Those summer tees and shorts are but a memory. With fall here and winter on deck, how do you stay comfortable at home without spiking your utility bills? Here’s a compilation of tips from the U.S. Department of Energy and other sources. Study up. Conduct an energy audit to find out where you can save and invest for long-term energy savings. Don’t miss sunshine. Open curtains on your south-facing windows during the day to allow sunlight to naturally heat your home. Close them at night. End the draft. According to energy services marketplace Choose Energy, up to 30% of a home’s heat can escape through low-efficiency windows. Cold air can lead into a home through cracks and gaps in windows and doorways. Covering windows and sliding doors with clear plastic film can cut about 14% from your heating bill. Install tight-fitting, insulating drapes or shades on windows that still feel drafty. Seal any gaps with caulk or weather-stripping. Check the equipment. Have your heating system serviced. Replace furnace and heater filters as needed. Air filters should be replaced monthly. Clean the flue vents on wood- and pellet-burning heaters. Reset the temp. When you’re home and awake, set your thermostat as low as possible to remain comfortable. Turn it back 10° to 15° at nighttime and when you’re gone. A smart or programmable thermostat makes this easy. Get a smart ’stat. Almost half of monthly energy costs are controlled by your thermostat, according to Efficiency Vermont, and Choose Energy says a programmable thermostat can cut heating costs by up to 12%. Cut your losses. Close your fireplace damper when not in use to keep warm air from escaping up the chimney. Install tempered glass doors and a heat-air exchange system for the fireplace. Add caulking around the fireplace...

Toronto recently hosted its very first Yardi Executive Briefing exclusively for multifamily clients. Participants explored the latest innovations in RENTCafé and smart home technology. Below, we’ve highlighted the latest and greatest multifamily technology that you’ve got to have. Re-imaging Real Estate through Innovation Seven technologies are changing the future of multifamily housing: Untethered Connectivity: Voice-activated digital assistants handle everything from rent payments, maintenance requests, and adjusting the thermostat in a unit. Renters love the convenience, which adds to a unit’s perceived value. Smart Home Accessibility: Artificial intelligence and wireless connection unite to make smart home technology accessible to renters on the go. Via machine learning, apps within a smart car can determine when users are heading home. They can adjust the thermostat and fulfill other user preferences. Broadband Rules: Broadband connectivity is replacing cable as users complain of high cable prices and obnoxious bundled services. Begin negotiation with local broadband providers to offer services to your renters. Virtual Fitness: Don’t scrap your rarely used fitness center. Instead, give it a makeover by adding virtual fitness services. Renters value the option to have a virtual coach help them through workouts. Sleek + Chic: Renters appreciate smart home technology but don’t want bulky hardware interrupting their interior design. Technology needs to work on demand while blending functionality with interior design. Welcome the Robots: Drones for package delivery are a hot trend in metropolitan areas. If you haven’t already, plan and implement a concierge service to handle package deliveries. While you’re at it, designated parking spots and charging stations for autonomous vehicles may soon be a necessity. Modular Building is Cool Again: Unlike the first wave of prefab buildings in the 1930s, today’s modular homes are durable and highly customizable. Units can easily convert based on current...

AMSTERDAM – Terrence Wong (Yardi), Remco van de Wetering (Newomij), Hans Touw (Redevco), Robert-Jan Reeuwijk (CBRE) and Jaap van der Bijl (Altera) were recently invited to discuss the impact that social issues such as sustainability and affordability have on the value of residential property. According to Reeuwijk, the current housing market places even greater emphasis on the importance of an objective valuation of (properties) in a residential property portfolio. “When determining value, you use multiple sources so that you can look at standard parameters such as vacancy values or rental values. Then, using databases you can add new quality-defining elements such as the year of construction, the energy label and the location of the complex in question.” Transactions Van de Wetering states that the assessment of quality – and thus of value – has always been an issue in transactions, but he places even more emphasis on this fact for acquisitions. “More and more restrictions are being introduced at a local level for the mid-rental market segment and even then we don’t exactly know where the government wants to go in terms of regulation. But in determining the value of a portfolio, it is important to be aware of this both for the investors and the end users.” End user According to Touw, this depends on which definition you attribute to the term “end user.” “In my experience you are talking about the tenant. When determining quality, you start with the question of what the tenant’s experience is of this property, rather than just determining how good you think the product is for the tenant through the lens of the provider.” Measurable “What represents quality for one investor, does not for another,” asserts Van der Bijl. “As property investors, we want to measure, manage...

Private and nonprofit organizations faced a tall order in February 2016. That’s when the Financial Accounting Standards Board issued new accounting standards requiring lessees to report real estate liabilities on their balance sheets. The standard was set to take effect by mid-December 2019, but FASB issued a one-year extension in October that gives such companies more time to compile, understand and calculate leasing data. The original deadline will remain unchanged for large public banks. As an article published by BOMA International explains, over 85% of lease commitments aren’t listed on corporate balance sheets. Once the new standard kicks in, any equipment or real estate lease with a term longer than 12 months must be recorded on the balance sheet as a “right-of-use” (ROU) asset with a corresponding lease liability. The standards won’t change landlords’ operations much, but tenants will demand improved transparency in their lease agreements. The impact will be especially dramatic for retailers, chain restaurants and other sectors that rely heavily on leasing for their operations. The new reporting requirements will force companies to be more rigorous in recording leasing data and the types of information that must be tracked. “Transparency around contract details will be critical,” according to Stephen Miller, global lease accounting lead for JLL and author of the BOMA article. One key change requires renewal options to become part of lessees’ reported liability if a company is reasonably certain it will exercise its option to renew. Shorter leasing terms will reduce reported liabilities, and operating and service contracts will be excluded from balance sheet calculations. Some experts calculate that corporate debt loads will increase by an average of 58% under the new rules. Rising debt loads elevate a company’s overall financial risk and can set off alarms with investors and...

Savvy property managers understand that a feeling of belonging created in a community of neighbors is priceless—especially for long-time renters—and can generate numerous benefits for residents and the property alike.  From creating an inclusive living environment for everyone to improving retention, there are many positive aspects to be gained from one simple concept: a sense of community. But, how can you build a community from scratch, and incorporate new residents along the way? Observe the little things A strong community is easy to spot. People smile more, neighbors greet each other and are more open. This often reflects the way the premises are kept: the shared space is clean, and residents are more inclined to clean up after themselves or pick up litter to keep things orderly. Conversely, if people don’t seem to spend time in common areas, and there is visible trash or property damage, it could be a sign that the community needs some TLC. Get a different (social) perspective The secret to a low renter turnover has an emotional dimension. Creating bonds and fostering a sense of camaraderie between renters and property management—as well as among renters themselves—is often overlooked. It all boils down to promoting the social side of the apartment community instead of seeing just the business side. Seeing your property as more than just a physical space is a good start to put yourself in the renter’s shoes and understand why a sense of belonging weighs so heavily for many people. Always remember to ask for feedback and act on it accordingly. Keep in touch digitally Bulletin boards and community fliers are fine, but today’s renters need more than that to feel welcomed and wanted in a community. The answer to creating easy community engagement is simple: go...

A unique partnership may serve as a model to future affordable housing developments. Healthcare giant Kaiser Permanente announced its partnership with Community Solutions of New York to end homelessness in 15 communities. The partnership’s unique approach offers sustainable solutions for chronic homelessness and lower costs for healthcare. The Recent Collaboration The Community Solutions program Built for Zero uses live data to identify the root factors of homelessness in individual communities. The organization uses that data to address the conditions that create homelessness–and stop housing insecurity before its onset. To fund the program, Kaiser Permanente will contribute $3 million over the course of three years. The funding empowers Community Solutions to extend its services to more than 70 communities throughout the United States. The organization’s current programs set benchmarks for success: nine communities have ended the cycle of homelessness for participating veterans and three have ended chronic homelessness for participants. In total, 103, 500 chronically homeless persons have received the resources and skills needed to end their plight. Beyond Treating Symptoms Safe, dependable shelter is essential for maintaining health. “Kaiser Permanente is investing in efforts to reduce homelessness and housing insecurity because there is a proven link between housing and health,” Bernard J. Tyson, chairman and CEO of Kaiser Permanente said in an interview with Housing Finance. “Addressing affordable housing and homelessness is crucial to Kaiser Permanente’s mission to improve the health of our members and the communities we serve and to advance the economic, social, and environmental conditions for health.” Ending homelessness comes with benefits for the healthcare system. Once admitted to hospitals, homeless patients stay longer and are more likely to be readmitted. A Boston study revealed that homeless patients are four times more likely to visit the ER than patients with stable...

The largest Yardi Advanced Solutions Conference (YASC) to date for Yardi’s European clients, with more than 490 guests in attendance, featured learning, networking and fun in London on November 20 and 21. YASC is a global Yardi event where clients can expand their knowledge of Yardi’s solutions. Clients gain detailed insight into the Yardi product solutions they use, the Yardi development roadmap and newly launched solutions. They also have the chance to speak with other Yardi users and obtain one-on-one advice from Yardi product specialists at Knowledge Central. With more than 100 classes to choose from, in nine role-based tracks, clients can dive deep into technology that supports the needs of a variety of real estate asset types. New to YASC Europe this year, attendees enjoyed a mainstage panel session which featured coworking entrepreneurs Charlie Green of The Office Group; Giles Fuchs of Office Space in Town; and Chris Armstrong of mixed-use operator Get Living. The panel discussed alternatives to traditional commercial real estate. Chaired by Justin Harley, director of coworking and residential at Yardi, the panel dissected two components for running flexible workspaces: putting the member first and integrating a solid technology management platform.     Vox Pop! Several clients took part in our Vox Pop station to share what they were loving most about YASC. Here’s what some of them had to say: “I absolutely love this conference – we send people every year. You can learn about how to automate operations and how to expand your services.” -Adam McGrath, Northern Trust “It’s great to meet lots of different people from Europe who use Yardi and it’s great to be here learning from all the technical experts.” -Georgia-Rose Rochester, Grosvenor Estate Management Limited “I’m particularly interested in learning about Yardi Elevate and...

NMHC OPTECH 2019 in Dallas was the place to be for multifamily real estate execs seeking strategies to raise their game using technology — especially looking ahead to a likely downturn. In lively peer roundtable discussions and dynamic property and revenue management workshops and sessions, industry insiders dove into the big issues facing multifamily businesses. Compelling strategies emerged for growing revenue, managing all lease types and improving the customer experience using new technology. Read on for our top five takeaways from this year’s event.   Unleash data Gone are the days of making business decisions based on guesswork and backward-looking data aggregated into spreadsheets. Today, new technology automates data collection with advanced analytics to provide a complete picture of a portfolio’s opportunities and future risks. That’s big data, and it’s a big deal. At OPTECH, experts talked about the valuable business intelligence hiding in your company’s data, and how to capture it to improve all operational systems and processes from front office to back office, including revenue management and rental pricing. In the session “Apples to Apples: Getting Clean Consistent Data for Accurate BI” data experts and asset managers discussed evolving corporate best practices in performance data tracking. Starting with clean, reliable data from a single database for one source of truth is essential. Using a system that leverages that data with machine learning and artificial intelligence to deliver predictive analytics with recommended actions is keeping leading companies ahead of the curve. And don’t forget about futurecasting. You can get a clear picture of potential future income using reliable operational data. Smart forecasting tools drill down to lease level data and also factor in market conditions and industry dynamics, so you can stay agile and plan for what happens next.   Protect information The...

The latest Yardi® Matrix U.S. multifamily market update illustrates good overall performance in the sector, with strong demand, steady new supply and consistent rent growth among the key characteristics. Demand for multifamily housing, driven by rising divorce rates, an aging population, and young people delaying marriage and raising children, figures to remain strong for the foreseeable future. Much of the economic growth powering demand is occurring in Southern and Western regions. Meanwhile, national supply growth can be expected to remain in line with 2018 deliveries for the next few years. The webinar update, conducted by Jeff Adler, Yardi Matrix vice president and general manager, and Jack Kern, director of research and publications, also debuted Yardi Matrix’s structured examination of political risk as an investment factor. The analysis weighs a metro’s affordability, philosophy toward affordability (e.g., rent control, zoning policies, permitting and entitlement requirements), urban policing/security, social mobility, tax burdens and unfunded pension liabilities. In the analysis’ first iteration, San Francisco, Chicago and New York had the highest risk scores among 20 major metros while Salt Lake City, Raleigh-Durham, N.C., Indianapolis and Nashville, Tenn., had the lowest. The scorecard is a work in progress, and Adler invited Yardi Matrix users to offer ideas for improving it. “Overall, the sector is performing well, but affordability remains a headwind,” Adler said. Public-sector responses such as rent control and zoning changes have been adopted in Oregon, California and New York City. Such approaches, however, are likely to touch off an exodus of investment capital and create disincentives for new investment, ultimately producing housing shortages. Adler outlined market-based approaches that let supply respond to demand. They include coliving, which minimizes space needs; Airbnb, which monetizes unused time; and modular designs, which lower construction costs. Seattle, Dallas, Denver, Houston and...

The world’s largest single-site solar power plant recently commenced operation. It outpaces the leading solar power farm by a hair’s width and leaves America’s largest in the dust. Sweihan Power Plant vs. The World Japan’s Marubeni Corp Sweihan photovoltaic power plant, located in the United Arab Emirates, took two years to complete. The site contains 3.2 million solar panels that produce 1,177 megawatts of energy. For comparison, the largest solar power plant in the United States is Solar Star in California. It has 1.7 million solar panels that produce 579 megawatts of energy. That’s enough to power about 255,000 homes, reports Solstice, the leading solar power provider in Cambridge, Massachusetts. It was the largest of its time when completed in 2015. Learn how the United States is nearing the end of solar ITC programs. Solar Star is, in fact, not among the largest solar farms in the world. India and China dominate the sun-powered energy. Shakti Sthala, Pavagada, Karnataka of India produces a contested 2,000 megawatts. It is followed by Kurnool Ultra Mega Solar Park of India which generates 1,000 megawatts. Longyangxia Dam Solar Park in China generates 850 megawatts. Kamuthi, Tamil Nadu of India offers 648 megawatts of power to nearby communities. Marubeni Corp, JinkoSolar Holding Co., and Abu Dhabi Power Corp. co-own the $870 million Sweihan solar farm. The project required eight international banks to secure funding. The UAE Energy Plan 2050 The project, also called Noor Abu Dhabi, is part of the UAE’s Energy Plan 2050. Introduced in 2017 by Sheikh Mohammed bin Rashid Al Maktoum, the energy plan is designed to produce renewable, nuclear and clean energy sources. The plan invests $163 billion in pursuit of a more sustainable and diverse energy supply including “44 percent clean energy, 38 percent...

For senior living providers, collecting payments online reduces staff workload and increases cash flow. For senior living residents and their family members, it saves time and eliminates hassle. A win-win all around. So why is it then that so few residents pay online? At Validus Senior Living, the finance team understood the value of online payments, and they knew residents and their loved ones would appreciate the convenience once they got on board. They just needed a push in the right direction first. Validus Senior Living offers residences across the spectrum of care: independent living, assisted living and memory care. They have 15 current communities throughout the Southeast, and they plan on developing two to three new properties per year. Getting their residents to pay online would streamline finances as the organization continued to grow. Validus finance staff had already offered ACH as a payment option, but adoption was low. To top it off, staff had to enter a resident or family member’s bank details manually to get them in the system, which took extra time and risked errors. So Validus turned to RENTCafé Senior Living for self-service online payments and launched a variety of initiatives to make it the popular choice for bill pay. The results were clear: They achieved an average 60% adoption rate for online payments across their communities! How’d they pull it off? Here’s what Lindsey Hacker, chief financial officer at Validus, revealed: Offer a discount to current residents Old habits are hard to change, but a simple incentive can work wonders as motivation. Validus ran a promotion for existing residents, asking them to sign up for online payments. In turn, they would get a discount on their bill. Though incentives like these may seem unaffordable for senior living providers,...

You’ve heard about coworking, but how about coliving? Now is the time to learn more about this urban rental trend that’s gaining momentum with young renters across the country, including millennials looking to save money by sharing amenities. Not sure how this trend applies to your business? If you’re a multifamily property manager, you’ll want to keep reading. As the market appears to be headed for a downturn in the near future, flexible leasing strategies could be your best bet to recession-proof your properties and maximize rental revenue. What is coliving? Currently, coliving is mostly an urban trend with residents sharing a house, apartment or building. If you’re thinking of the kind of roommate arrangement that is the result of random pairings through online postings, think again. Today’s coliving spaces offer modernized community experiences — sometimes referred to as “intentional communities” — and often include options for more privacy and luxury, such as microsuites. Residents will usually have a private bedroom and sometimes a private bathroom. Shared spaces typically include kitchens, lounges, laundry rooms, gyms and rooftop areas for social gatherings. And while the experience is not too foreign for renters who’ve shared housing before, coliving spaces are usually cheaper than traditional rentals. For most coliving enthusiasts, the social connection is important — they don’t want to feel like they’re living in a hotel. The essence of coliving is bringing compatible renters together in one space, with an emphasis on the quality of relationships and experiences over the quantity of square footage. For single renters new to an area, coliving can provide a sense of community as they get to know their greater surroundings. For cash-strapped renters looking for great amenities or seriously swanky accommodations, coliving is the answer. And for the many young...

What role does your organization play in the future of smart buildings and smart cities? How can you tap into the benefits today? Commercial property professionals tackled those questions and more at the 2019 Real Trends Conference. In the commercial real estate trends discussion “Co-chair Insights: Politics, Demographics, and Technology” Amy Erixon, head of global investment management at Avison Young-Investments Canada, was joined by Sheila Botting, senior partner & Canadian real estate leader at Deloitte. They posited government-owned territories and creative commercial assets can bolster the nation into a prosperous future. The available land is the ideal foundation for smart infrastructure and smart buildings. Thoughtful commercial spaces upon that land lends itself to creating buildings that are flexible and scalable.  The “2019 Office Tenant Preference Survey Presentation” and “Smart Cities and Smart Buildings” sessions explored how space is a canvas for economic success. 2019 Office Tenant Preference Survey Presentation Heather Brady, national director of sales for Yardi Canada, lead the session on the first office tenant preference survey sponsored by Yardi. This year will serve as a benchmark to more robust and relevant data gathered in the future. Survey responses can help owners make more informed and proactive decisions about land use as well as space use within their structures. Most Requested Features in Commercial Spaces Survey participants expressed high demand for the following: elevators WI-FI natural light conference rooms within the office space parking lots ability to receive packages during work hours exterior green space energy efficient lighting The survey also explored how telecommuting influences the way that tenants request and use space. Currently, 51 percent of tenants’ employees can work from home but only 3 percent do so full time. This reflects the growing inclination towards more flexible workspaces. As the telecommuting...

ApartmentTherapy recently released its 2019 Coolest Suburbs in America list! If your city is on the list, there are several ways to make the ranking work for your community. This is free marketing made easy! The List Creating the list was a collaboration between Apartment Therapy, Google, Etsy, and a hodgepodge of other entities needed to determine “what’s a suburb” and “what’s cool?” In short, Apartment Therapy looked for towns near major cities where “it didn’t feel like you’d be making a ton of sacrifices by moving out of the city.” Nearly 25 cities made the list, but these shining stars earned superlatives. Reader’s Choice- Oak Park, Illinois Most Popular- Arlington, Texas Most Walkable- Hoboken, New Jersey Best for Crafters- Naperville, Illinois Best for Bikers- Carmel, Indiana Best for Hikers- Cuyahoga Falls, Ohio These cities appeal to what modern renters want: convenience, space, and plenty to do in the area. Reaping the Benefits If your town is on this list, your location is a fantastic selling feature for your community! The economic growth, cost of living, and quality of life in your area hold quantifiable value. Using revenue management software can ensure that you’re getting the best rent rate for your location. It can also address metrics like concessions and other factors to help you increase rental income by an average of 6 percent. With the financial aspect set, you’re ready to welcome new prospects with confidence.  Research by G2 reveals the impact of reviews on how products sell. When your town ranks well on a list by a popular website like Apartment Therapy, organic traffic to sites about your town increases! Ensure that you are taking advantage of the suddenly popularity with an expert SEO and SEM strategy. Additional real estate marketing tools can...

Have you found it easier to move those three-bedroom units than before? For decades, larger units were tougher to rent. That narrative has changed in the recent years. New data projects the trend is likely to continue—and 3.6 million families may enter the rental market. Single-family rentals have experienced an ascent in popularity. The demand has encouraged the construction of 3.6 million units in the past decade. Yardi Matrix, an apartment intelligence provider, reports that 52 percent of the apartments built between 2006 and 2016 have at least two bedrooms. Of those, 41 percent are 2-bedroom units, 9 percent have three bedrooms and 2 percent have at least 4 bedrooms. Fewer families with young children can buy a home. As a result, families are making their mark on multifamily development by driving the demand for larger units and plenty of them. The Backstory The housing crisis was more than a decade ago, but the aftermath lingers. Greater restrictions on lending led to higher home prices and a grinding halt in new home construction. At the depth of the recession, home prices dropped–right along with job security–leaving fewer opportunities for families to confidently invest in a house. With fewer entry-level homes to meet their needs, young couples and families turned their eyes towards renting. Families with young children who own a home dropped by 3.6 million from 2006-2016 (the most recent U.S. Census). As the economy recovered, home prices surged disproportionately to salaries and rent rates. National real estate brokerage Redfin suggests that the median price of a single-family home increased by 35 percent in the past 5 years. That’s 75 percent faster than rent increases which rose by only 20 percent, reports Yardi Matrix. For context, when adjusted for inflation, workers’ wages only grew...