continues to adjust in the post-pandemic period, year-over-year growth continued its ongoing decline. It is now 4.8 percent nationally, down 70 basis points from the previous month and its lowest level in nearly two years. Asking rent growth remains positive year-over-year in almost every major metro, but 23 of Matrix’s top 30 metros recorded negative growth over the last three months and 17 were negative in February. “Multifamily rents are playing a waiting game, as rents have essentially leveled over the seasonal winter slowdown,” state Matrix analysts, noting that February has historically recorded minor rent growth gains. “The big question is whether demand and rents pick up as normal in the spring. Demand has come down from 2021 levels, though it remains positive in most markets.” Average U.S. asking rents in the single-family rental market were also flat at $2,071. The year-over-year increase fell by 80 basis points to 3.4 percent, far below the 14.8 percent growth rate a year ago. “Near-term performance will hinge not only on demand-supply dynamics at the local level but affordability and the economy,” the report states. Gain more insights by downloading February’s 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, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...

Electric vehicles – and their charging apparatuses – are a hot topic. With electric vehicles accounting for only about 6% of U.S. new car sales in 2022, the country is one of the world’s largest markets for EVs. The federal government has set a goal of 500,000 EV charging stations at apartment buildings, public parking lots, roadways and other locations by 2030, up from 133,000 in 2020. At that point half of all road vehicles could be electric, if the government’s target is met. Owners of EVs, which use rechargeable lithium-ion batteries, spend 60% less each year on fuel costs compared to drivers of gas-powered cars, according to a Consumer Reports study in 2020. The federal government, most states and the District of Columbia offer tax credits and other incentives to install charging stations. California, for example, has provided $1.2 billion to build the infrastructure for EVs across the state. The state will also adopt regulations requiring EV charging station installation in the parking facilities of buildings, including hotels, multifamily buildings and nonresidential development, by 2025. Other states, including Arkansas and Florida, offer rebates for EV charging station installation and EV purchases. Approaching essential status One outgrowth of these and other trends is that EV charging stations are evolving into an essential asset for property managers. By installing EV charging stations, retail business, offices and workplace property managers gain opportunities to attract customers and tenants by demonstrating “their commitment to new technology and innovation,” says industry resource Property Manager Insider. “For multifamily and commercial properties, … the availability of reliable EV chargers is not just a nice-to-have, but a vital factor for retaining and attracting residents and tenants,” adds CleanTechnica, a clean energy news source. Key steps that property managers can take to stay...

Multifamily rents were flat in January as a strong jobs report indicated that fears of a significant economic recession may be overblown. U.S. asking rents averaged $1,701, unchanged from the prior month, according to the latest Yardi Matrix National Multifamily Report. Continuing late 2022 patterns, year-over-year growth continues to decline, and is now 5.5 percent, down 70 basis points from December. The single-family rental (SFR) market remained strong amid ongoing volatility in home sales. The average U.S. asking rent increased $1 in January to $2,070, while the year-over-year increase fell by 85 basis points to 4.2 percent. “Participants at the late January National Multifamily Housing Council conference in Las Vegas were generally optimistic about demand fundamentals, but concerns centered around issues such as the wave of proposed rent control measures, increasing expenses and high mortgage rates,” say Matrix analysts. However, the creation of 517,000 new jobs in January is a significant bright spot and help ease fears of an imminent economic downturn. The unemployment rate dropped to 3.4 percent last month and wage growth shows no signs of spiraling. “Concerns about a hard-landing recession that would reduce household formation are being alleviated by the continuing stellar performance of the job market,” states the report. Gain more insights by downloading January’s Multifamily Report. Last year, U.S. multifamily rents increased by 6.4 percent after peaking near 16 percent in 2021, according to Yardi Matrix. Those were record figures, the highest seen in a century. The 2023 Yardi Matrix Multifamily Outlook expects that rent growth will be closer to its historical average in 2023. 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,...

Multifamily rent growth began to slow in late 2022 as economic pressures, including the impact of inflation, took root. The 2023 Multifamily Outlook from Yardi Matrix expects that rent growth will be closer to its historical average in 2023. Last year, U.S. rents increased by 6.4 percent after peaking near 16 percent in 2021, according to Yardi Matrix. Those were record figures, the highest seen in a century. The 2022 increase is expected to drop by half this year. “All eyes are on interest rates and how quickly inflation recedes. Economic growth will likely wane in the second half as the impact of rapid rate hikes take effect,” states the outlook. “This year we foresee rent growth dropping in half to 3.1 percent as demand lessens and deliveries remain high.” Demand is decreasing due to less renter migration, a dip in new household formation and declining affordability. Meanwhile new units are coming online nationwide. The forecast calls for 440,000 new deliveries in 2023, a stock increase of 2.9 percent. Deliveries will be concentrated in fast-growing markets, including Dallas, Austin, Charlotte, Nashville and Orlando. However, starts are expected to decline due to rising construction costs, a shortage of construction workers and planning/permitting delays. Gain more insights on the industry in the full report. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...

Multifamily asking rents recorded historic highs in 2022 but began to move south as the year concluded, recording another $4 drop to a national average $1,715 in December, according to the latest Yardi® Matrix National Multifamily Report. Year-over-year growth declined by 80 basis points to 6.2 percent last month, the lowest level since May 2021. Over the year, national asking rents recorded a 6.2 percent uptick, the second-highest annual growth in 100 years after 2021’s nearly 15 percent increase. But as the economy cooled in the fall and demand decreased, rents fell 0.2 percent in December and 0.6 percent in the fourth quarter. The single-family rental (SFR) market is also seeing slowing. National asking rates increased 4.8 percent year-over-year in December, which was a decrease of 100 basis points from November. SFR rents dropped by $8 to average $2,083 last month. “With a variety of concerns about the economy and affordability, we expect rent growth in 2023 will be closer to typical levels,” states the latest report. In 2023, Yardi Matrix expects asking rents should remain flat or fall slightly through the spring, when growth is normally strongest. Then rents will likely rise moderately, though nowhere near the dramatic levels of the last two years. Learn more in the latest 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, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...

The anticipated slowdown in multifamily performance arrived last month, as the sector clocked its lowest year-over-year growth since mid-2021,  according to the latest Yardi® Matrix National Multifamily Report. U.S. asking rents fell $9 during the month to $1,719, while year-over-year growth dropped to seven percent, the lowest level in 17 months. The decreases are attributed to economic headwinds and deteriorating demand. The $9 rollback was the largest one-month decline in rents in over a decade. The deterioration in rents was not unexpected. Rent increases have far exceeded normal growth patterns for nearly two years. Average asking rents increased by 22 percent nationally between January 2021 and October 2022, a rate that would be unsustainable under optimal conditions. “With the economy softening, demand for units slowing and rising interest rates creating head- winds for housing, multifamily asking rent growth finally took a turn downward in November,” states the report. “The decades-high inflation rate has left household balance sheets in a weaker position than a year ago, while economic growth is slowing as the Federal Reserve raises interest rates.” Absorption of apartments has been positive in 2022, but well below 2021 levels that were boosted by strong job growth and household savings coming out of the pandemic. Average U.S. rents are up 6.4 percent year-to-date, and the national occupancy rate, while slipping in recent months, is a healthy 95.6 percent. And while rent growth has turned negative in many metros this fall, every one of Matrix’s top 30 metros maintains positive year-over-year growth. The single-family rental market is also declining. The average U.S. asking rent dropped $5 in November to $2,091, while the year-over-year increase fell by 80 basis points to 5.9 percent. Learn more in the latest Matrix National Multifamily Report. Yardi Matrix offers the industry’s...

Average multifamily asking rents showed a slight increase in October, despite weaker demand and dipping year-over-year (YOY) growth, according to the latest Yardi® Matrix National Multifamily Report. U.S. asking rents increased $3 in October to $1,727. Year-over-year growth fell to 8.2 percent, the lowest level since the summer of 2021 and down from its 15.3 percent peak in the first quarter. The single-family rental market is also cooling from record-level performance. The average U.S. asking rent was unchanged at $2,088 in October, while the YOY increase fell by 160 basis points to 6.6 percent. The deceleration in asking rents is gradual, as all of the Matrix top 30 metros produced YOY rent increases. Experts are concerned about how the multifamily market will react to the rapid increase in short-term interest rates as the Federal Reserve attempts to reduce inflation. “The inevitable economic slowdown raises questions about when the impact will start to be felt and how much the sector will be affected,” states the report. “Demand has weakened since the first quarter due to slowing job growth and concerns over the macroeconomic environment. The robust household formation that drove demand in 2021 is no longer in effect.” The U.S. rental occupancy rate has dropped 50 basis points over the past year, but the national 95.5 percent rate remains above the long-term average. With debt costs higher and still rising, property sales and new construction have begun to slow. However, with home mortgage rates up to 7.3 percent as of early November, first-time homebuyers are being frozen out of the market, according to the National Association of Realtors, and will be more likely to remain in rentals. Learn more in the latest Matrix National Multifamily Report. Yardi Matrix offers the industry’s most comprehensive market intelligence tool...

“Key fundamentals remain strong” in the U.S. multifamily amid a flattening of average asking rents in September, according to a new national multifamily report from Yardi® Matrix. The $1,718 rate, unchanged from August, reflects the impact of the economic slowdown and Fed interest rate hikes. Year-over-year rent growth slid more than a full percentage point for the third month in a row, bringing it below 10% for the first time since July 2021. National asking rents remain at record highs and occupancy rates holding steady at around 96% since June 2021, although “the market may be coming to an end of its extraordinary run of rent growth,” the report says. Average national asking rents in the single-family rental segment fell by $7 to $2,081 in September, the second consecutive month of decline, while year-over-year growth fell 170 basis points to 7.8%. The sector’s outlook remains robust, the report says, because many prospective homebuyers who are priced out of the market turn to single-family rentals. Read the full report for insight into the impact of supply, demand, demographics, employment, migration and more on the multifamily market. The September report includes two new features – lease renewal percentages and renewal rent growth, and rent-to-income ratios – that will be included in future monthly reports. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email [email protected], call (480) 663-1149 or visit yardimatrix.com to learn...

Glitzy architecture wins awards, high-profile tenants burnish reputations and energy conservation measures earn kudos for commercial properties. But there’s another aspect of the business that’s not quite so charismatic but every bit as important to maintaining asset value and reputation – pest control. Pest control contractor working in the flat Such creatures as mice, rats, flies, ants, cockroaches, termites, spiders and pigeons can cause serious damage in electrical or boiler rooms, walls, and public and worker spaces. Gnawing rodents, for example, contaminate surfaces, increase fire risk by damaging wiring and equipment, transmit disease and aggravate allergies. Swarms of some ant species can also cause power disruptions. Bird droppings can corrode paint and materials. Aside from being damaging, these outcomes aren’t pleasant sights for occupants, customers and visitors. Steps to avoiding such damage includes keeping pests out of a facility, eliminating breeding sites and applying pesticides when necessary. The fact that many commercial businesses share walls and common spaces such as lobbies and break areas makes dealing with this issue a collaborative effort. “A successful pest management program depends on a strong partnership between the building’s management, occupants and a pest control professional. Effective communication between management, the maintenance staff and occupants is the key to success in any pest control program,” notes Abra Kadabra Environmental Services of Mound, Minn. Here are some tips from Abra Kadabra, Hero Pest Control in Robinson, Texas, and Britain-based Rentokil Initial that can help commercial property owners protect occupant health, worker productivity, business performance and their reputation: Inspect facilities, including roofs, for cracks, holes or other openings. Repair all damage promptly and seal openings.Educate employees about keeping work areas clean, proper trash disposal and other good sanitation practices.Install window screens and replace torn or missing ones.Place weather-stripping around exterior...

Pet-friendly apartments are becoming the norm, especially among younger renters. Millennials are now the biggest market for pet ownership. Property managers and owners need to stand out and make their complexes more unique and attractive with pet amenities. But have you ever wondered what your pet might want in their new apartment? The secret life of pets may open new ideas for property owners across the country. Let’s look at this from the pet’s perspective and what they want to see when they tag along on a tour of your apartment complex. The perfect perks for pups Dogs are excitable, sociable, friendly, and have lots of energy. Since dogs are so social and energetic, an on-site dog park is essential to earn five stars from Fido. Something that would be large enough for them to spread their paws and has lots of green grass. Yappy Hour at the complex dog park would be an attractive resident event that you can hold monthly. During Yappy Hour you can provide some refreshments and picture ops to boost your property’s social media accounts – some of your resident dogs may even be Insta influencers! However, some dogs are not too keen on shared space. Grassy areas with walking trails around the complex are another huge plus for all pups and their parents. Whether you have walking trails or not, strategically placed poop bag stations are a must for any pet-friendly property. Post-pandemic, return to the office is starting to make a comeback. A dog door leading out to the balcony or patio is another awesome option for pets and owners alike. That way Barkley can lounge on the balcony and not have to be stuck inside all day while their human is working eight hours or more....

RentCafe CRM IQ is the latest innovation from Yardi in customer relationship management solutions for multifamily. It puts your customer at the center of the relationship to seamlessly manage prospects, applicants and residents for the entire leasing and resident journey. CRM IQ also provides a platform for centralized leasing offices and enhances the capabilities of other centralized property operations. Built into Yardi Voyager and the RentCafe product suite, CRM IQ has enhanced features that benefit site teams, owners, managers and their customers. Keep reading to explore what customer-centric innovation from Yardi can do for your business. What makes CRM IQ unique? Your customer is more than a renter, and your CRM system should reflect that. CRM IQ doesn’t stop prioritizing your prospects once they convert. Instead, CRM IQ manages your customer interactions through every stage of the leasing and resident journey. With robust features designed to support the full customer lifecycle, CRM IQ is built to guide your prospects into applicants, and your applicants into satisfied residents, ready to renew. The result is a better customer experience made possible by customer-centric software. What’s new with CRM IQ? With features that automate communication and improve visibility across prospects and residents, CRM IQ is a one-of-a-kind solution in the multifamily industry. Here are more details that make it even more unique: Enable centralized leasing office (CLO) processes with customer-centric views and site clustering. CRM IQ has intuitive features that aggregates properties within a central view and shares activities across regional attributes. Save staff hours by helping prioritize the most valuable tasks and utilize remote and clustered staffing offices.Prioritize higher-quality leads and automate lead nurturing with event-based AI. More leads don’t always mean more conversions — this is why CRM IQ prioritizes prospects at every stage of...