With the future of office-based employment still in flux for millions of Americans, the multifamily industry continues to see dramatic shifts in where renters are living, as well as rent increases that have yet to be fully factored into the nation’s inflation calculations. Summer and early fall of 2021 saw dramatic increases in multifamily asking rents, a growth trend that Yardi Matrix vice president Jeff Adler called “a barnburner” in this week’s webinar analyzing the sector’s recent performance. However, rent growth is expected to temper in the final months of 2021. “We have really seen a shifting and reallocation of population due to remote work,” Adler stated. “This is the American people solving a (housing) supply problem in the most expensive areas. They are now able to take their paycheck with them and move to less expensive areas.” View the presentation and find slides on yardimatrix.com. At the outset of the presentation, Adler encouraged multifamily investors to develop a strategy that considers the future of office-based employment. Instead of workers going back to the office in droves this fall, the summer Delta variant surge delayed and, in some cases, derailed office reopenings. Some jobs, like financial and government roles, require onsite security and can’t be done remotely. The technology industry is expected to lead fully remote and hybrid opportunities. “Work is now not somewhere you go, but something you do,” Adler said. That ongoing transformation will continue to play out over the next two years. “It’s not going to go back to the way it was, and neither are offices going to be irrelevant.” Economy still in transition phase Meanwhile, the U.S. economy has been struggling to recover from the pandemic. Supply chain issues as well as reduced employment, especially among Americans age 55 and up, are prompting widespread inflation issues that seem likely to persist for the near-term. Yardi Matrix has revised its inflation outlook since the last multifamily webinar was held, Adler noted. And one indicator that inflation may get worse before it gets better is that rent increases are a trailing indicator and have yet to make their way into Consumer Price Index (CPI) calculations. “The Fed (Federal Reserve) story has been that inflation is transitory, but it’s not looking that way to us as an organization,” Adler stated. He noted that had the projections of transitory inflation been accurate, they should have been resolving right about now. Instead, inflation continues to rise. “There is a lot of dry powder in terms of consumer spending. This is a case of too much money facing too few available goods,” Adler explained. Available cash has helped fuel consumer purchases (buoying industrial real estate) and relocations (increased rents in multifamily and high demand for self storage.) “Everything you used to know about inflation has been upended,” Adler said. “I think we will see recovery in services inflation, but an expansion of (cost of) goods inflation. And we haven’t seen the increased rent impacts flow through inflation metrics yet.” High demand for tech hub housing + single family rentals High demand for coveted housing markets, especially in tech hubs like Austin, Denver, Las Vegas, Nashville, Orlando, Phoenix, Raleigh-Durham and Seattle, has driven prices up and availability down in those cities. Meanwhile development is returning and Matrix has revised its anticipated unit delivery target from 350,000 multifamily units per year to 400,000. An especially hot subset of the multifamily market is single family homes that are build-to-rent (BTR), which are driving increase suburbanization of the rental space. Some renters are turning to the BTR option because heightened home prices have put down payments out of reach. BTR homes currently make up 5-10 percent of new home stock, according to the U.S. Census Bureau. And they’re expected to grow dramatically, with $30-40 billion in capital currently designated for the BTR space, Adler said. However, don’t assume that it’s families with kids trading...
NIC Fall Conference
Senior Living Events
With a range of industry events taking place this year, it’s an exciting time for senior living providers. There are several opportunities to learn, network and grow. We’re here to share an upcoming event — an impactful conference that joins health care leaders and senior living executives. Check out the NIC 2021 Fall Conference: Investing in Seniors Housing & Care Properties. The conference will take place on November 1-3 in Houston, Texas and is welcoming attendees in person. Yardi is pleased to be a sponsor of the event, as we partner with NIC to drive transparent data in the seniors housing sector. We hope you’ll attend to get an inside look. Come together at NIC 2021 The 2021 conference marks the association’s first in-person event since the onset of the pandemic. With the goal of reuniting thousands of providers and stakeholders, NIC is gearing up to make this their best conference yet. It’s an exceptional opportunity to learn from business leaders across the industry. Specifically, the 67% of attendees who are senior-level executives. How can you drive your business forward now — and in a post-pandemic world? What new approaches can you take to care for residents? The 3-day event will be packed with discussions and answers. Note that NIC is requiring proof of vaccination to attend. You can explore the full scope of their health and safety measures here. See what’s in store Attendees can expect three days of educational programing focused on a variety of topics. If you’re ready to hear insights and perspectives from industry leaders, policy makers and more, this is the conference for you. According to NIC, topics will include: Capital for operationsDebt market trendsCase for investing in seniors housingForgotten middle marketMacroeconomic and capital market trendsPolicy...
RE Insight
From Canadian Conferences
Two major Canadian real estate conferences took place virtually in September. RealREIT focused on the impact of COVID-19 on real estate property classes while the Canadian Apartment Investment Conference offered owners, managers, developers, investors and others insight into the multi-unit residential market. Here are some key takeaways. Economic mixed bag. Although Canada has a high vaccination rate, global markets and supply chains are being impacted, a potential harbinger of a global slowdown. Rising automobile prices are contributing to inflation, which the Bank of Canada forecast at about 3% into 2023, above its 2% target. By summer 2021, thanks in part to Canada’s high vaccination rate, households began to spend the savings they amassed over the previous 18 months. In July, the country added 94,000 jobs, dropping the unemployment rate. “With the reopening of the economy and the strong progress on vaccinations have given us reason to be more optimistic about the direction of the economy,” said Bank of Canada Governor Tiff Macklem. Uneven REIT performance. Prior to the pandemic, the Canadian real estate investment trust sector was booming, with the S&P/TSX Capped REIT Index reaching its highest value in 10 years. The sector has been battered since then and some REITs haven’t fully recovered. ESG acceleration. REITs have significantly expanded their commitment to environmental, social and governance practices in recent years, including environmental initiatives and renewable energy. REITs are also increasingly strengthening ESG performance transparency and accountability. “Rather than distract from it, the health issues are elevating the overall concern over ESG risk in the medium and long term,” said Sasha Njagulj, global head of ESG for CBRE Global Investors. Return-to-work options. The Delta variant caused many companies to postpone calling employees back to work. Some companies are devising hybrid, flexible work arrangements. Analysts...
Buildex Highlights
Procurement Technology
The Buildex Amplified conference took place recently as a combined live and online event. A Yardi-hosted session, “Mastering Procurement Through the Power of Technology,” moderated by Heather Brady, national sales director for Yardi Canada Ltd., addressed software solutions used to automate invoice processing and manage vendor relations. The panel featured leaders from QuadReal Property Group, Ronmor Holdings Inc. and Wesgroup Properties LP. The session made clear to more than 100 virtual attendees, most of whom were vendors, that procurement technology is a crucial topic for the industry. Here are some highlights from the session: Changes in vendor management Wesgroup and Quadreal shared with the audience that they replaced paper cheques, invoices and work orders with an online portal, which improved vendor communication and enabled their teams to resolve disputes more efficiently. Sandeep Manak, Wesgroup’s CFO, said, “You’ve never heard of a vendor that doesn’t want to get paid quickly.” By generating better spend visibility and standardizing forms and processes Yardi Procure to Pay “improved our vendor relationships. We are seeing their expectations change because of this.” Increasing organizational efficiency Panel participants reported that with fewer people doing more tasks in more locations, they needed a flexible platform that was accessible from remote locations. Christine Williams, vice president national operations and administration, residential, QuadReal Property Group, said, “Any technology we adopt must comply with our Single Sign On mandate and integrate with other solutions we use. Our IT group first evaluates technology we are considering ensuring it meets our security and functionality standards.” In addition, she noted, “we wanted to lower the number of touchpoints in our RFP process.” Shifts in vendor payments Wesgroup now executes up to 95% of its payments by EFT. “When the pandemic happened, our vendors were forced to switch [from...
Pacifica Honors Staff...
During NALW
For Pacifica Senior Living, this year’s National Assisted Living Week (NALW) was spent gathering residents, paying homage to assisted living caregivers nationwide and celebrating their own staff. It’s always a pleasure to spotlight our clients, like Pacifica, during NALW. Led by the National Center for Assisted Living (NCAL), the annual celebration encourages organizations to honor those who reside, work and volunteer in assisted living communities. Pacifica did just that, going above and beyond to honor their care staff. Celebrating NALW Honoring this year’s NALW theme — Compassion, Community, Caring — Pacifica invited their staff and residents to an array of uplifting events. They shared a snapshot on social media, too. In communities from North Carolina to California, Pacifica’s week-long celebration gathered everyone with delicious food, an in-house “Price Is Right” game and NALW-themed arts and crafts. There’s more, but we’ll let you explore the photos for yourself! You can find a range on Pacifica’s LinkedIn page. The dynamic senior living company also shared their appreciation for staff members with words of gratitude. They highlighted the resilience of their caregivers — and assisted living staff across the nation — during the pandemic. “The COVID-19 pandemic has brought new challenges to all assisted living communities in America for the past year and a half,” shared Pacifica on LinkedIn. “This National Assisted Living Week, we want to recognize all the efforts put forth by the staff of Pacifica Senior Living communities for all they have done and continue to do. Thank you.” Last but not least, they took the time to honor individual employees. Check out this spotlight of Enrique, a personal care assistant at Pacifica. Get to know Pacifica Utilizing Yardi’s senior living management software, Pacifica Senior Living strives to create communities where residents feel at...
What Home Means to Me
Affordable Housing Calendar Contest
What does home mean to you? For many of us in the housing industry, we are consumed with the details of the structure and its operations. We perfect safety codes, smooth workflows, and stellar marketing. But at the end of the day, we specialize in homes, the very backbone of America. The National Association of Housing and Redevelopment Officials (NAHRO) recently announced the winner of the What Home Means to Me poster contest. The contest is a brilliant reminder of the necessity of affordable housing and the role it plays in wellbeing of the nation’s youth. Sharing stories for nearly 20 years Founded in 2008, the What Home Means to Mecontest celebrates children’s stories and creativity. The contest is open to children ages 5-18 who are living in affordable housing developments. Participants submit artwork accompanied by messages about their homes and the impact of housing professionals and community development officials. Each housing authority holds the initial round of evaluations, followed by eliminations at the state and regional levels. The winning submissions are then evaluated in Washington, D.C. before a panel of three judges. The judges choose 13 winners to receive a $100 Visa gift card and features in the 2022 What Home Means to Me Calendar. Calendar sales contribute to the jackpot for the next years’ contest winners. The grand prize winner also receives a framed copy of their artwork, an iPad and a trip to the NAHRO Washington Conference where they are publicly recognized. When feasible, they are also able to meet their Congressional representatives. Congrats, Hector! This year’s winner is Hector from Puerto Rico. He writes: “My home means…more than a building. It means everything I do, I feel, I learn and my hobbies.” He continues, “My family is my home. They’re who taught me since I was a baby how to speak, eat, walk, study and my daily routine. They give me support, care and security everyday. They taught me to love and to have other feelings.” Click here to view a record of winning artwork. Creating home with NAHRO Yardi is a proud sponsor of NAHRO. Since 1933, the organization has supported affordable housing, its infrastructure and legislation. The organization is currently composed of 19,500 members that serve more than 3 million homes and 8 million residents. Yardi is Energized for Good! Click here to read more of our heartwarming stories of community involvement....
Meet Yardi
At LeadingAge 2021
The senior living industry has undergone extreme changes in the last year. But leaders are banding together to develop new roadmaps at this year’s LeadingAge Annual Meeting + EXPO. Taking place in person on October 24-27 in Atlanta, Georgia, the event offers an opportunity to join the senior living conversation. How should you navigate the field today? What tools, services and practices can help your communities prosper? Experts and fellow attendees alike will share their answers. Not to mention, you’ll have the chance to connect with team Yardi at Booth #1331. Our representatives will show you firsthand how technology drives success in senior living. Look ahead at LeadingAge 2021 LeadingAge is a dedicated senior living association working to help the next generation of older adults live their fullest life. They strive to empower their members to transform the aging experience for everyone. With that, they spearhead one of the industry’s biggest events each year — the LeadingAge Annual Meeting + EXPO. The event is packed with four days of invaluable sessions that encourage learning, networking and more. You don’t want to miss this one. And despite going virtual in 2020, this year’s event will allow everyone to reunite in person. That said, LeadingAge is prioritizing your health and safety. Among their many protocols includes the requirement that all attendees, speakers and exhibitors show proof of vaccination. Read more about the event’s COVID-19 safety measures. Visit Yardi Booth #1331 Ready to find the right tech-enabled tools for your organization? We invite you to stop by Yardi Booth #1331. Our team is excited to show you around the Yardi Senior Living Suite — a single connected solution for senior living management. Whatever questions you have, we’ll be there to answer them. You can expect...
Automate Resident Screening
In Senior Living
On the road to filling vacancies, property managers must carefully evaluate prospective residents. From examining criminal history to verifying income, the screening process is a critical step. This holds true for senior living providers working to identify new residents for their communities. And while resident screening may sound simple, checking for various requirements — for each individual prospect — is a challenge. That’s why providers need an automated system for resident screening. Fortunately for Yardi clients using RentCafe Senior CRM, that exact system is now available. Meet ScreeningWorks Pro. Why use resident screening? By using ScreeningWorks Pro to screen prospective residents, providers access key information in real time. And with a proven solution like ScreeningWorks Pro, results are comprehensive and customized to meet your criteria. Best of all, everything is compiled in one centralized system. That’s because ScreeningWorks Pro is integrated with the Voyager leasing workflow in RentCafe Senior CRM. This means the interface can communicate back and forth with ScreeningWorks Pro to: Submit applicant information for screeningSubmit changes to existing screeningsCommunicate application results back into the system’s screening page Benefits of ScreeningWorks Pro What else sets ScreeningWorks Pro apart? Tailored to the needs of senior living providers, this built-in solution helps you: Obtain applicant credit histories that can be evaluated using Vantage 3.0 or your specific credit criteriaConduct comprehensive criminal record checksExamine civil court records for landlord-tenant disputes including filings, judgements and forcible detainersEnable automatic income verificationReview apartment rental payment history from Experian RentBureauCheck for possible matches to the Specifically Designated National (SDN) list from the Office of Foreign Assets Control (OFAC)Customize your screening processes to ensure you comply with Fair Housing laws, the Fair Credit Reporting Act and other laws governing housing providers In short, ScreeningWorks Pro offers consistent guidance, analytics and insights to help providers identify low-risk residents — and maintain thriving communities. About RentCafe Senior CRM RentCafe Senior CRM provides mobile-friendly sales and marketing tools for the unique needs of senior living providers. As part of the Yardi Senior Living Suite, this single connected solution unlocks the ability to drive quality leads, increase resident retention, produce sales projections, boost staff performance and more. Learn how ScreeningWorks Pro simplifies resident screening in senior living. To connect with our team for more details, reach out...
Retirement Ready
Boomers Set Up for Success
Baby Boomers are setting their own pace and style for retirement. Unlike their predecessors, they’re shifting the traditional family dynamic and setting new trends in household formation and housing. They’ve got a lot more in common with younger generations than you (and even they) might expect. Grandma isn’t retiring like her mother Upon retirement, the Silent Generation continued the tradition of multigenerational living. They often sold their home, if applicable, and opted to age with the support of extended family or assisted living facilities. Baby Boomers are behaving differently, and the pandemic has made the contrast even more apparent, reports the New York Times. Boomers are savoring independence for as long as possible. They’re holding on to their real estate, and currently possess 44% of all real estate wealth. That’s more than the Silent Generation at this point in their lives. And with nearly one third of pandemic deaths occurring in nursing homes, demand for such care facilities has continued to drop. As their retirement approaches, Boomers are forecast to shed some that real estate wealth for a simpler lifestyle. But with nursing homes and traditional care facilities low down on their list of options, where will they go? What seniors want in a retirement location Internet listing service RentCafe reports that seniors who choose to rent rather than own has increased by 43% in recent years. In the past decade, net gain of new senior households has outpaced both Millennials and Gen Z. The trend of senior renters is slated for an upward trajectory. Where Boomers choose to rent also varies from their forebears. While Arizona and Florida haven’t lost their appeal, new determining factors are in place. Seniors report that they are most likely to consider the following three factors when choosing...
Committed to Housing Preservation
Hudson Valley + Lincoln Park Towers
Yardi client Hudson Valley Property Group (HVPG) has acquired Lincoln Park Towers in Newark, NJ. The New York-based firm recently began a major revitalization effort at the site. The project is a step forward for The City of Newark in addressing a growing call for affordable housing in the area. Lincoln Park Towers revitalization Lincoln Park Towers contains 80 units spread across 17 stories. The senior affordable property was originally constructed in 1927 and is honored as a part of the Lincoln Park Historic District. Image Courtesy of HudsonValleyPropertyGroup.com HVPG is beginning unit-level renovations as well as overall sustainability and safety upgrades: the firm will add new cabinets and countertops, eco-friendly fixtures, update smoke detectors and install emergency pull cords in all units. New amenities such as entertainment and fitness spaces, a community room with a kitchen, designated on-site parking, and laundry facilities are on the docket. The structure will also receive a makeover from top to bottom including a new roof, façade facelift and repairs to the windows and elevators. In a nod to the modern age of senior housing, HVPG is including building-wide Wi-Fi au gratis for residents. It is estimated to save residents between $40-$70 per month. The site will be updated to facilitate high speed internet for those that purchase it. The firm will complete the project without displacing residents. The undertaking has a projected cost of $15.2 million. Once complete, the housing will remain affordable thanks to a 20-year Housing Assistance Payment contract issued by the Department of Housing and Urban Development. Terms include a Section 8 agreement with units leased to residents earning no greater than 30% – 50% of the area median income. Fulfilling the mission to preserve and revitalize Lincoln Park Towers marks the final investment for HVPG’s first private equity real estate fund. The endeavor included $60 million of capital commitments and $120 million of co-investment equity. As a result, HVPG has been able to invest more than $1 billion in projects, honoring its mission to preserve the financial and physical stability of affordable housing. In total, 25 properties including more than 4,000 units will receive the updates needed to be viable housing. “HVPG has developed a consistent process for revitalizing existing housing to preserve affordability, improve quality, and increase efficiencies,” said Jason Bordainick, CEO and co-founder of HVPG during an interview with Affordable Housing Finance. “Leveraging private equity allows us to significantly expand our reach, earning a reliable return for investors while serving more residents and communities.” Fulfilling the call for affordable housing in Newark, NJ The revitalization of Lincoln Park Towers is representative of an approximately $14.7M investment into the City of Newark’s affordable housing supply. Newark Mayor Ras Baraka on recently promised to create or preserve 6,600 affordable units in Newark by 2026. Though the quantity falls short of the 16,000-unit shortage cited by researchers at Rutgers University, Baraka and his team are celebrating the step forward in the right direction. Baraka explains, “We have to keep building and doing what we can with the resources that we have and prayerfully we get some support from state resources and federal resources to continue to do this.” Read the latest updates in affordable housing on our News...
Student Housing Stays the Course
Pre-leasing picked up in July and August
As colleges get back to in-person learning this fall, Yardi Matrix reports that the student housing sector is on the rebound. On Wednesday, the Matrix team, led by Matrix vice president Jeff Alder, presented a webinar on the outlooks and tactics for investors as the student housing realm moves past the pandemic. (View the event recording here.) “There was a surge in leasing in July and August,” reported Adler. “Rent growth also moved up. The bulk of properties did extremely well. Overall, the sector has validated its business case.” As colleges and universities announced that they would resume fully in-person classes in the mid to late summer, student housing activity responded in turn. According to Matrix data, this August preleasing for Yardi 200 universities surpassed pre-pandemic levels at 91.1% preleased, while rent growth also had a significant jump at 3.4% year-over-year. One and two bedrooms led the way for rent increases, and studios, while favored at the height of the pandemic, were not as coveted. Three and four-bedroom suites began to rebound near the end of August. U.S. colleges are projected to see an enrollment spike in 2021-2022, following an academic year in which some students opted out of attending due to pandemic restrictions, finances and other factors. Thousands of universities did not require SAT or ACT scores this year, driving a surge in applications and subsequently, higher enrollment. “The bottom line is the schools are open. There may be bumps and problems (with COVID) along the way in terms of the student base. But the schools are opening, housing is happening and beds are getting filled,” Adler summarized. And that’s all good news for student housing. “Overall, we have a very positive outlook for the student housing industry, particularly at first tier institutions,” state Matrix analysts. Much of the presentation focused on the tactical components for investing in student housing, which will be a focus for Matrix moving forward. Adler introduced the sector’s forecast reports for supply and enrollment (both currently available) and rent and occupancy (coming soon). According to a poll of attendees on the webinar, 52 percent of respondents stated they are interested in investing in the sector through acquisitions and 48 percent stated they would invest through developing properties. View the webinar presentation to see all slides and data analysis. Trendlines that Yardi Matrix will continue to monitor into 2022 include: Consolidation of the higher education systemValue proposition of higher education and value of certain majors from specific universitiesDistance learning and the hybrid education modelDemographic trends impacting enrollment Consolidation is expected to be a significant ongoing factor for the industry and reflects the fact that there are fewer Gen Z college attendees than there were in the Millennial generation, Adler explained. States across the country are examining ways to streamline higher education offerings and save overhead costs. “We do expect that enrollment growth will face headwinds. Gen Z is a smaller cohort (of students) than the Millennials were, hence the consolidation expectation,” Adler said. Investors interested in the student housing sector may want to focus their efforts on major schools that are likely to withstand or even benefit from consolidation efforts in the industry, he noted. Learn more about student housing and other markets covered by Yardi...
U.S. News Ranks
Senior Living Brands
Selecting the right senior living community isn’t always easy. Whether you’re exploring communities for yourself or a loved one, it’s challenging to know which will be the best fit. So in an effort to help consumers make better decisions, U.S. News & World Report has launched a “Best Senior Living” initiative. The well-known publication will rate U.S. senior living brands, ultimately curating a list of trusted communities. Set to be released in the first quarter of 2022, this will cover individual independent living, assisted living, memory care and continuing care retirement/life plan communities. Meet the “Best Senior Living” initiative Best known for their lists of hospitals and colleges, U.S. News & World Report is entering a new arena — senior living. And unlike their “Best Nursing Homes” ratings, which incorporates data from public sources, “Best Senior Living” will survey residents and families from participating communities. To conduct the surveys — between now and the end of 2021 — U.S. News has partnered with Activated Insights. Coming from the 2,500-plus communities who have already pledged participation, C-suite executives shared their input in the program’s early stages. Others who gave advice include Argentum President and CEO James Balda, NIC President and CEO Brian Jurutka, NIC Co-Founder and Strategic Adviser Bob Kramer and LeadingAge President and CEO Katie Smith Sloan. U.S. News has already incorporated feedback, with one change being the results for CCRCs will now be presented in two categories — entry fee communities and rental communities. How to participate For communities looking to participate, the first step is taking part in the survey. Crafted for residents and families, the survey includes assisted living CoreQ questions developed by the National Center for Assisted Living. Additional questions will focus on dining, management, services, amenities and...
Argentum Launches Program...
Women in Leadership
Did you know women hold 70% of senior living management jobs? Still, despite being dominated by female leadership, the senior living industry lacks equal representation in the C-suite. That’s exactly why leading association Argentum is stepping in to drive change. We’re pleased to highlight Argentum’s Women in Leadership (WIL) mentorship program, a monumental grassroots effort to develop C-suite diversity. The program was officially launched at this year’s Argentum Senior Living Conference & Expo. Argentum kickstarts Women in Leadership program If you attended Argentum 2021, you may have witnessed the WIL launch in the “Are you building relationships or leveraging them?” session. Team Yardi was proud to attend and learn about the impactful program, which is all about opportunity and balance. Led by Collette Gray, president and CEO of Integral Senior Living, the program will guide women on their paths to more senior-level positions. And the program’s support subcommittee is something special. Including two inspiring Yardi clients, CEO of Clearwater Senior Living Danielle Morgan and COO of Thrive Senior Living Nicole Moberg, the group will support women in the program. Other subcommittee members include COO/EVP of Century Park Esmerelda Lee, CEO of Arena Myra Norton and the group’s chairwoman, CEO and Co-Founder of Connected Living Sarah Hoit. The program has four pillars of focus including education, support, celebration and measurement. Argentum anticipates an abundance of interest, too. Mainly because they’re making it easy for women to sign up via a quick online survey. Once they’re signed up, women are matched with mentors and the supportive journey begins. The Women in Leadership program is paving the way for females in senior living. We encourage you to read more about WIL...
Fortune’s Best Workplaces...
In Aging Services
It hasn’t been an easy year, especially for senior living providers. But that hasn’t stopped certain employers from empowering their staff. Fortune has announced the Best Workplaces for Aging Services™ 2021 — recognizing companies in residential senior living and care. Fortune partners with Great Place to Work® and Activated Insights to select and honor each workplace. The recognition doesn’t come easy, either. To be certified as a Great Place to Work®, providers have to survey their employees using a 60-question trust index survey. If 70% of employees confirm the workplace’s greatness, their employer earns the Great Place to Work® honor. This year’s survey collected feedback from over 220,000 employees working in senior living across the U.S. The selected providers include 25 large workplaces, 25 small to medium employers and 15 home care companies. So which providers landed a spot on this year’s list? We’re excited to spotlight several deserving Yardi clients who have created exceptional work environments for their employees: Brightview Senior LivingSilverado Senior LivingThe Springs LivingRetirement Center ManagementAegis LivingContinuing LifeSagora Senior LivingMBK Senior LivingBenchmark Senior LivingSenior Resource GroupSummit VistaCascadia Senior LivingDominion Senior Living And these providers don’t just maintain great work environments for their employees. Each organization is committed to providing the best resident care, which surely contributes to their staff feeling motivated, fulfilled and united. To read what employees said about their prospective workplace, check out the full Great Place to Work® list. We’re proud to provide integrated senior living management software that helps these organizations create a foundation for success. Senior living thrives on Yardi The Yardi Senior Living Suite is a single connected solution that eliminates the gap between senior living property management and clinical services. The range of products — united on a single platform —...
Property Management Preparedness
Prep for Shipping Delays, Price Volatility
Imagine it: your property, November 1st, 2021. Your team is scheduled to turn six units when you get a numbing report. Your trusted suppliers are out of stock on carpet and semi-gloss paint for trim. You scramble to find a new supplier, but the cost is 14% higher and expedited shipping costs are extreme. It’s not an unlikely scenario, and you can potentially avoid it. More than 80% of the world’s goods are transported by sea. The latest records indicate that sea freight charges have increased by 547% over their seasonal average. The result on land will be more out-of-stock items and higher costs on everyday goods for your property. Property managers would be wise to plan ahead on items that they need most. International cargo shipping rates and times increase The average price of a 40-foot shipping container has quadrupled from this time last year and there was a surge of more than 53% in July, reports the Wall Street Journal. Congested ports are one of the leading problems. In the first five months of 2021, Sea-Intelligence ApS of Denmark reported record-breaking delays. Nearly 700 ships were more than a week late to their destinations along the West Coast. For comparison, there were 1,535 late arrivals throughout all of 2012-2020. This summer, a daily average of 30 containers wait in queue outside of the Ports of Los Angeles. Other factors include a shortage in containers, skeleton crews at docks, labor shortages at manufacturers and rising demand as retailers reopen in the West. When might delays plateau? Analysts foresee serious delays at least until after the Lunar New Year of 2022, mid-February at the earliest. Most Chinese factories shut down for the holiday, halting production and shipping. This may afford a few days where in-progress shipments continue while manufacturing pauses (temporarily easing the influx of ships to ports). But once workers return, they’ll have to play catch up. The delays will continue, at least for a while. How do shipping delays impact property owners? Brian Bourke, chief growth officer at Seko Logistics based in Itasca, Ill. recommends placing large trans-Pacific orders at least two months in advance of normally anticipated dates. “Global trade right now is the hottest restaurant in town,” he said. “If you want to get a reservation, you need to plan it out two months in advance.” As a result, property managers can expect shipping delays and higher prices on imported goods. Though the shipping backlog has been growing for months, price increases were nominal and less frequent. Companies lock in contractual rates with container lines. Yet as their annual contracts end, new contracted rates will reflect higher shipping costs which will, in turn, be passed to consumers. HSBC Holdings Plc estimates that a 205% increase in freight costs translates to about a 2% price increase for European producers. (The cost increase is currently closer to 550%.) Canadian businesses are passing price increases as high as 20% on to consumers for bulky items like appliances. Estimates on U.S. consumer price increases vary, but the consensus is that prices will rise. Some goods simply won’t be available, large and small items alike. From the coffee stocked in the leasing office to furniture for furnished units, “temporarily out-of-stock” will become common on supplier websites. In these cases, freight costs can compose more than 60% of product cost, become cost prohibitive for suppliers. Property manager game plan A few tips can help property managers navigate the turbulent waters ahead. Plan ahead. Use reporting tools in your maintenance operations software to understand your fall and winter trends for supplies. Transparency into maintenance operations facilitates better foresight and planning. Review what you’ve spent on supplies in previous falls and winters. This may give you a baseline of what to expect. Take a moment to research available data on price increases and shipping delays in your market. That information will allow...
Yardi EHR
Enables Vaccine Tracking
With COVID-19 vaccines readily available across the nation — and with vaccine mandates becoming more common — senior living providers have an important job to do. They’re tasked with helping residents receive vaccinations, offering resources and lending support. But how can providers manage the process? Monitor symptoms? Track vaccination statuses? It’s all possible thanks to the latest upgrades in Yardi’s electronic health record solution. Tracking vaccinations with Yardi EHR Yardi EHR is a full-service solution that helps providers deliver the best resident care. And with the ongoing pandemic, the newest functionality in managing resident vaccinations may be most helpful for today’s providers. With the system’s latest infection surveillance and immunization dashboard, providers and senior care staff can document essential information relating to COVID-19 and other diseases. More specifically, staff can … Document if a resident has received, declined or missed COVID-19 vaccination appointmentsCollectively schedule vaccination appointments and track follow up assessments for community-wide vaccine clinicsBulk chart vaccine administration during clinicsLog information on a resident’s side effects post-vaccineIdentify residents who show symptoms consistent with COVID-19Send alerts to the dashboard when COVID-19 symptoms are documentedRecord when residents receive booster shots for their COVID-19 vaccineAdd indicators for other infectious diseases — all populated to the dashboard in real-time Best of all, the assessments are built-in and easy to navigate. Each assessment incorporates Centers for Disease Control and Prevention (CDC) guidelines for administering COVID-19 vaccines. If you’re an existing Yardi EHR client, adding the infection surveillance and immunization dashboard couldn’t be easier. The implementation and training process is quick — and efficient. This is especially beneficial for providers today, given the roll out of COVID-19 booster shots is around the corner. Senior living providers are navigating the pandemic day by day. And while there are many challenges, managing...
Video Resumes
New Social Media Trend
Have you noticed the newest ways to recruit talent online? LinkedIn and TikTok have both launched video resumes that change the face of talent recruitment. Video resumes on TikTok and LinkedIn TikTok Resumes is currently in the pilot stage, but it is already gaining attention from major employers. The platform permits users to apply for job openings via a three-minute video resume. Major brands such as Target, Shopify and Chipotle have already begun to accept applications. The TikTok feature comes on the heels of LinkedIn video integration. Employers create a job posting that they can supplement with a Video Intro. Then employers can invite qualified applicants to submit a Video Intro that answers up to two interview questions. These invitation-only videos expedite the hiring process by decreasing scheduled, live interviews. LinkedIn reports that employers and candidates enjoy Video Intro. They find it so helpful that 70% of job posters reuse the features in subsequent job postings. About 80% of candidates opt for video responses. Real estate professionals buy in Real estate firms are investing in video postings and resumes. Downtown Apartment Co., a Chicago-based brokerage company, uses TikTok to modernize and diversify its recruiting practices. “We just posted our first TikTok hiring video in which our agents and leaders share their thoughts about why DAC is a great place to work. We’ve already seen success using TikTok, so we’re definitely interested in seeing how TikTok Resumes will work and how we might use it to enhance our recruiting efforts,” said Ben Creamer, co-founder & managing broker at DAC. Read the full story on TikTok resumes on Multi-Housing News. Why post job openings and accept video resumes via social media? Posting a job opening on social media meets applicants where they spend much of their...
September Marks
World Alzheimer’s Month
Alzheimer’s is a devastating form of dementia currently affecting millions of people worldwide. But despite being universally known, the disease can be misunderstood and met with stigma. With that, in an effort to raise global awareness, people are coming together for World Alzheimer’s Month. Led by Alzheimer’s Disease International (ADI), the month-long campaign takes place during September each year. ADI’s goal is to provide impactful information and challenge persisting misconceptions. This September marks the 10th year of the global awareness campaign. September 21 also signifies World Alzheimer’s Day, in which ADI launches their annual report to help educate the public. Raising awareness To drive the awareness campaign all month long, ADI works with associations across 120 countries. They aim to support people living with dementia, along with their dedicated caregivers and related organizations. The campaign calls for dementia to be the global health priority it needs to be. And this year’s theme, “Know Dementia, Know Alzheimer’s” focuses on the power of knowledge. The theme is present in ADI’s World Alzheimer’s Report for 2021, which stresses the importance of understanding warning signs and getting a timely diagnosis. The report also raises challenging questions for healthcare systems, governments, care managers and researchers — including powerful testimonies from those living with the disease. Getting involved ADI is sharing creative ways to get involved in this year’s campaign. Given the ongoing pandemic, most are virtual, but still a fantastic opportunity to join the conversation. You can … Engage with ADI on social media, as well as national Alzheimer’s associationsShare your own thoughts, advice and experience with Alzheimer’s in online communitiesSpread the message by using ADI’s official hashtags, including #KnowDementia, #KnowAlzheimers and #WorldAlzMonthShow support by attending a virtual event, such as an online memory walk or...
Livable Communities Act...
Affordable Housing + Transit
The Livable Communities Act of 2021 aims to develop transit alongside affordable housing, creating more efficient and equitable access to major job hubs and neighborhoods. The act attempts to tackle two contentious issued for Americans. The Livable Communities Act of 2021 The first step is to create an Office of Sustainable Communities within the Department of Housing and Urban Development (HUD). The division would “promote interagency coordination on the development of affordable housing, transit systems, and other community needs.” The Office of Sustainable Communities would have its own credit facility. From there, regional development grants would be available through the Comprehensive Planning Grant Program. Eligible recipients would demonstrate partnerships between local governments, city planning, and Indian Tribes (where applicable) and other community members to create “sustainable, affordable housing with access to transit.” In addition to sustainability, the Act includes a clause to prioritize health-conscious housing and reduce housing-related health hazards. The Act reserves 25% of funding for high-poverty communities. Such areas are greatly affected by long waitlists for affordable housing as well as a lower quality of living and a high concentration of health concerns. Sen. Bob Menendez (D-N.J.) introduced the legislation supported by Sens. Catherine Cortez Masto (D-Nev.), Chris Van Hollen (D-Md.), Ron Wyden (D-Ore.), Jack Reed (D-R.I.), Kirsten Gillibrand (D-N.Y.), Alex Padilla (D-Calif.), and Richard Blumenthal (D-Conn.). Menendez says, “Our communities are stronger when hardworking families can afford to live close to where they work. As the nation faces an affordable housing crisis, we don’t want to see teachers, first responders, grocery store clerks, restaurant staff, and other essential workers be priced out of the neighborhood.” He continues, “Creating ‘livable communities’ is all about connecting workers to good-paying jobs through expanded affordable housing options and access to good public transportation by inextricably and...
High Aspirations
QuadReal ‘Excelerates’ with Yardi
Canadian residential property manager QuadReal Property Group uses Yardi software as a single connected solution for managing multiple business operations, including utility expense management, procurement, deal pipeline management, budgeting and construction management. QuadReal recently moved to bolster its team’s professional development by adopting another solution – Yardi Aspire, which the company brands internally as Excelerate. Aspire centralized QuadReal’s training initiatives in everything from Yardi software and leadership to new-hire orientation and supervision management skills. “Prior to Aspire, people learned on the job or through ad hoc means. We’re using Aspire to bring a much more structured approach to it,” says Dean Holmes, senior vice president of residential operations for QuadReal. “There’s a significant amount of content pre-prepared within Aspire so we don’t have to start from scratch and create it all ourselves. It’s user friendly, adaptable to QuadReal’s branding and has been well accepted.” QuadReal measures its success with Aspire by proficiency that the workforce has achieved, especially in using Yardi software, the company’s principal Aspire focus so far. “We track our business performance and overall proficiency with systems and processes on a continual basis and have gotten rave reviews from our field and corporate teams on the quality of the content and the ease of use of Aspire. We’re getting a ton of mileage out of it and it’s our platform of choice for all our training,” Holmes says. Aspire assumes even greater importance in the aftermath of the pandemic. “We were decentralized even before COVID and it’s going to continue to be challenging to get everybody in the same room when it’s over,” Holmes notes. “We’ll do things in person when we can but Aspire will continue to be our primary platform for delivering training and content across our company. It’s an...
