Self Storage Update Jan25

Self Storage Update

Street rates for self storage properties are coming off record-high gains in 2021, and experts are optimistic the sector will continue to perform well in 2022, according to the latest National Self Storage Monthly Report from Yardi® Matrix. Year-over-year, national rates for 10×10 non-climate-controlled (NON CC) units increased 6.7 percent in December. Rates for 10×10 climate-controlled (CC) units increased 7.4 percent. However, month-over-month, street rates for 10×10 NON CC units declined nationally by $1 to $127 in December. National street rates for 10×10 CC units declined by $1 for the third straight month to $145. While performance is dropping back from major gains made during the summer, the growth rates are well ahead of where they were in December 2020, when national year-over-year increases were between 2-4 percent for all unit types. The reasons for optimism include the traditional “4Ds” of self storage demand: death, divorce, dislocation and disaster. Owners/managers see demand not only from those traditional drivers, but from two new Ds: decluttering and distribution/business demand. Executives who participated in a panel at the recent KeyBanc Capital Markets 2022 Self Storage Investor Forum all were optimistic about demand, rent growth and capital trends in the year ahead. One commented: “As we look back on 2021 I consider it the greatest year to date in the storage industry. 2022 will be a good year for our business.” Most operators will start spring leasing season with exceptionally high occupancy rates, giving them pricing power to increase street rates and bring existing leases up to the new market rates. Although a repeat of 2021’s 8.5 percent rate growth for 10×10 non-climate-controlled units is unlikely, Matrix analysts expect strong overall growth in 2022. Yardi Matrix tracks a total of 3,022 self storage properties nationwide in various stages...

Safe Coworking Jan24

Safe Coworking

Coworking spaces have offered a refuge for displaced employees and freelancers alike. New variants of COVID-19 have many employers teetering between office and remote work environments. More consistently, coworking spaces have provided a way for workers to get work done in a focused environment. As the manager of a coworking space, you’re an unsung hero! The following six steps can help you promote a secure and healthy environment for clients who need your services. Healthy co-working spaces 1. Automate the basics Contactless technology permits simple processes and transactions with less exposure for staff and clients. Automated attendance trackers offer convenient yet controlled access to your shared workspace. Combine Kisi and KUBE door access systems to manage member and visitor logs as well as billing details. Enable pay-as-you-go features that empower any user with a mobile device to begin working automatically. Clients favor the flexibility, and it minimizes cancellations and billing disputes. 2. Improve ventilation and filtration Healthy spaces begin with ample air flow and filtration. Joseph G. Allen, faculty advisor to the Harvard Healthier Building Materials Academy, advises building managers to bring in as much outdoor air as they can to dilute airborne viral particles. If your site has dampers, consider opening them. Recirculated air should be filtered by a MERV13 or higher filter, which capture at least 80% of viral particles. If those standards are unattainable, Allen recommends portable air cleaners with HEPA filters, which capture 99.97% of particles. Enhanced security for transient workspaces 3. Benefit from member education Education is key to risk mitigation. During new member registration, consider hosting an e-learning session that covers the basics of shared workspace security. A few minutes of educational training can drastically improve the security of your coworking space. 4. Offer private Wi-Fi Greater fluctuations in clients may follow...

New Energy Regulations Jan21

New Energy Regulations

A raft of new and updated energy-related regulations across the U.S. will go on the books this year.  Complying with them requires property managers to use specialized platforms capable of collecting utility billing data for an entire building and reporting it to ENERGY STAR® Portfolio Manager®, which tracks energy and water consumption and compares it to similar buildings. New energy benchmarking and reporting laws are constantly being enacted in jurisdictions across the country. The Yardi Energy team monitors those changes to help clients seamlessly comply.  Examples of new regulations that Yardi will help clients comply with include: An ordinance in Chula Vista, Calif., requiring annual ENERGY STAR® energy and water consumption benchmarking, with 2021 data due by March 20.  The requirement covers residential and commercial properties with gross floor areas of at least 50,000 square feet and includes reporting of utilities paid by tenants. In 2023 the reporting threshold will decrease to 20,000 square feet.A Colorado state-wide regulation that requires owners of commercial and residential properties at least 50,000 square feet to report all energy and water use in their buildings, including utilities paid by tenants. The regulation also levies a $100 benchmarking fee for each building. Regulation updates that go into force this year include: A lower threshold for annual energy and water reporting in Fort Collins, Colo., from 10,000 square feet for commercial buildings and 20,000 square feet for residential buildings to 5,000 square feet for both.Similar threshold reductions in Reno, Nev., from 50,000 square feet to 30,000 square feet; and Columbus, Ohio, from 100,000 square feet to 50,000 square feet.A suspension of the Commercial Building Energy Reporting ordinance in Portland, Ore., to April 2023. Residential buildings are already exempt. Other reporting requirements impact properties in Canada. For example, while the Energy and Water Reporting and Benchmarking regulation in Ontario will remain unchanged in 2022, the reporting threshold will decrease to 50,000 square feet from 100,00 square feet in 2023 for reporting data collected in 2022. Learn how Yardi benchmarking services help property owners across all real estate markets use ENERGY STAR Portfolio Manager to comply with a rapidly shifting regulatory...

Pennrose Foundation Jan20

Pennrose Foundation

Yardi client Pennrose is continuing its mission to transform communities one child at a time. The multifamily real estate development and property management company has launched its latest scholarship program to help youth reach their goals. And you can pitch in! Pennrose Foundation Scholarships Since 2010, Pennrose Foundation has offered two types of scholarships for resident youth: the Summer Camp Scholarships and the Academic Scholarships. Summers are a crucial time for young learners. Summer programs are essential to prevent the “summer slide,” when children do not retain or build upon what they’ve learned in the previous academic year. The Summer Camp Scholarships help youth in economically disadvantaged families continue their education through the summer. In addition to academic support and reinforcement, children also gain access to extracurricular activities. Programming such as environmental conservation, sports, music and the arts provide enrichment for growing minds. Applications for Summer Camp Scholarships will be accepted on a rolling basis. Click here for 2022 Summer Camp information and application. The academic program grants scholarships for higher learning opportunities to residents of Pennrose-managed affordable communities. The goal is to optimize the potential of promising youth in economically disadvantaged households. Through financial support, youth are better prepared to achieve their education and career goals. The organization is receiving applications for the 2022 Academic Scholarships through May 1, 2022. Click here for 2022 Academic Scholarship information and application. About the Pennrose Foundation The Pennrose Foundation is a project of Pennrose, which celebrated its 50th anniversary last year. The Pennrose Foundation was established to enhance the parent company’s mission of transforming communities by supporting charitable organizations and events. Target beneficiaries include seniors and families, wellness initiatives and communities surrounding Pennrose locations across the company’s footprint. The Pennrose Foundation is recognized as tax-exempt under...

Never Miss a Beat Jan19

Never Miss a Beat

Sometimes it takes a challenge to jumpstart simplicity. It’s a lesson that the Senior Living Consulting Practices and Implementations team relearns each day. Ellen Lins is the senior team lead. She and her team help Yardi Electronic Health Record (EHR) clients optimize software usage to facilitate easier day-to-day operations at their sites. Training when every second counts The senior living industry poses unique challenges. Elevated security is necessary to guard residents’ protected health information. Additionally, the industry’s 24/7/365 business model necessitates constant access to and frequent changes of said data. No one can miss a beat. “Clinical staff are administering medications and providing care at all hours of the day and night. Outages and performance issues can have a critical impact, and impact their regulatory compliance, even if it occurs in the middle of the night,” explains Lins. Factor in the industry’s high turnover rates and the team is constantly engaged in client training. “To overcome those challenges, Yardi offers a free EHR Lite version of Yardi Aspire, an online learning management tool,” says Lins. “EHR Lite is a crucial part of the program that allows our team members to provide up-to-date training to multiple clients and their extensive user groups.” The team also offers 24/7 support through Senior Frontline. An EHR specialist is always available to provide training and emergency support when necessary. For the Consulting Practices and Implementations team, it’s always all hands on deck. But the benefits of their hard work are clients who can provide quality care for their customers. Improved understanding of EHR contributes into a higher standard of care of seniors throughout the nation. Offering results that improve lives With high stakes and responsibilities come great rewards. Technical account managers Mason Marshall and Rhonda Wenzel, along with senior...

Rapid Onboarding Jan18

Rapid Onboarding

Could your leasing office staff use additional support? Recent data suggests that industry turnover remains high. And while hiring is on the rise, it still falls short of expectations. If your current team members are burning the candle at both ends, thorough and efficient training of new hires is of the utmost importance.  Get your team the support it needs. Read on to learn how you can shorten the time between hiring and training completion without cutting corners. Growth for multifamily operations The Bureau of Labor Statistics reported at the end of the year that employment rose by 210,000 jobs.  While the growth is notable, it is also falls short: the number of employed persons is still 3.9 million below its pre-pandemic level. Within the industry, growth comes in small increments. Multifamily residential property managers witnessed job growth by 0.58% from November to December. Employment for residential property managers increased by 3.7% year-over-year. In leasing, employment rose by 0.03% month-to-month and 0.67% year-over-year. Though the overall figures fall short of pre-pandemic levels by 2.6%, the uptick in hiring holds promise. Job growth in apartment operations indicates that onboarding procedures will also be on the rise, offering relief to site staff. Tools for easier onboarding Recent new hires offer much-needed support for site staff. The tasks of training and mentoring, however, can make the transition burdensome to existing teammates. Ease the onboarding process with self-guided and role-specific online training. Online learning management software offers secure 24/7/365 remote access to training materials. Learners benefit from the ability to learn at their own speed and review content as needed. Each lesson can include learning checks to assess strengths and opportunities. For optimal efficiency, automatically distribute role-based learning plans. Plans may cover multiple competency areas, including Yardi software...

Immersed In Nature

Looking for a creative approach to senior living design? Look no further. Watercrest Senior Living is developing a biophilic-inspired community and it’s a sight to see. Meet Watercrest  Watercrest Senior Living is all about dedicated care. This provider upholds their mission “To Welcome, To Care, To Serve” in their thoughtfully-designed communities built to provide security, comfort, health, happiness and opportunities to help residents live their best lives. The biophilic design theme will live at Watercrest Macon, a Georgia-based community offering assisted living and memory care options.   Biophilia explained Defined as the innate human instinct to connect with nature and other living beings, Biophilia makes for an ingenious design foundation. In this case, it’s the foundation for amenities at Watercrest Macon. Building a biophilic space means incorporating natural materials and patterns in the design process. The ultimate goal is to develop a strong connection to nature — and ensure that connection is maintained. But what’s the benefit of living in a biophilic, nature-inspired environment? Research suggests that nature living can enhance mood, decrease stress, increase concentration, reduce blood pressure and more. And according to Watercrest, their biophilic-themed community is being purposefully designed with these benefits in mind. Immersed in nature at Watercrest Macon Come early 2022, when the new amenities are scheduled to be finished, Watercrest Macon will take nature living to a whole new level. Deeply rooted in biophilic themes, their fresh architectural elements aren’t often found in senior living communities. With that, congratulations are in order! Shoutout to Watercrest Macon for creating a unique, positive experience for their residents. The community’s amenities will include an oversized atrium, therapeutic moss walls, landscaped walking paths, a signature water wall, gardening stations and even an outdoor putting green. See for yourself in Watercrest Macon’s LinkedIn...

Student Housing Jan13

Student Housing

The Yardi Matrix Student Housing Report for January offers a glimpse into the health and future of the market. Data reveals solid performance and steady growth, particularly among Big Ten universities. Preleasing Yardi 200 ended the fall 2021 preleasing period on a high note. In September, the figures came in at 94.3%, a 5.2% increase from fall 2020 but 0.4% less below pre-pandemic fall 2019. Data shared by the National Student Clearinghouse Research Center in October 2021 suggests that postsecondary enrollment for the fall 2021 term was 2.6% lower than the previous year and 5.8% below 2019. The nation’s most selective schools and schools in markets with high costs of living have had the strongest leasing thus far. Universities in the Big Ten conference report 40% preleased bedrooms as well as the highest prelease growth of November at 18.7%. Preleasing for the fall 2022 term is already underway. In November, preleasing ended at 26.7%, up from 15.4% from the previous year. Rents The average rent per bedroom was $791 as of December, a 2.2% increase over the previous year and 0.3% over the previous month. That figure marks the highest average rent for off-campus dedicated student housing since the onset of the pandemic. Most notably, the University of California-Riverside reported annual rent growth above 15% and average monthly rent per bedroom at $1,004 as of December. Overall, spring is estimated to bring modest rent growth, particularly favorable for the most selective universities. Only seven of the Yardi 200 universities with four or more properties reported negative annual rent growth. Among them, the University of Alabama reported the steepest decline with -2.7% growth in December. Supply Though housing deliveries declined in 2021, supply is currently on the rise. Yardi 200 delivered about 19,000 bedroom as...

Productive, Remotely Jan12

Productive, Remotely

With the pandemic still affecting much of the economy, remote work – utilized by about 16% of the U.S. workforce in 2019 – has become even more entrenched as a business norm. Some employers are making remote work available permanently while others are adopting a hybrid model. Gains in employee satisfaction, productivity Data collected by a team from the Mexico Autonomous Institute of Technology, Stanford University and the University of Chicago Booth School of Business through March 2021 found that nearly six out of 10 workers reported being more productive working from home than they expected to be, compared with 14% who said they got less done. As far back as May 2020, four in 10 Americans who worked from home at least one day a week said they would look for another job if their employers ordered a full-time return to the office. The U.S. Bureau of Labor Statistics weighed in with a report that labor productivity, defined as the value of goods and services produced per hour of work, increased by 1.8% between the second quarter of 2020 and the second quarter of 2021, compared with an average annual increase of 1.4% from 2005 to 2019. (Some of those gains occurred in durable-goods industries such as car and appliance manufacturing that are largely unaffected by the working-from-home trend.) The shift toward working from home isn’t universally embraced. CEOs such as David Solomon of Goldman Sachs and Jamie Dimon of JP Morgan Chase have claimed that the practice is detrimental to creativity and culture. Partisans on either side can bolster their cases with a spectrum of arguments: better sleep; less time lost to commuting; reduced spontaneous communication with colleagues; enhanced employee retention; fewer opportunities for the personal interactions and mentorships that advance careers....

Prologis + Sustainability Jan11

Prologis + Sustainability

Logistics and construction are among the top ten most environmentally hazardous industries in the world. Rather than accept the status quo, some industry leaders are driving the effort to a healthier tomorrow. Yardi client Prologis is pushing the envelope on sustainability measures in logistics real estate. Prologis receives royal honors for sustainability measures His Royal Highness The Prince of Wales recently recognized Prologis for its dedication to sustainability. The Sustainable Markets Initiatives, with HRH as figurehead, bestows the Terra Carta Seal to just 45 companies in the world that have “set our planet on a fundamentally more sustainable trajectory.” Regarding the honor, the Prince of Wales said: “The Terra Carta Seal recognizes those organizations which have made a serious commitment to a future that is much more sustainable, and puts Nature, People and the Planet [sic] at the heart of the economy. We all need to make changes if we are to preserve the planet for our children and grandchildren and these businesses have pledged to make it easier for us all to do so.” Prologis leads the initiative of sustainable logistics with decades of concentrated efforts. The organization has become the largest developer and operator of logistics real estate due in part to its commitment to efficiency and progressive technologies. Prologis aims to become 100% carbon neutral in just three years. Prologis co-founder and CEO Hamid R. Moghadam said, “We’re pleased to join His Royal Highness, The Prince of Wales, and the Sustainable Markets Initiative’s work to help shape a more sustainable future for all.” He continued, “This is something we have long practiced at Prologis. It is simply doing our part to create a better, cleaner world for this generation and for generations to come.” Prologis welcomes new leadership for the new frontier Prologis appointed Susan Uthayakumar as chief sustainability and energy officer, a new role that serves the organization’s customer-focused sustainability and energy solutions business. Uthayakumar and her team will analyze and develop current and emerging energy solutions. Her team will also collaborate with the company’s divisions for environmental stewardship, social responsibility and governance (ESG). Together, they will enhance strategies on stakeholder engagement. Uthayakumar explained, “Customers today are looking for a partner who can help them achieve their sustainability goals in innovative new ways while running their businesses as effectively as possible.” She adds, “That will be my focus at Prologis.” Prologis Chief Operating Officer Gary E. Anderson said, “Susan’s proven leadership and experience will be critical to our ongoing innovation and progress on our long-term sustainability goals – and those of our customers.” Read more on sustainability at...

Tech Trends + Innovations

Technology has permanently changed how consumers search for, tour, rent, buy and sell real estate. Check out which established proptech tools get a fresh twist this year, and which innovations bring greater conveniences to the industry. Multiple tour options are no longer optional Today’s prospects expect multiple ways to view a property. Technology plays a huge role in the ability to offer multiple convenient tour options. For most renters, the search begins online. A survey reveals that “renters are becoming so comfortable with renting digitally, that 72% say they would rent an apartment without ever seeing the property in person if a 3D virtual tour was offered.” In stead of stagnant photos, 3D self-guided tours use special software to give online viewers a 360 tour of every space in the property. While the majority of renters may sign a lease at this point, for many, this option acts as a filter. It helps prospects identify which units they want to further investigate. Live virtual tours allow prospects to remotely attend a walk-through lead by an agent. This gives prospects an opportunity to ask clarifying questions about the unit, property and neighborhood. The engagement gives the agent a chance to build a relationship with the prospect. Not all prospects want the guidance of an agent. For self-guided tours, prospects use online scheduling software like RentCafe Self-Guided Tours to book a tour. After a quick yet secure verification process on their mobile phones, prospects access the unit. They complete the tour at their own pace, unassisted by an agent. Multiple tour options give forward-thinking property managers an advantage over less tech-savvy competition. Digital twins have joined the chat Want to get ahead of the tech curve and offer your prospects something truly unique? Digital twins have a growing presence in real estate. A digital twin is software that uses real world data to create simulations that predict how a unit or building could perform.   The technology empowers prospects with a better understanding of a property: its environmental efficiency, typical cost of utility bills, and the scope of resilience against natural disasters to name a few. Properties that offer special structural features now have a way to demonstrate those advantages. Bitcoin establishes itself among flexible payment options Online payment options have included ACH and debit / credit cards. More recently, text and voice command payments entered the real estate scene. Now, real estate professionals are also integrating cryptocurrency and blockchain-supported contracts. Bitcoin, the most popular cryptocurrency, began disrupting real estate transactions en masse in 2013. Since then, its popularity and legitimacy has steadily grown. Blockchain, the supporting database, offers secure, anonymous and accurate transactions from start to finish. Real estate firms interested in optimal efficiency and seamless international transactions may consider cryptocurrency with blockchain-supported transactions. Chatbots with machine learning improve responsiveness Responsiveness will make or break a relationship with consumers. Chatbots can answer inquiries 24/7/365 without inconveniencing human agents. Chatbots with machine learning, like RentCafe Chat IQ, will offer a noticeable difference in customer service. These AI-supported bots “learn” with experience, adapting to the nuances of human vernacular to improve future interactions. With chatbots, property managers can offer stellar customer service at any time of day. Staff leans into automated ads Software can automatically transform ILS listing into detail-specific ads. If needed, staff can adjust parameters to hone in on key audiences. For each automated ad campaign, staff receives data on views, clicks and demographics, allowing tweaks throughout the process. Automated ads reduce manual labor while improving ad spend control and ROI. Tech for the win Tech is a powerful ally for any growing real estate business. Technology improves staff efficiency and reduces menial task loads. The same products serve as differentiators that offer sought-after conveniences to consumers.  Seeking a tech partner to help your business grow? Join a webinar to discover a suite of multifamily tech tools to support your...

Senior Tech Tips

It’s no secret that technology is beneficial. For seniors in particular, tech can help with socialization, safety and everyday tasks. That’s according to Yardi client Maplewood Senior Living, who published a stellar blog post analyzing the role tech plays in older adults’ lives. So if you’re curious how certain tech solutions can benefit residents in your communities, you’re in the right place. Benefits of seniors using technology   Citing research, Maplewood shares four ways technology can enrich seniors’ quality of life: Socialization — especially during the pandemic, seniors face an increased risk of loneliness and social isolation. Fortunately, tech can be used to prevent serious, long-term effects. According to a study shared by Maplewood, Internet use by seniors resulted in lower depression and higher levels of social support. Safety — rightfully so, family members may worry about the safety of their loved ones as they age. But tech solutions are built to help. From tools that track a senior’s care patterns to devices built to alert medical professionals in an emergency, the right system can reduce risks and provide peace of mind. Entertainment — tech can provide various entertainment options for seniors. This includes online classes, games and movies. Smart devices can also provide accessibility, catering their features specifically to seniors, allowing them to receive the maximum benefit. Exercise and health tracking — prioritizing mental and physical health is key for all ages, seniors included. With the right tools, seniors and loved ones can easily track important health information like activity levels or medication schedules.   Ways to utilize technology There’s a wide range of possibilities when it comes to technology. For seniors, different solutions can transform their day-to-day lives. Maplewood offers five key ways older adults can utilize tech: Manage financesSchedule appointmentsMaintain social...

Multifamily CRM

Are you setting fresh, ambitious goals for your multifamily business? Quality customer relationship management (CRM) software can help you reach them. We’ve got top insights in what to look for when choosing a multifamily CRM solution. What is multifamily CRM? You’ve likely heard of CRM and even dabbled in some of its features. Such software is increasingly critical for the optimal efficiency and functionality of your multifamily business. CRM gives you a 360-degree view of your relationship with each contact, from prospect to former resident. It offers a centralized location for managing client info, tracking correspondences and compiling data on client behaviors. With such insights, you can market for more conversions, sign more leases, improve retention and revenue. A good CRM tool will also help office workloads feel lighter, resulting in more energized and focused staff with less turnover. If that sounds good to you, read on! What to look for in multifamily CRM… There are lots of CRM options on the market. To select the one that is appropriate for your business, consider the following. Scalability Different tools at different price points will offer options that are suitable for your business. Select an option that meets your current needs and can grow with you in coming years. Automation We will spend a lot of time here. Your staff will need automation to streamline workflows and reduce manual, redundant and often time-consuming tasks. Consider follow-ups: quick responses (under five minutes) are 21 times more likely to lead to a sale. This is because 88% of consumers expect a business to respond to their inquiry within 60 minutes. More than 30% expect a response in 15 minutes or fewer, per the 2020 NMHC/Kingsley Apartment Resident Preferences Report. With automated text messaging and emails, your CRM...

Climate Protection Partnerships Jan05

Climate Protection Partnerships...

It started with Green Lights. That was the U.S. Environmental Protection Agency’s (EPA’s) inaugural Climate Partnerships Programs initiative in 1991. Since then, Climate Partnership Programs has engaged tens of thousands of public and private organizations, generated billions of dollars of investments in energy efficiency and clean energy, saved American consumers more than $500 billion in energy costs and prevented more than 6 billion metric tons of greenhouse gas emissions. Green Lights – which encourages organizations to use energy-efficient lighting technologies in their offices, factories, stores and warehouses – is one of more than two dozen Climate Partnership Programs. Vital to meeting national greenhouse gas reduction, carbon-pollution free electricity and net-zero emissions targets, the programs include: ENERGY STAR®, which identifies energy-efficient products and practices for consumers and businesses in 33 industrial sectors and 840 utilities. Since 1992, ENERGY STAR, managed jointly by the EPA and the U.S. Department of Energy, and its partners have helped American families and businesses save 5 trillion kilowatt-hours of electricity, avoid more than $450 billion in energy costs and achieve 4 billion metric tons of greenhouse gas reductions. In 2019 alone, ENERGY STAR drove reductions of 220,000 short tons of sulfur dioxide, 220,000 short tons of nitrogen oxides, and 27,000 short tons of fine particulate matter. ENERGY STAR product sales exceed $100 billion annually.The State and Local Climate and Energy Program, which offers free tools, data and technical expertise to help state, local and tribal governments achieve their environmental, energy, equity and economic objectives.The Green Power Partnership, a source of information and technical assistance for companies using green power. The program has helped prevent nearly 280 metric tons of greenhouse gas emissions.Methane Emissions Reduction Partnership Programs, which promote the cost-effective recovery and use of methane by sectors such as agriculture,...

Thrive with BI

How can business intelligence (BI) software provide insightful data? Our resourceful infographic has the answers, painting a detailed picture of BI and its benefits. We’re here to share it with you. Keep reading to discover why a BI solution like Senior IQ uncovers the information needed to make smarter, faster decisions — and drive growth in your communities. Data scattered across siloed systems leads to incorrect, outdated information Senior living business intelligence is crucial for today’s providers. But disparate systems don’t compare to a single connected solution. And our infographic has the research to match. According to BI-Survey, out of companies drawing data from disparate sources, only 5% report having no significant problems. A centralized business intelligence solution is key By accessing data from a single and accurate source, senior living providers can steer their communities forward. But what are the specific benefits? How can a single connected solution transform your business? For starters, a centralized BI solution helps providers … Streamline operationsMeasure successSave timeMinimize risksEmpower staffImprove resident care Not convinced? Take a look at the findings shared directly in the infographic. But while you’re here, we’ll point to a few: 54% of enterprises say BI is critical or very important to their current and future strategies, according to ForbesFinances Online reports that companies with CEOs that spearhead data-driven decisions are 77% more likely to achieve business goals64% of users reported that BI data helped improve their efficiency, says Finances Online Transform your business with Yardi Senior IQ Senior IQ is a single connected BI solution designed for the unique needs of senior living providers. With this specialized system, you’ll gain access to … Real-time reports and dashboards450+ pre-configured KPIs plus custom optionsInternal benchmarks and industry comparison dataPrecise insights for presenting to investors or...

Fitness Trends 2022 Jan03

Fitness Trends 2022

With the new year here, you can expect an influx of interest in your fitness amenities. Prepare your space and gym calendar for creative, fun and forward-thinking fitness opportunities. You can appeal to prospects who are seeking a fresh start as well as existing renters. Refresh your fitness center offerings Among New Year resolutions, wellness goals top the list. Whether it’s someone pursuing a healthier lifestyle or the fitness fanatic seeking greater gains, your gym is a tool for resident satisfaction. For the greatest satisfaction, regularly refresh your offerings. Without new and exciting options year-round, you’ll experience periods of frequent use and periods of gathering cobwebs. For exciting fitness ideas, take inspiration from these fitness trends for 2022. Fitness industry trends for 2022 1. Hybrid classes Offering in-person, virtual live stream, and on-demand recordings is a great way to appeal to busy renters.  The array of options gives them the opportunity to work out in any manner and at any time. Follow-along videos are also a creative way to disperse crowds at the fitness center. When renters know they can access guided classes online, there is no need to max out in-person classes. 2. Sync with wellness trackers If you’re renovating, adding or updating your equipment, seek options that correspond with multiple fitness trackers. This feature makes coming to your gym an integrated part of residents’ wellness plan. 3. Outdoor classes Outdoor classes offer a convenient way for residents to exercise in a well-ventilated space. Additions such as solar sails and fans can extend the usefulness of your outdoor fitness area.   4. Love low-impact options Consider using the community pool to offer low-impact cardio and strengthening options. Buoyancy is a great tool for renters who are new to movement, suffer from joint pain,...

Smart Staffing

In the age of staffing shortages, senior living providers need creative approaches to attract and retain employees. And we’ve seen some effective strategies this year. But our newest discovery is from Yardi client Aegis Living, who’s launching a standalone agency focused solely on staffing. Meet Aegis Staffing. Smart staffing by Aegis In creating Aegis Staffing, Aegis Living is bringing originality and resourcefulness to the staffing crisis. This Washington-based provider will pilot the new, in-house agency for 12 to 18 months starting in January. Initially, the agency will focus on staffing improvements at Aegis’ Seattle communities, but CEO Dwayne Clark isn’t stopping there. In an interview with Senior Housing News (SHN), Clark says there may be opportunities to expand the service to other areas — and companies — down the road. In developing the new agency, Aegis is doing a full overhaul of the staffing philosophy they’ve followed for years. This entailed hiring full-time workers at competitive wage rates, offering time off and providing additional perks. But given the latest shifts in staffing, employees have new expectations related to work-life balance. And that’s what led Clark to take action. Aegis Staffing seeks to recruit workers and incentivize staff members in a whole new way. Attracting a new workforce While Aegis already employs seasoned caregivers, they won’t draw from their own workforce to staff the new agency. Instead, the company will recruit employees from outside agencies. They’re also widening their pool of considered applicants to include recent refugees, retired military personnel and older adults. “That’s a workforce that we haven’t been exposed to,” Clark told SHN. Aegis plans to incentivize with a high hourly rate — one that’s competitive to staffing agencies where prospective employees currently work.   Although the staffing agency isn’t up to speed...

Changing Demands Dec29

Changing Demands

The self storage industry has remained relatively strong in the wake of the pandemic. In addition to its traditional roles — during moving and to supplement lack of space at home — people who never used the service before needed space to store items, and for a wide variety of reasons. Yardi’s StorageCafe division has been keeping track of these trends and assessing the future of the self storage industry. Self storage facilities stayed open during the pandemic, responding to a myriad of new demands. There was help for people and businesses in transition and long-term solutions for online retailers and anyone experiencing cramped living conditions. Facilities also adapted quickly, introducing procedures that not only address hygiene requirements but also promote efficiency — and development of them has continued, in line with current demands and trends.  Storage’s increasingly diverse customer base The storage sector’s customer base became more diverse. People who had to downsize, perhaps moving to the suburbs, joined the cohort of Americans who move house more habitually. Self storage has been on hand with a place for their belongings until they decide what to do with them. Then there were the college kids no longer on campus and those who needed to return to family households to assist with childcare or with elderly parents — they all needed space for excess belongings. New businesses and ways to run them When businesses closed physical offices, many moved furniture and filing cabinets into a storage unit. Retailers who needed a place to keep their stock did the same — finding it provided more flexibility than warehousing — while transitioning to selling online. Many people had to make home offices, triggering a need to store displaced items outside the house. In addition, the pandemic caused...

Making Seasons Bright

‘Tis the season to spread holiday cheer! For us, that involves spotlighting our senior living clients — sharing how they’re making seasons bright for residents. And Watercrest Senior Living is no stranger to holiday activities. They’re organizing festive experiences for residents across their communities, which we can’t help but share. Here’s a roundup to get you in the holiday spirit: Festival of Trees Ever dreamed of walking in a winter wonderland? For residents at various Watercrest communities, winter wonderlands became reality during the organization’s annual Festival of Trees. And it’s exactly what it sounds like. At Watercrest Santa Rosa Beach, residents explored a magical showcase of holiday trees, all of which were donated by community partners. Families joined residents to stroll the festively-decorated grounds searching for their favorite tree, snacking on holiday desserts and mingling over hot cocoa. “These events, both big and small, make our Watercrest community truly a family,” shared Watercrest on LinkedIn, along with photos of the event.   At Market Street Memory Care Residence Viera, owned and operated by Watercrest, the Festival of Trees was combined with another celebration: their fifth anniversary of serving seniors with Alzheimer’s. Residents and families experienced the splendor of the holiday season — gathering around decorated trees and enjoying live jazz — while celebrating the community’s important anniversary. We can say with confidence, the gathering was something special. Watercrest Winter Park joined the annual tradition, too. This Florida-based community gathered local businesses for a silent auction, raising over $1,200 for the AdventHealth Neuroscience Institute. How amazing is that? Of course, residents were immersed in a winter wonderland, sipping on holiday-themed drinks while admiring the trees. “At Watercrest Winter Park, we are always looking for creative ways to give back to our local community,” said MaryAnn Howell, executive director of Watercrest Winter Park. “This event is a meaningful way to celebrate the season and put our creative talents to good use.” Baking, decorating & more Watercrest proudly encourages residents to channel their creativity. And the holiday season is the perfect time to do so. At their Market Street location, seniors partook in the signature Aprons & Appetizers program — but with a holiday twist. Residents dressed in festive colors and baked sweet, holiday-themed treats. We’re loving the collage of photos Watercrest shared on LinkedIn. Watercrest Sarasota took a similar route, inviting residents to bake an all-time favorite sugar cookie recipe. Time was spent decking the halls at Watercrest Santa Rosa Beach and St. Lucie West. From painting ornaments to decorating trees, residents let their creativity shine. Watercrest shared photos of the spirited decorations at Santa Rosa and St. Lucie West on social media. Matinee musicals We all have our favorite holiday movies and plays. For some, the classic comedy “Elf” makes the list. If that’s you, you would’ve loved to join Watercrest Columbia residents for a daytime matinee of “Elf the Musical.” Performed at a local theatre, the musical was based on the beloved holiday film, and it was smiles all around. Happy holidays from team Yardi From our senior living team to yours, we hope you’re enjoying the holiday season. It always makes us happy to spotlight our senior living clients, like Watercrest, and the dedication they bring to their residents. Especially this time of year! To explore more holiday stories from Watercrest, check out their LinkedIn page. Want to learn how Yardi supports clients like Watercrest with our senior living management software? Let’s schedule a time to...

Never Miss a Meal Dec28

Never Miss a Meal

Food insecurity can often go unnoticed. The imperceptible public health issue is the result of multiple systemic factors as well as unprecedented situations, such as COVID-19 job losses. In Ontario, Daily Bread Food Bank works to alleviate hunger through emergency aid and long-term sustainable change. The growing need for meal support in Toronto In 2021, Daily Bread witnessed a 61% increase in new clients. Of the new clients, about 44% did not eat for a whole day almost every month and 58% of existing clients had similar experiences. More than 30% of clients report going hungry at least once a week. The causes of food insecurity vary, but there are a few common threads: 2 in 5 food bank clients seek services because their income is too low. Recent studies reveal that 1 in 5 clients lost their job in the past year and 20% report that their employment will not last more than a year. The affordability crisis also plays a role in food insecurity. About 65% of clients live in private market rentals, not subsidized housing. The median monthly income for clients is $1,106 and they’re spending 68% of their income on housing. After paying rent and utilities, clients face an average of $9.17 per person for transportation, clothing, day-care, medications, and food. There simply isn’t enough money to go around for working families. The food budget is usually to first to get cut and 51% of clients forgo food to pay for other necessities. Of respondents, 80% are at high risk of homelessness. Daily Bread Food Bank promotes immediate and long term solutions In December 2021, visits to food banks increased by 47% compared to this point last year. To manage the need, Daily Bread Food Bank collaborates with 118 member...