Tech for the Win

If you’re like many multifamily operators, the technology you thought would be “nice to have” became “must have” when COVID-19 hit. With those must-have contactless services and automated transactions in place, companies are now asking, “what’s next?” to move business forward. To answer that question, we talked to Chad Munitz, vice president of development at Towne Properties, Jennifer Price, director of systems at Walton Communities, and Greg Slang, executive vice president of asset management at KETTLER, about the metrics they’re focusing on in 2021, and how it’s shifted the way they do business. The bottom line: They can still improve net operating income beyond rent increases by reducing expenses, increasing efficiencies and leveraging new technology in their operational processes. Keep reading to hear their stories and get some ideas to incorporate in your business. Virtual tours and online leasing According to Munitz, Towne prides itself on being a high touch management company — and technology has increased its capabilities to offer more to its residents. With the onset of the pandemic, Towne quickly provided more contactless services. “When the pandemic started, one of our initial fears was how do we keep those relationships and touches going with all of our residents. It allowed us to figure out the services we wanted to roll out quicker — including allowing people to pay rent online and sign leases digitally. We really started focusing on a centralized leasing and management process and honed-in on some of our urban properties where we were seeing the most negative impacts of the pandemic in terms of revenue. So, we centralized all our leasing and management at one location and implemented technology to support it. We were as in touch with our residents as we were before, and we increased ways...

Brightview Accolade

Yardi is pleased to applaud client Brightview Senior Living — a Baltimore-based company that’s delivered over 20 years of senior living services — for earning a spot on the Fortune Best Workplaces in New York™ 2021 list. The impressive accolade comes after Brightview ranked on the Fortune 100 Best Companies to Work For® list earlier this year.   Brightview’s company culture gains recognition In addition to operating vibrant senior living communities and delivering excellent care, Brightview has created an exceptional culture for their employees. They’ve developed a workplace where associates feel empowered and cared for — and their hard work hasn’t gone unnoticed. Earning the Fortune Best Workplaces in New York™ recognition is something to be proud of. The accolade is largely based on direct feedback from employees, whose survey results are benchmarked against other organizations. Placement on the Fortune list means Brightview’s New York associates have spoken volumes about the company’s enriching environment.   Brightview owns and operates three communities in the state including Brightview Lake Tappan, Brightview Sayville and Brightview Tarrytown. “We are THRILLED to announce that Brightview has ranked on the Fortune Best Workplaces in New York™ 2021 list for its exceptional company culture,” wrote Brightview on LinkedIn. They also announced the news on their company blog, where President Doug Dollenberg celebrated the recognition. “We know that if we’re a great place to work, in turn, our communities will be a great place to live,” shared Dollenberg. “For Brightview associates to have provided such extraordinary feedback during the challenge of a pandemic is truly humbling.” Some survey feedback from Brightview associates included: 94% believe “You are made to feel welcome when you join the company”93% believe “I feel good about the ways we contribute to the community”92% believe “My work has...

Gen Z Aug03

Gen Z

After first getting to know Gen Z, the team at REACH by RentCafe investigated how this tech-savvy generation searches online so that you can learn the best way to attract these young renters. Gen Zers have developed specific search and viewing habits For a generation that has grown up glued to computers, phones and tablets, Gen Zers have had years to cultivate their online search habits. In a series of 36 video interviews with members of Gen Z, REACH by RentCafe found that participants tended to start their search on Google, and often used long-tail search phrases, averaging 4.9 words per search. This is higher than the overall average of 4.2 words. Additionally, Gen Z tends to favor key words such as “Best,” “Cheap” and “How to” when searching online. Members of Gen Z also spend a lot of their time online watching videos, and they have specific preferences when it comes to which type of clips they like to watch. In a survey of over 10,000 Gen Zers published on rentcafe.com, 69% said they preferred a combination of user-created and professionally produced videos. This generation has come of age online, and as these renters enter adulthood, it’s clear that they are not only fully equipped to navigate the internet, but they’ve also developed a specific way of doing so. Gen Z attention span < goldfish attention span Did you know that with an estimated attention span of just 8 seconds Gen Zers are even less alert than their millennial counterparts (12 seconds) and, yes, goldfish (9 seconds)? In one video interview from the series, Gen Z member Keona spoke about how, when searching online for restaurants, thousands of results could be “overwhelming.” She continued, “I have a very short attention span, and I...

Future of Elder Care

COVID-19 has changed the way we look at senior living. It’s forced us to question the structures and policies currently in place — the systems designed to care for our aging population. How and where do seniors prefer to age? Are the current systems reflective of their preferences? How did COVID-19 shed light on the values underpinning these systems? These questions were covered in a recent webinar: The Future of Elder Care in Canada. Presented by The Empire Club of Canada, the webinar gathered experts including: Panelist Linda Knight, CEO at CarePartnersPanelist Dr. Samir K. Sinha, Director of Geriatrics at Sinai Health System and University Health NetworkModerator André Picard, Health Columnist at Globe and Mail With important questions posed by André, Linda and Samir’s insightful conversation revealed how Canada’s healthcare system needs redesigning. From exposing society’s view on elder care, to discussing the effects of COVID-19 to explaining the overwhelming need for home care support — they shared eye-opening information. Let’s take a look. COVID-19 reveals need for home care options Starting the panel with information on COVID-19’s effect on Canada’s seniors, the discussion turned to Linda, who explained the flaws in the country’s healthcare system. Mainly, how the shortage of public support workers (PSWs) and nurses working in home care has increased in recent years, with that trend being further amplified by COVID-19. “The PSW shortage hit us about four or five years ago, but what also has come shortly behind that is the nursing shortage in home care. We’ve lost pace with being able to pay them what they could make in a hospital — so there’s been unintended consequences,” explained Linda.   She continued by noting that when COVID-19 first hit, a large portion of home care nurses made the switch...

Changemakers Series

This year, Senior Housing News (SHN) has honored a variety of senior living leaders through their Changemakers series. And without fail, each member of the Changemakers class is inspirational, unwavering and transformative in their approach to industry obstacles. That certainly describes Yardi client Fee Stubblefield, founder and CEO of The Springs Living. Headquartered in McMinnville, Oregon, The Springs Living owns and operates multiple senior living communities across Oregon and Montana. Fee started the company in 1996 with a mission to create communities that felt like home and since then, he’s elected positive change in the company’s design and operations. That’s exactly why he was chosen as a 2021 Changemaker and interviewed in this special series, sponsored by Yardi. In this excerpt from his SHN interview, you’ll learn how Fee has led The Springs Living through a period of change — and how he’s preparing for the future. Plus, you’ll get an inside look at Fee’s approach to innovation, his dedication to senior living and his tolerance for risk. Do you agree that change-makers are risk-takers, and secondly, how do you describe your own personal tolerance for risk? I would say that we’re probably categorized as both innovators and risk-takers, but I don’t see it that way. I don’t see it as risky. This is what we’ve learned. This is what we believe the market wants and we have hedged it in ways that we think makes sense — that eliminates risk. It’s been really fascinating to see how different people look at the mountain from a different side. When you go on a hike, you look up the hill and you think, okay, I’ll remember that spot when I get there, and then when you get up there, it looks completely different. Our view...

Opportunity Zones Jul29

Opportunity Zones

Federal tax reform enacted in December 2017 reduced or eliminated capital gains taxes for investments directed toward multifamily, commercial and self storage real estate located in more than 8,700 low-income “opportunity zones.” This source of capital was expected to seed startups, accelerate business expansions, create jobs, improve housing options and revitalize built environments in areas where about 35 million Americans live. A Yardi Matrix white paper published in 2019 noted that the zones initially appealed to “a new base of largely untapped investors” and offered value-add opportunities in “new markets that were thought to be too small or risky as investment strategies.” Many policymakers touted opportunity zones as a way to create jobs and lift up underserved communities and minority-owned businesses. Critics assert that the program lacks transparency and mostly helps well-heeled investors and developers. A year-and-half since investors joined the program in earnest (many waited until final Treasury Dept. regulations were released in December 2019), has the opportunity zone initiative fulfilled its promise? Expert opinion is split. The White House Council of Economic Advisors, for example, reported in October 2020 that the program had attracted $75 billion in new investments to distressed American communities, $52 billion of which wouldn’t otherwise have entered the zones, and increased private property values within the designated areas by 1.1%. This infusion of capital represented “a powerful vehicle for bringing economic growth and job creation to the American communities that need them most,” holding the potential to “lift at least one million Americans out of poverty [and decrease] the poverty rate in opportunity zones by 11%,” U.S. Department of Housing and Urban Development official Denise Cleveland-Leggett said at the time. Michael Novogradac, managing partner of Novogradac, a San Francisco-based professional services organization, says the program “has seen notable...

Seniors’ Housing Survey

The results are in! Conducted in April and May of 2021, the Seniors’ Housing Survey collected information on rent prices, vacancy rates and more in seven regions across Canada. Ready to be explored, the survey revealed eye-opening findings on the Canadian seniors’ housing market. Let’s take a look: The findings: Higher vacancies and rent prices Starting with vacancies, the survey showed that vacancy rates in seniors’ residences are on the rise in provinces throughout Canada, with the exception of two. Interestingly, the vacancy rate for standard spaces grew 7%, meaning it now stands at 15.6%. And although an increase in supply was found, the number of residents has actually decreased, or only moderately increased. In turn, higher vacancy rates have become the new normal. The survey suggests that the weak demand could be a result of reluctancy to move into senior living communities during COVID-19. The seven Canadian regions assessed included: British ColumbiaAlbertaSaskatchewanManitobaOntarioQuebecAtlantic Canada Quebec showed the highest capture rate in the country, despite the decrease in resident retention. Here 17% of seniors aged 75 and older lived in seniors’ housing, whereas in other Canadian provinces, this proportion ranged from 5-10%. And in terms of regional average rents, five out of seven provinces saw in increase in price. The two exceptions, in which rent prices lowered, were Prince Edward Island and Newfoundland & Labrador. A guide for senior living providers As vacancy rates and rent prices rise in Canada, senior living providers need effective tools to attract new residents, streamline operations, enhance resident care and more. The Yardi Senior Living Suite contains everything providers need to create a foundation for success — with tools united on a single platform. Here are three ways the Yardi Senior Living Suite can benefit you: Reach more seniors who are searching for a place to live with advanced search marketing services. RentCafe Reach helps with SEO, pay-per-click advertising, reputation management and moreReduce manual data entry, meet compliance obligations and optimize resident care with Long Term Care, a comprehensive platform designed for Canadian providersNurture your leads and boost occupancy with RENTCafé Senior CRM, a mobile-friendly customer relationship management tool   Read the entire 2021 Seniors’ Housing Survey to explore more findings. To learn how Yardi supports senior living in Canada, start...

Optimize Rents

At every step of your journey, there are opportunities to elevate your asset performance. Today’s technology can equip you with the tools and insights needed to make the most of every square foot. Read on to learn how you can maximize rents at every stage of your project. Design for density To maximize net rentability, begin with your design. Dense multifamily housing offers more units and the potential to garner more rents. Data from Hanley Wood explores ways to increase density in multifamily, along with the benefits and disadvantages of each methodology. Explore site plans that truly show the relationships between design options and core development metrics. Of the most favorable options, you might: apply for a variance to decrease the setbacks on the site. This relatively simple adjustment can boost your buildable square footage. increase the net rentable square feet (NRSF) by increasing the depth of your units at the desired square footage. In longer runs, you can increase density and the potential for rents. get creative with amenities. When possible, decrease their size and explore options such as an outsourced gym with Amenify or outsourced communal space. With improved density, you help to increase your NRSF and position yourself for greater net rentability. Maximize rents with the latest data If you’re working with a built structure, there are ample opportunities to maximize rents. Implement a program that optimizes the value of your asset using big data, predictive analytics and prescriptive actions. Overall, this approach helps to keep costs low, increase your revenue and mitigate costly operational risks. Consider a solution that allows you to benchmark your operating income and expenses against your competition. Transparency within your portfolio is crucial as well. A robust system synthesizes data throughout your integrated property management, leasing...

Single Connected Success...

To effectively serve their communities while navigating a growing portfolio, senior living organizations need support. For many, implementing integrated senior living management software is key. Meet Anthology Senior Living, CA Venture’s senior living platform that develops, acquires and operates 34 senior housing communities across the United States. Their portfolio includes independent living, assisted living and memory care with uniquely designed communities that provide residents with meaningful hospitality and care. Kim Smart As they grew and expanded their community footprint, Anthology needed the right software solution — a single connected system built for the unique needs of senior living providers. They welcomed the Yardi Senior Living Suite. To dive deeper into the importance of utilizing a single connected solution, we sat down with Kim Smart, director of systems and support at Anthology. Smart discussed the organization’s journey to now operating 34 communities, explaining the role the Yardi Senior Living Suite has played in driving Anthology’s success. Here’s a highlight: The Challenge: Navigating a Growing Portfolio With a range of communities to serve and rapid expansions underway, Anthology Senior Living needed a solution that did it all. They searched for senior living software that combined resident care, marketing, sales, finance and more on a single platform. To fulfill the needs of their many communities, Anthology chose a single connected solution they knew they could trust — The Yardi Senior Living Suite. The Solution: Yardi Senior Living Suite The Yardi Senior Living Suite is powered by a secure cloud-hosted database and unites property management, finance, marketing, resident care and more on a single connected solution. The Story: Single Connected Success, Efficiencies Gained & Unparalleled Support With extensive experience in systems analysis, Director of Systems and Support Kim Smart knew the value of interconnected tools. Whether it be...

NAA Grants Jul23

NAA Grants

This is the final week to submit applications for The National Apartment Association (NAA) Innovation in Diversity Grant (IDI). The program aims to advance diversity and inclusion in the rental housing industry through impactful education and hiring practices. NAA seeks to “inspire the next generation and strengthen those whom we work and exist to serve.” To do so, NAA has designated $25,000 per fiscal year towards the IDI grant. NAA member associations, property management firms, supplier partners and related organizations are eligible to apply. Creating a more equitable multifamily industry To qualify, participants are encouraged to align their program objectives with the ideals of the NAA Diversity and Inclusion Vision Statement. Additionally, the proposals must reflect the NAA’s dedication to an inclusive and supportive workforce environment that is rich in diversity. Applicants must propose innovative ideas that will result in meaningful contributions to the multifamily industry. NAA supports projects that fall into three main categories: Education Programs should demonstrate methods to improve diversity, inclusion and awareness within the applicant’s organization. Leadership Programs should enhance the presence of diversity among leadership and boards within their organizations. Such programs may create specialized training tracks for marginalized groups. D&I Projects Programs should bolster the presence of underrepresented groups at all levels in the industry. Opportunities may include but are not limited to scholarships and innovative steps towards more equitable hiring practices. Selecting finalists Applications will be received by the NAA Diversity and Inclusion Committee. Evaluators analyze each applicant’s potential for measurable outcomes, detailed budget, program timeline and support of NAA’s Diversity & Inclusion vision. Home Depot Pro: supporting diversity and inclusion in multifamily housing Home Depot Pro is a proud sponsor of the IDI Grant. The world’s largest home improvement retailer released a statement, stating, “We are...

Back to the Office Jul23

Back to the Office

Have you ever heard the phrase, “practice what you preach?” It’s a call for practiced values to align with value statements. At Yardi, we’re in the business of creating software solutions that are so robust and user friendly that even we would use them—and we do. Our latest release, Yardi Corom, makes lease management efficient, simple and transparent. We’ve implemented Corom at home to navigate back-to-office protocols. You Meet Corom Corom is a workplace management solution for commercial occupiers. The Corom suite simplifies end-to-end corporate real estate organization such as lease management, occupancy tracking and desk hoteling for flexible workplaces. Discover additional powerful features in Corom. The platform is scalable to any size business and the needs of any corporate occupier. We are using Corom for back-to-office protocols in our 20 U.S. offices. Yardi implements Corom for desk hoteling In July, Yardi offices began to reopen on a rolling schedule. To enhance safety and convenience, employees are able to make workspace reservations through Corom. The platform serves as an internal occupancy tracking and desk hoteling system for offices that are reopening at partial capacity. Currently, settings in Corom ensure that offices operate at no more than 25% seating capacity. This permits ample space between active desks during occupancy. The scheduling system also permits time for cleaning desks and equipment between uses. Corom lets workers customize their work experience Customization options within Corom permit commercial providers to promote greater occupant satisfaction. At Yardi, each workspace includes two monitors, a mouse, keyboard, phone, and one of two docking station styles. Employees can select the docking station that they need when they’re making the reservation. Employees bring their laptop and headset or request a loaner set. Employees can even reserve the desks that they used before office...

Tech for Security + Efficiency Jul22

Tech for Security + Efficiency

Do you want to streamline payables and purchasing, expedite approvals and eliminate paper? It’s not too good to be true. You can with a robust cloud-based procurement solution. Your industry peers are already experiencing success, and it’s simpler than you think. The recent Yardi Executive Briefing offered multifamily property specialists an inside look at the power of modern procurement software. Peter Altobelli, VP and general manager, Yardi Canada facilitated the session, “The New Age of Canadian Residential Real Estate” with clients Christine Williams, VP, national operations and administration at QuadReal Property Group and Brian Turpin, CIO of Greenwin Corp. Early tech adaption resulted in efficiency and agility Both QuadReal and Greenwin embraced technology long before the pandemic began. The organizations actively sought solutions that promoted efficiency, accuracy and sustainable growth. Williams laughed, “QuadReal is still fairly young but from the beginning, we embraced the digital workflow and got rid of our paper trail.” Turpin added, “Proptech is exploding with different technology. Everything is paperless and more efficient. I joke that even the light switches are under my domain because everything is connected to the internet.” Technology isn’t decorative. For both organizations, technology is a core part of the business that enables greater efficiency, transparency and collaboration. By embracing technology, their teams were better prepared to shift to remote work environments and online services. When many offices closed or reduced operating hours during the pandemic, QuadReal seamlessly achieved business continuity with Yardi Procure to Pay, automated vendor management, automated procurement (including a comprehensive marketplace), electronic invoice processing and outsourced vendor payments. “Yardi Procure to Pay offers us a better way to keep track of invoices and keep us on time with our payments to vendors,” said Williams. “The Yardi Payscan, community-initiated purchase orders and approval workflows were matched to internal authority levels. Centralized invoice processing teams would receive the digital invoices and match them to the purchase orders with a few added tolerances. They would then be en route for payment approval and vendors could be quickly paid with Yardi Bill Pay.” Greenwin, which had already adopted Procure to Pay, continued operations as usual. The automation of the entire procurement life cycle was driven by benefits seen in streamlining resident transactions. “The key piece is document management,” explained Turpin. “In tech, a lot of things we do don’t have a visible impact. But when you’re tearing down unused filing cabinets and renovating rooms to add desks, it’s a visible way to see how tech benefits the company.” Buy-in and adoption made easier Adoption is around 95% at Greenwin. For buy-in, Turpin and his team positioned technology as an empowerment for success. “Yardi created a custom onboarding video for us that we send to vendors,” he said. “They see that they don’t have to mail anything. We empower our suppliers to upload their invoices to VendorCafe, to see statements and automate their process. It has a trickle-down effect.” Yardi Marketplace, an online procurement platform, was perhaps one of the easiest buy-ins for Greenwin. The intuitive platform already fit into users’ daily lifestyle. “It’s a great example of the consumer world integrating with the enterprise world. Most people shop online and we can leverage that. From a user perspective, there was great adoption because it streamlines, prepopulates fields and automates processes,” explains Turpin. Williams agreed, “Our team shops on Marketplace. The PO goes through its workflow. It’s approved, all the coding is in there and the payment is out of the door. Our team can even create a list of favourites, so their most popular products are easy to find. They’ve learnt to love the simplicity.” Improved security through portal-based transactions Secure online portals help to decrease risk to clients and vendors. In the past, vendors sent invoices via email or the postal service. This resulted in a greater risk of phishing scams, lost postal mail and delays, as well as cheque...

Rents Rise Nationwide Jul21

Rents Rise Nationwide...

Multifamily asking rents jumped an average of 6.3% year-over-year in June, the largest leap ever recorded by Yardi Matrix, a leading industry data tracker. The national average apartment rent increased $23 last month to $1,482, another record, and single-family home rents were up 11% year-over-year. “These are the largest year-over-year and monthly increases in the history of our data set,” said Jeff Adler, vice president of Yardi Matrix. Analysts point to increased household savings and government stimulus funding as factors that have kept the multifamily industry stable during the pandemic period, and now able to rebound as the economy improves. The newly released data is an economic indicator of post-pandemic recovery across the U.S. The largest increases were documented in the lifestyle apartment sector. Renters are also now returning to many gateway markets that saw outbound migration for most of the last year. A supercharged housing market is also pricing out some potential buyers, leading residents to remain in apartments. “Rent growth will not be able to continue at these levels indefinitely, but conditions for above-average growth are likely to persist for months,” Adler said. The increases reflect growth in what landlords are asking for unleased apartments. Renters renewing leases may also be seeing increased rents, but likely at lower levels. Migration is pushing up rents in Southwest and Southeast metros like Phoenix (17.0%), Tampa and California’s Inland Empire (both 15.1%), Las Vegas (14.6%) and Atlanta (13.3%). These metros were lower cost compared to larger gateway metros. Get more insight on the historic report. Yardi Matrix offers the industry’s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property...

Gen Z Jul21

Gen Z

Step aside millennials, the largest generation ever is ready to rent. The oldest members of Gen Z will ring in their 25th birthdays this year, and this tech-savvy group is quickly becoming the fastest growing renter demographic. Coming of age in the era of smart phones and social media, Gen Zers are highly skilled and have even higher expectations compared to previous generations. By now, you probably know the basics about Gen Z, but as the up-and-coming generation of renters, it’s critical to dig deeper. To appeal to these “digital natives,” you must first understand their habits, values and lifestyles. Lucky for you, REACH by RentCafe is taking a closer look at Gen Z characteristics and will be sharing its research data with you in a series of infographics. But first, let’s understand who exactly these Gen Zers are. Gen Z’s top 3 characteristics Gen Z is made up of independent and entrepreneurial thinkersMost Gen Zers were raised by members of Gen X. As parents, Gen X tend to favor autonomy and entrepreneurialism, values they have passed on to their children. Members of Gen Z celebrate their independence and ability to express themselves, and they don’t have the perception that things will just go their way. They aspire to become leaders, and 41% plan to become entrepreneurs. More than others, this young generation seeks to create success instead of expecting it. Gen Z values diversity and societal changeWhile Gen Z is the largest generation yet — roughly amounting to 2.46 billion people in 2019 — it is also the most diverse. According to the Pew Research Center, in the US, 52% of Gen Zers are non-Hispanic white, 25% are Hispanic, 14% are Black, 6% are Asian and 5% are other.They’ve also experienced and embraced...

Single-Family Rentals Heat Up Jul20

Single-Family Rentals Heat Up

It’s been a great year for single-family rentals (SFR). Both the institutional single-family rental and build-to-suit segments have performed well despite the challenges of the pandemic. Influences on the single-family rental market One of the first notable booms in SFR followed the Great Recession. Families sought the benefits of homeownership, which include but aren’t limited to space, privacy and land. Simultaneously, they avoided a mortgage crisis and the responsibilities of home maintenance. Fast-forward a little more than a decade and SFR have surged in popularity again. Though there is no strong correlation between population density and viral spread, many Americans fled cities due to COVID-19. They relocated to less populated areas. Families that were priced out of homeownership as well as those who wanted to avoid its responsibilities rented homes in the suburbs and rural areas. The momentum of this trend continues as families savor the benefits of single-family living. Institutions are investing in single-family rentals SFR compose about one-third of the 46 million rental homes in the U.S. Traditionally, the majority of those rentals (nearly 98%) are operated by individuals and small businesses. We are currently witnessing a shift as investors with deeper pockets enter the market.   Institutions are heavily investing in SFR. More than $10 billion are scheduled to bolster the segment in the next several years. Industry powerhouses such as Lennar Corp and Greystar Real Estate Partners are investing at least $1 billion each. Newer organizations, such as American Homes 4 Rent and NexMetro are also major players in the built-to-rent sector. Rather than sifting through rental homes scattered throughout communities, renters will be able to enter entire neighborhoods of built-to-rent houses. Such communities compose nearly 12% of current single-family construction. The latest data on single-family rentals Though the pandemic contributed to the growing success of the sector, SFR aren’t a pandemic-dependent trend. Since 2016, SFR rent growth has exceeded that of conventional multifamily rentals. Through mid-year 2021, SFR had improved to 6.4% nationally. Occupancy rates were at 94.3% nationwide. Though rents are performing well overall, secondary and tertiary markets have experienced the greatest growth in the last two years. There are currently more than 12,200 SFR units under construction in 50-plus unit communities. More than two-thirds are being constructed in secondary markets. The remaining are in tertiary markets. Yardi Matrix reports no SFR communities are under construction in gateway metros. The Southwestern region leads in construction with 4,896 units followed closely the Southeast with 3,978. Phoenix is home to the most existing SFR in communities with more than 50 units (about 6,000). It is also where most construction is taking place, a 2,500-unit slice of the 12,200 built nationwide. Jacksonville, Charlotte and Houston each have about 700 units under construction, with Atlanta expecting 544 units. The Midwest pipeline consists of 1,716 units and the West reports 1,522 units. The Northeast lags with 132 units. Single-family rentals demonstrate staying power SFR have been a growing segment of the rental market since 2009. The surge in built-to-rent homes indicate that investors are committed to the benefits that they are receiving. They have the ability to control their brand and the renter experience from start to finish. They can also focus on a large number of holdings in fewer locations. Analysts propose that investors will enjoy improved liquidity, since there are more potential market participants with single-family construction. Download the complete Yardi Matrix single-family rental...

Streamline Unit Turns Jul20

Streamline Unit Turns

Want to improve your net operating income (NOI)? Consider your turn process. Whenever a unit is unoccupied, you’re missing out on income. Vacancies during the turn process are no exception. By decreasing the time that it takes to turn a unit, you can maximize your income and support better NOI. Below are a few practical tips to help you expedite turns, save time and money. Expedite services with cloud-based, integrated property management software. Y Problem: You’re currently managing turns on paper, spreadsheets or client-server applications. This means a lot of manual data entry, printing, slower communication and wasted time. All of those delays result in a longer timespan to complete work orders and get new residents into units. Solution: Reduced turn time starts in the leasing office. Gain full visibility into your site with cloud-based property management software that integrates with your maintenance and procurement solutions. This powerful combination automates processes from the second that your resident gives notice. Automation and integration can help you reduce vacancy days and increase net rental income. Help techs save time and money with mobile-ready software. Problem: Your techs waste a lot of time trekking back and forth between the leasing office, stockroom and units. Their progress on work orders is a mystery throughout the day, and it’s difficult to determine where you can find greater efficiencies during turns. Solution: Fewer trips to the leasing office, stockroom and store mean more time saved. A mobile maintenance app empowers techs to connect to the cloud, log work order progress, completion and images while on the go. Transparency into the turn process allows you to identify where additional training or greater efficiencies may be helpful. A customized online catalog takes the errors and guesswork out of procurement. Problem: Maintenance techs rely on outdated techniques to log the products needed to complete work orders. As a result, they sometimes request the wrong parts or incorrect quantities. Trips to local stores deduct time from working on units. To further complicate the process, prices and availability vary by location. Solution: Curate an online catalog of common products needed at your property. This makes it fast and easy for maintenance techs to submit requests for the correct product. You can also streamline orders to ensure they get the best deal with the approved supplier each time. Using a mobile app, techs can then submit requests for required materials using the curated list. They can immediately log what they need while in the unit rather than waiting until they get back to the office. A live list displays the correct product type and quality, resulting in fewer errors, more consistent pricing and more time saved. Backordered item? Techs can automatically log the information to keep the front office and residents up-to-date. When the techs get the right products in a timely manner, you can turn your units faster. Simplify approvals while maintaining control of the budget. Problem: It’s a struggle to control spend while maintaining a quick approvals process. Solution: Enhance policy compliance with pre-approved products. Managers can then quickly approve orders with greater confidence using a mobile procurement app. There is no need to make frequent trips to the office, sign paper checks, or delay orders with paper processing. Join a free webinar to learn how you can speed up turns and reduce...

Gain Resident Feedback

A recent article by McKnight’s Senior Living relayed the findings from an interesting Activated Insights report. Surveying 63,807 senior living residents and family members, the report revealed the consequences that arise when operators fail to check the pulse of their communities. And to effectively stay in tune with their communities, operators need to collect resident feedback — meaning residents need a secure way to communicate their wants and needs.   Blind spots for senior living operators According to the report, senior living operators often miss the mark when it comes to measuring resident experience. And as communities reopen after pandemic closures, measuring resident satisfaction is more important than ever.   Here’s what Activated Insights found: In communities with a lower net promoter score, the data shows that word-of-mouth referrals are low — and resident move-outs due to dissatisfaction are high. Net promoter scores, a measure of “customer” satisfaction, largely affect a consumer’s perception of an entire brand, according to Activated Insights. For senior living operators, a low net promoter score can negatively impact how prospects view their communities. The report revealed that blind spots are costing senior living organizations up to $225,000 of earnings, or $2.8 million of value per community. “With 2021 average net promoter scores for seniors housing averaging a negative eight — on par with CVS / Cigna / Comcast customer experiences — CEOs are missing the data to forecast profitability,” relayed McKnight’s Senior Living.   While some organizations do check the pulse of their communities to ensure they’re on the right track, for those that don’t, these challenges may be unavoidable. What can they do? Activated Insights suggests establishing customer engagement scores by surveying residents and family members in real time. This means senior living providers need the right channel and a secure, seamless method for collecting feedback. Gain feedback through a secure online portal Yardi RENTCafé Senior Living is a secure online portal that helps families stay connected. A primary benefit? A survey feature that allows residents and families to submit feedback whenever, wherever. By offering residents a way to provide confidential feedback, senior living providers access crucial information at the click of a button. This creates the ability to measure resident satisfaction, prevent move-outs and manage their community’s reputation. In essence, RentCafe Senior Living helps providers turn feedback into actions — and improve operations across the board. Curious about the portal’s other key features? Here are four additional benefits of RENTCafé Senior Living: Keep families informed with health data, such as medications and vitals, available in real time from Yardi EHRAllow residents and families to electronically sign and manage documents, review financial statements, make bill payments and submit maintenance requestsMake announcements, post comments on a bulletin board and exchange secure messages right from the portalCreate a calendar of activities where residents can sign up and their loved ones can see they’ve attended As the pandemic has largely affected senior living communities, it’s imperative for providers to check in with their residents. With a secure online portal — one equipped with a convenient survey feature — providers never miss the chance. To learn more about RENTCafé Senior Living, connect with...

Team Works Jul16

Team Works

When do you know you’ve found the right job? Many employers offer competitive compensation. Stand out companies encourage, support and celebrate the personal and professional development of their team. Add in a company culture that nurtures clients and community relationships and you’ve got the Yardi Breeze sales department. Staying connected The team consists of about 140 members servicing both Breeze and Breeze Premiere. They are responsible for positioning and selling the software to companies that specialize in managing real estate assets within targeted markets. Yardi Breeze sales team members represent at an in-person trade show event. Team members reside throughout the U.S. including Santa Barbara and Oxnard, Calif., Salt Lake City, Dallas, Irving, Texas, Long Island, N.Y., Raleigh, S.C. and Atlanta. Though far apart, team members share common goals and support one another’s progress. What prompts a 14-year career with Yardi? Mark Coverdale, director of Sales, began with Yardi 14 years ago. “I was excited to start a career in software sales. Once I was at Yardi, I knew this was a place I could be for many years.” The collaborative culture appealed to Coverdale. “In addition to collaborating with other departments, our sales teams meet regularly to give each other advice and guidance regarding sales opportunities, how best to take care of clients, and sharing success stories that we can all benefit from.” He was also drawn to the relationships that Yardi fosters with its clients. “In our industry, we cannot ‘sell and run,’ nor do we want to,” says Coverdale. “We take great pride in building partnerships with our clients. Sometimes the sale is just the start as we continue to build and nurture relationships that last for years.” Client feedback prompts product development, which in turn creates better products and happier...

Leading the Market Jul15

Leading the Market

For more than 35 years, Westcorp Property Management Inc. has focused on spaces and places that bring out the best in people. It creates, invests in and manages residential, commercial, hotel and mixed use properties. The company is based in Canada and has properties both in Canada and the U.S. It’s no surprise that a portfolio of this size and diversity relies on technology to help its prospects, tenants and team be successful. Recently we had the chance to speak with Uryelle Dimailig, Marketing Manager at Westcorp, about some of the tools and strategies the company uses to support its residential properties. Keep reading to find out what makes a strong marketing and leasing strategy, how to get the most out of it and who else can benefit from these tactics. If you are currently advocating for any kind of marketing technology at your property management business, this interview is a must-read! What elements are critical to a strong marketing and leasing strategy for residential properties? Digital marketing is important. You have to keep up with how consumer search behaviour is changing. Five years ago, we could put everything on the ILS and get leads that converted. Now, it’s much more competitive and your apartment listings don’t get much exposure on ILSs unless you pay to promote your listings on them. An opportunity that is often misunderstood is that those ILS dollars can be the same investment as a PPC campaign. We’ve found that building a digital leasing presence through property websites, SEO and social media brings in more leads. For us, a RentCafe website is an essential marketing and leasing tool. Because it’s integrated with our Yardi Voyager database, our website can show renters accurate availability, current rates, floor plans and all the...

#APTeamsDay Jul14

#APTeamsDay

We are excited to celebrate the second annual Apartment Onsite Teams Day on Wednesday, July 14! This day has been designated by the National Apartment Association to applaud onsite property teams across the country for their daily contributions to resident happiness and industry success. Extending our gratitude Onsite team members keep apartment communities together. In many instances, they have guided, led, and sacrificed for the sake of their teams throughout the pandemic. On this day, we want to express our thanks to onsite team members for all they do for residents, guests and teammates. They have been our first-responders and essential workers during this challenging time, allowing for continued success and safety through it all. On this #APTeamsDay, Yardi wants to recognize the difficult conditions that onsite team members across the country have faced over the past year and thank them for their continuous hard work and dedication. How to celebrate #APTeamsDay Apartment Onsite Teams Day celebrates team members such as leasing agents, maintenance staff, administrative assistants, concierges, landscaping teams and more. One way to express your gratitude is to recognize the work these team members do daily and thank them for being onsite during a global pandemic. Our onsite team members have had to go above and beyond to adapt to new conditions, while risking their own safety to prioritize that of their residents. Honor leasing agents by thanking them for being the face of the property and quickly pivoting to create new, safe customer experiences for renters. Thank your maintenance staff for working tirelessly over the last 16 months while people were home more than ever before. If you have the ability and budget, you might think about treating team members to a coffee or lunch. In one example from last year,...