COVID-19 Rental Housing Support Initiative Mar25

COVID-19 Rental Housing Support Initiative

Supporting the rental housing sector through the pandemic and beyond is a priority for the industry’s preeminent technology provider. Yardi is the primary sponsor of the COVID-19 Rental Housing Support Initiative. The project is a collaboration of The Institute of Real Estate Management (IREM), National Apartment Association (NAA), National Multifamily Housing Council (NMHC) and National Association of Residential Property Managers (NARPM). The project continues to release new resources in the areas of mental health, legislative support, liability information and media. A summary of those now available (as of March 25) follows: Mental health resources: Mental health resources can help housing providers and renters alike. Find videos and other content on coping with isolation, cultivating resiliency, managing anxiety and handling financial stress. Legislative support: Accurate data and information is important for decision-makers as they facilitate ongoing emergency assistance programs. These resources help leaders understand the size and impact of the rental housing sector. Legislative educational resources are now available. Liability information: Property owners and operators must keep up with the latest laws and federal guidelines as they pertain to housing. The project liability resources help ensure compliance with changing legislation. Media support: The engaging “Rental Housing Industry Myth Quiz” is a way to educate the public and provide details about the pandemic impact for rental housing industry owners and operators. In mid-2020, Yardi committed $1 million to supporting COVID-19 Rental Housing Support and the programs developed by this initiative. “With nearly 40 million Americans living in apartments, the rental housing industry plays a critical role in housing them safely and securely. We are delighted that the four major associations who serve the rental housing industry – NAA, NMHC, IREM, NARPM – will share knowledge, develop industry benchmarks, research new ways of operating and provide forward-thinking solutions for the benefit of residents, owners and the rental housing industry,” said Anant Yardi, president and founder of Yardi. “Yardi is committed to supporting the multifamily industry for the duration of the pandemic,” said Esther Bonardi, vice president of marketing at Yardi. “Our company mission is dedicated to supporting our clients and communities, and in this case the entire rental housing realm is part of that community.” Explore all of the support resources online at covidinitiative.rentalhousingindustry.org....

Did COVID-19 Spark Nov19

Did COVID-19 Spark

Some industries, such as technology and online media, are doing well amid COVID-19, even as the pandemic cuts a swath through virtually every public health, political, social and economic structure. Other segments of the economy, such as travel and hospitality, face a perilous future. And what about the vital energy sector? Before the pandemic hit, energy demand was projected to grow 12% between 2019 and 2030, as developing nations broadened their power generation capacities. But COVID-19 “has brought the generation of energy from fossil fuels to breaking point,” says the World Economic Forum, with global energy demand declining by 5% in 2020. Despite a larger population and world economy, demand in 2050 will be about the same as it is today, according to risk management and quality assurance experts DNV GL, due partly to the effects of COVID-19. “The scale of the fall in demand, the speed of change, and how widespread it has been have generated a radical shift that seems to be more than a temporary short-term drop in demand for fossil fuels, at least in the power sector,” Nelson Mojarro, a World Economic Forum advisor, said in June. That development has opened the door for renewable energy generation to play an even more prominent role on the world energy scene. Renewables, including solar, whose cost has fallen by 82% over a decade, are the lowest-cost source of new power generation, according to the International Renewable Energy Agency. That trend is expected to hold over the foreseeable future. And COVID-19, Mojarro says, “has had a game-changing effect in accelerating the clean energy transition in the power sector.” Within 10 weeks of the start of widespread lockdowns, according to data compiled by the International Energy Agency, the U.S. increased its renewable energy consumption...

Avoiding COVID-19 Scams Mar23

Avoiding COVID-19 Scams...

Even as communities around the world pull together to battle coronavirus (COVID-19), the outbreak provides fertile ground for scammers. Authorities are striving to keep pace with con artists peddling an array of schemes. For example, the U.S. Federal Trade Commission and the Food and Drug Administration have sent warning letters to several sellers of unapproved and misbranded products such as teas, essential oils and colloidal silver. The FDA stresses that no vaccines, drugs or investigational products are approved to treat or prevent the virus. “Cybercriminals will often take advantage of trending topics in the news, such as the coronavirus, to try and prey on consumers using fear and urgency tactics,” says Gary McAlum, senior vice president and chief security officer for financial services provider USAA, who was quoted in americanbanker.com. “Nontargeted phishing campaigns using COVID-19 as a lure in the subject line have been observed since January. These cover the range of pre-existing threats out there, including information-stealing malware,” adds Steven Silberstein, CEO of the Financial Services Information Sharing and Analysis Center, an industry consortium that promotes cybersecurity. According to the FTC and other authorities, online communications that should set off alarm bells include: Email from unknown sources. Analyze URLs carefully before clicking on them. If an email comes from a source that you think is legitimate and requests you click on a link, find another way to validate it. Correspondence claiming to be from legitimate sources like the Centers for Disease Control and Prevention or the World Health Organization. A bogus version of Johns Hopkins University’s popular coronavirus map has been used to embed malware. Offers for treatment or prevention. Solicitations for investment in companies offering in-demand supplies or products pitched as preventing, detecting or curing the virus. Also look out for emails...

Multifamily and COVID-19 Mar17

Multifamily and COVID-19

It seems no industry is immune from the impact of the COVID-19 virus, and that includes multifamily real estate. The global spread of the COVID-19 virus has brought a technical end to the 11-year bull market in equities, forced a European travel ban and sent Treasury rates to historic lows. According to the latest multifamily report from Yardi Matrix, the industry may feel the effects of COVID-19 as it spreads across the nation, although the rental housing industry remains well capitalized and strong enough to weather a modest slowdown. “Owners and operators may face short-term rent collection issues if there is a tightening in the employment market, and value-add projects will likely slow,” states the special report from Yardi Matrix. “However, most real estate investors are poised to sustain their operations and may see an investment opportunity as the market shocks continue.” Travel, hotel, restaurant and trade industries will likely be hurt the worst, as business and leisure travel draw nearly to a halt. “It seems inevitable that the U.S. economy will experience a technical recession,” states the report. “Business travel has all but stopped and personal travel has slowed considerably, leading the airline industry to be one of the hardest-hit sectors. Restaurants and tourism will also feel significant pain as trips are canceled and social distancing increases.” While the data has yet to reflect the impacts of COVID-19 (February employment growth was very strong, jobless claims did not increase, and rent growth continued its steady increase), the coming weeks and months are likely to show employment cuts and a slowdown in trade with widespread impacts. Learn more by downloading the full Yardi Matrix special multifamily report at yardimatrix.com 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...

Domestic Violence Solutions Nov16

Domestic Violence Solutions

Yardi is committed to supporting the community in every city where our offices are housed. Each year, the company distributes philanthropic aid to organizations selected by its employees. In 2021, Yardi offices supported more than 350 nonprofits worldwide. For the remainder of the year, we will be bringing you the stories of those organizations and insight into how they aid their communities. In today’s spotlight, Domestic Violence Solutions for Santa Barbara County (DVS), a Yardi-supported nonprofit, was founded in 1977. The organization provides safety, shelter, and support for individuals and families affected by domestic violence and collaborate with community partners to raise awareness regarding the cause, prevalence, and impact. DVS is the only service provider for those affected by domestic violence in Santa Barbara County, which would not be possible without the support of the community. “As a society, we all have a role in changing the narrative about what domestic violence is, to whom it happens, and how we can support those who are experiencing it, and, ultimately, prevent it entirely,” says Tina Ballue, Director of Development for DVS. “To be able to support survivors, and to prevent domestic violence in the future, we all need to normalize talking about it openly and candidly.” DVS’s goals for the year to come include expanding reach through more multicultural and multi-lingual service provisions, seeking out new transitional and permanent housing opportunities throughout the county, and maximizing federal and state resources to assist clients. Funding from Yardi is helping DVS to build the capacity to be able to help more clients. In addition, building a volunteer program that will allow DVS to be more present in the community to increase awareness and provide preventative education to end domestic violence. “Our ultimate goal is to have a future free from domestic violence, this can only happen with the support from community leaders such as Yardi,” shared Ballue. 24-hour assistance available              DVS has a 24-hour support hotline which has been an asset to many of its clients. One mother was especially grateful for it and Domestic Violence Solutions. “DVS gave me the tools to fight and be a survivor to stand strong and confront the situation with authority and confidence. They helped me with my self-esteem. I got to meet new friends that supported each other through the transition,” the survivor stated. “Thanks to DVS, I now have an apartment I can afford and feel safe with my children, our car, and a great job. My son will graduate in June, and he is safe now. My daughter sees a strong mother who will do everything she can for her children.” She spoke about how the support she received has changed her outlook on herself and on the need for resources like DVS. “I’m not ashamed anymore. I feel worthy and willing to receive help. Not only do they help in what they can, but they also place their lives in danger for us. I’m very grateful and blessed to have been a client. I thank God for generous the support of people like you to help and support DVS, allowing them to continue their mission of saving lives and keeping them safe.” Volunteer Opportunities “We need to change the conversation around domestic violence – and we need your help to do it,” shared Ballue. Domestic Violence Solutions is working to rebuild its volunteer program post-COVID-19 pandemic and begin training help to expand services. There are many unique opportunities available at DVS. From volunteering with clients to organizational committees such as events and outreach. For more information, please visit their website here. Find future non-profit profiles at...

Transition House Oct21

Transition House

Yardi is committed to supporting the community in every city where our offices are housed. Each year, the company distributes philanthropic aid to organizations selected by its employees. In 2021, Yardi offices supported more than 350 nonprofits worldwide. For the remainder of the year, we will be bringing you the stories of those organizations and insight into how they aid their communities. Today we introduce you to Transition House of Santa Barbara, Calif. founded in 1984. Transition House provides innovative and proven solutions to the cycle of poverty-based family houselessness. Each year they help about 150 families with children to acquire the tools necessary for self-sufficiency. Of those families, 70 percent or more are successful in transitioning into stable rental housing. “Under the guidance of Transition House case managers, parents are empowered to find work that pays a living wage, learns to write monthly budgets and save their money, develop life skills that lead to family stabilization, and secure permanent housing,” shares Kathleen Baushke, Executive Director of Transition House. Transition House focuses on three programs: Three-Stage Family Housing Program Transition House provides a housing continuum designed to provide the time and support families need to address the root cause of their houselessness. The first stage begins with a 60-120 day stay at Transition House’s 70-bed emergency shelter. Families stabilize at the shelter and begin working on short- and long-term goals. The second stage offers six months of transitional housing for up to six families at a time for working families. A portion of their income is paid in rent. Eligible families may then continue to its third-stage program, HOMES, where they can live for up to two years in one of 36 Transition House-owned affordable apartments while continuing to receive supportive services. Anti-Poverty/Family Support...

Giving Kitchen Oct06

Giving Kitchen

Yardi is committed to supporting the community in every city where our offices are housed. Each year, the company distributes philanthropic aid to organizations selected by its employees. In 2021, Yardi offices supported more than 350 nonprofits worldwide. For the remainder of the year, we will be bringing you the stories of those organizations and insight into how they aid their communities. Today, let’s meet Atlanta’s Giving Kitchen, which provides emergency assistance to foodservice workers through financial support and a network of community resources. Since 2013, Giving Kitchen has stepped up to help financially when foodservice workers face unanticipated crisis due to illness (including COVID-19), accident, injury, housing disaster from fire or flood or death of an immediate family member. “Giving Kitchen is a crisis mitigation resource for food service workers. We focus on homelessness prevention, mental and physical health support, and disaster aid,” said Amy Crowell, Corporate and Foundation Relations Manager for the nonprofit. In 2022, Giving Kitchen expects to serve 2,700 food service workers in crisis and provide a minimum of $2.1 million in financial assistance to food service workers. “Funding from Yardi will go directly to providing financial assistance to food service workers facing an unanticipated crisis,” said Crowell. “These clients and their families will be given the gift of not having to worry about keeping their home (76 percent of clients are concerned with potential eviction) and instead, can focus on getting through their crisis. Clients facing illness or injury can focus on getting well and not returning to work too soon. The children in these homes will get to stay home with their parents coping with a crisis – not forced to move, not forced to live out of a hotel, not forced to change school districts.” The food...

Rent Relief Summit Sep20

Rent Relief Summit

A group of Yardi employees met in Atlanta late this summer for a first-of-its-kind staff summit. The gathering was an opportunity for the team to share challenges, successes, and plans to optimize Yardi’s new Core Relief suite of products. The weeklong event brought together Yardi project managers, case supervisors, file auditors, service managers, payment processors, call center agents and legal staff. This contingent of Yardi employees began developing, marketing and implementing Yardi Relief software and service solutions in early 2021. “I am so proud of this entire department! This team is extremely passionate about our Relief suite and the impact it means to our communities.” said Elisabeth Daniels, director for Yardi. Rent Relief was the first product from the suite released by Yardi. Rent Relief simplifies and streamlines how state, county and city housing agencies implement Emergency Rental Assistance Program (ERAP) funds. ERAP funds are tied to economic recovery legislation enacted in response to the COVID-19 pandemic. Rent Relief has processed more than $1.3B in payments to households who used the Yardi solution to qualify for assistance. “ERAP’s success depends on quickly qualifying renters and landlords in need of economic assistance due to financial hardship during the pandemic. Rent Relief enables our clients to quickly and securely collect applications, determine eligibility and disburse payments to landlords, renters and utility companies. We have leveraged the success of Rent Relief to expand our Relief solution and support other direct-to-beneficiary programs,” said Daniels. The Yardi Relief Suite now includes Mortgage Relief, designed for states that have been granted funds to assist homeowners in financial need due to the pandemic. Similarly, Utility Relief is a management solution for programs that help residents behind on utility payments. The final piece of the suite is Core Relief, which is available...

Midtown Assistance Center Sep16

Midtown Assistance Center

Yardi is committed to supporting the community in every city where our offices are housed. Each year, the company distributes philanthropic aid to organizations selected by its employees. In 2021, Yardi offices supported more than 350 nonprofits worldwide. For the remainder of the year, we will be bringing you the stories of those organizations and insight into how they aid their communities. Today, we introduce you to the Midtown Assistance Center (MAC) of Atlanta. MAC is a non-profit that provides emergency assistance to low-income working people and helps avert homelessness and hunger. MAC is a small but mighty organization that specializes in preventing hunger and homelessness in 10 of the highest poverty zip codes in Atlanta. “MAC works fast, often making payments within days of request which is crucial to preventing evictions,” says Chris Ferguson, director of development for the organization. “We also prevent hunger through our food assistance program which includes our food pantry and grocery gift cards. We are excited to have a new partnership with DoorDash to provide free delivery of groceries to those we serve.” “We are excited to be able to expand our food assistance program and hope to continue to grow it. We want to do a better job of keeping in stock high-need (and often expensive) items in our food pantry like beef, deli meat, vegetable oil, and laundry detergent,” says Ferguson. “MAC also supports people who have new jobs or are returning to work. Providing MARTA (transit) passes helps them get to interviews and when hired, to work each day. The nonprofit also provides gift cards to stores for uniform items. The idea is to knock down any barriers that prevent someone from starting a new job.” Jonathan’s story “Given our longstanding status and reputation in the community, word of mouth is how a lot of people new to Atlanta hear about us,” says Ferguson. That is how Jonathan, who had been homeless, heard about MAC. He had recently moved from Philadelphia, thinking he would have a place to stay. It turned out that place was not a good environment for him as he worked to continue nine months of sobriety. Jonathan, reached out to MAC for help with MARTA (transit) passes, nonslip work shoes, black pants, and some hygiene products for a new job. “He filled out our paperwork and we turned around and provided him with three weeks of MARTA to get him to his first paycheck and a gift card to Walmart for his uniform. We also gave him deodorant, detergent, socks, underwear, and a bit of food to support his effort to keep the new job,” Ferguson said. “A week later, he was accepted to a housing program since he is now working full time. We will provide him with some cleaning supplies and food to stock up his pantry and fridge.” Thanks to MAC, Jonathan is on his way to a more stable, healthier life. Support from Yardi helps MAC’s mission “Yardi’s generosity is much appreciated,” says Ferguson. “MAC was able to respond to the surge in need at the end of 2021 thanks to Yardi’s donation. MAC continues to respond to the increased need in Atlanta caused by rising rents, inflation, and the lingering effect of the COVID-19.” “We are so appreciative of Stacy Sinatra and the whole nonprofit Committee for supporting our application.” How you can get involved “Lots of your neighbors are having a tough time right now and some might be at risk of eviction which does not typically fit into a stereotypical box. If you have the capacity to give, volunteer, etc. please do. If you need help, please reach out to wherever you feel comfortable. The generosity of the community is heartwarming,” shares Ferguson.  MAC relies on dozens of volunteers to accomplish its work in the community. “We need volunteers in the office during the week, which we know can...

Celebrate Joyful Moments

It’s officially National Assisted Living Week (NALW), an annual celebration of those who reside, work and volunteer in assisted living communities across the United States. The commemoration is spearheaded by the National Center for Assisted Living (NCAL) and same as past years, we love spreading the word here on The Balance Sheet. If you haven’t heard about NALW, not to worry! We’re here to share the meaning behind it, this year’s theme and tips from NCAL on how to celebrate. Celebrating NALW 2022 NCAL does a fantastic job each year in providing resources — like their annual planning guide — to help communities maximize their National Assisted Living Week celebrations. And this year’s planning guide centers around the 2022 theme: joyful moments. The theme stems from the challenges the industry has faced in the past two years, serving as a reminder to find happiness, joy and fulfillment in life’s moments. Described by NCAL as “especially meaningful,” the theme encourages communities to engage residents and staff with moments of joy. Those moments can be sparked through a variety events and activities. Fortunately, NCAL is here to guide us with suggestions that not only create joy — but also adhere to COVID-19 infection control requirements to keep everyone safe. To name a few, NCAL suggests putting together: A slideshow of residents and staff doing activities that bring them happinessAn arts and crafts event utilizing joyful objects like flowersA virtual or outdoor exercise classA furry friends date, bringing animals in from a local shelterAn outdoor concert, dance, sing-along or even a silent disco As NCAL puts it, the possibilities are endless! The meaning behind NALW Established in 1995 by NCAL, National Assisted Living Week is a time for residents, their loved ones, staff, volunteers and local communities to recognize the role of assisted living in caring for America’s seniors, as well as individuals with disabilities. The annual observance encourages assisted living communities around the nation to host events that celebrate the individuals they serve, while educating members of the public about this important aspect of long term care. Learn more about NALW and ways to get involved. Spotlighting Yardi clients With NALW spanning from September 11-17, our senior living clients have started giving thanks and sharing their celebrations on social media. Be sure to check out posts from Maplewood Senior Living, Westmont Living and Nevada HAND — plus more! Join the #NALW conversation Whether you’re attending a NALW celebration or simply wish to bring awareness to the observance, use #NALW on social media! And from all of us at Yardi, happy NALW. We’re proud to highlight this year’s theme and extend our thanks to those across long term care for all that they...

Shopping Malls Adapt Aug22

Shopping Malls Adapt

Shopping malls, which McKinsey has defined as “the heart and soul of communities, the foundation of retail economies and a social sanctuary for teenagers everywhere,” have been under severe pressure from the proliferation of e-commerce and other forces. Although shutdowns and consumer reluctance to shop in person reduced average mall foot traffic by 90% at the pandemic’s outset, COVID-19 isn’t wholly to blame for the decline; it merely accelerated trends already in place. In 2014, McKinsey asserted the traditional mall as being “at a critical inflection point,” with “a storm of global trends coming together at the same time to cause malls to change the role they play in people’s lives.” In the subsequent years, “the single biggest factor in the decline of foot traffic at shopping malls has been the rise of online shopping,” says business content platform MarketScale. A record 12,200 U.S. stores closed in 2020 and about 125 consumer goods and retail companies filed for bankruptcy that year, on top of almost 6,000 stores that closed in 2019. Though suburban foot traffic has nearly returned to 2019 levels, foot traffic at urban shopping centers and malls remains 16% below pre-pandemic levels. Traditional mall anchor tenants like Neiman Marcus and J.C. Penney declared bankruptcy recently and reduced their store presence, while gas prices, COVID-19 variant surges and supply chain issues further complicated the issue. But while the challenges are undeniable, don’t count the mall out as a preferred shopping venue just yet. Retail foot traffic rose 61% during Black Friday 2021 compared to the previous year, according to JLL, while average foot traffic was up 27% in January 2022 over January 2021. DigitalSignageToday reports that “industry experts believe the mall is ready for a comeback. It will look different, though, and leverage technology...

Preparing For Aging  ...

Planning for the future isn’t always easy, especially for seniors considering how they’ll navigate life as they age. Interestingly, most older adults recognize that they’ll need some form of assistance in the future — but less have concrete plans for how to get there.  That’s the focus of a recent study conducted by AARP, which surveyed 1,011 U.S. adults aged 50 and older. The goal was to gauge older adults’ attitudes related to long-term care planning. Curious about the findings? See below for a snapshot: Senior living study: Preparing for aging   According to the study — Long-Term Care Readiness — 68% of older adults believe they’ll need assistance with their daily activities in the future, but only 28% have thoroughly considered what life will look like when that assistance is needed.   In short, older adults may not be preparing for their aging journey as much as they could be. Relayed by McKnight’s Senior Living, the AARP study also revealed the following:    74% of those aged 65 and older believe they’ll need future assistance, compared to 64% of respondents aged 50 to 65Those aged 65 and older gave more thought to how they’ll live independently as they age, compared to respondents aged 50 to 65Not being able to live independently (63%) and becoming a burden to family members (62%) were the top two concerns noted by all respondentsFewer respondents were concerned about savings (59%), living in assisted living or nursing homes (58%) or not being able to age at home AARP sought to understand the effect of COVID-19 too, assessing whether older adults plan for the future more than they did two years ago. Read the study to learn what respondents said, and uncover additional findings. More research This isn’t the first...

House Rules Aug01

House Rules

“So many new developments are under construction, they are likely to compete with each other – and not just for residents. Developers are also competing to find construction workers to build their projects.” National Real Estate Investor reported that in March 2017. The housing industry finds itself in much the same straits today. Even though more homes are under construction than at any time in the past five decades, supply chain slowdowns and labor shortages have added 25% or more to the time required to build a new home before COVID-19, according to the National Assn. of Home Builders (NAHB). Pandemic-related supply chain problems and rising interest rates add tens of thousands of dollars to the cost of a typical house. Rising interest rates and inflation will also add to the affordability challenge. “We need to be building around 1.5 million to 2 million homes just to keep up with the demographic demand coming from the millennials,” says NAHB economist Danushka Nanayakkara-Skillington. Key factors keeping the number of homes in the U.S. at low levels include: Materials More than 90% of builders report shortages of key materials, the NAHB reported in June. Windows, doors, heating and air conditioning equipment, appliances, cabinets and even garage doors are in short supply, with overall costs rising 19% year over year as of June. Building material “price and availability, along with persistent supply chain bottlenecks, remains the most urgent challenge for builders as they seek to boost production to meet rising demand,” NAHB chief economist Robert Dietz said in February. Labor The current worker shortage that traces its roots to the housing bubble collapse in 2008, when many homebuilders went out of businesses and their workers left for other industries. The current influx of new workers barely covers...

Overcoming Isolation

If you’re looking for a story to brighten your day, look no further. We have a heartwarming post in store featuring preschoolers, seniors and some pretty special friendships.   The story comes from this summer feature of Chatham Magazine, a lifestyle publication that’s only released five times per year. Each feature discusses all-things food, arts and the community. And for the story we’re sharing today, you’ll see how local preschoolers paid a sweet visit to senior living residents in their area. We hope the highlight below brings a smile to your face. Feel free to flip to page 96 of the magazine to read the full story. Local preschoolers help senior living residents overcome isolation The past few years have been challenging for seniors and their families. From strict lockdowns to other regulations preventing in-person visits, seniors residing in communities have faced feelings of loneliness and isolation. But there’s always light at the end of the tunnel. And for residents at Galloway Ridge at Featherington, part of that light was a visit from the Primrose School of Chapel Hill preschoolers. The visit was brought to be as part of the school’s “Adopt-a-grandparent” program, which creates opportunities for young children and seniors to develop respectful, positive relationships. “The program provides children the chance to be of service, feel needed, develop sensitivity and respect the needs of others,” shares the co-owner of Primrose School of Chapel Hill, Melissa Mart. “For the [adopted] grandparent, the program offers an opportunity to share talents, knowledge and friendship with the children.” The program brings children into community rooms to play games, make crafts and enjoy story time with senior living residents. The kids also craft greetings, posters and drawings for their “adopted” grandparents. “Adopt-a-grandparent” was in full swing before the...

Technology Is Community

Senior living operators build community, and community is increasingly defined by its technology — the tech used by residents, staff and family. These integrated systems are a community’s lifeblood, enhancing key aspects of the day-to-day experience for both residents and staff. They help staff communicate, empower residents and ease concerns for family members. Ultimately, these systems keep senior living communities in sync. That’s the focus of a brand new Yardi-sponsored white paper, Technology is community: How to bring residents, family and staff together. Published by Senior Housing News (SHN), the resource offers an inside look at how providers are using tech to connect their communities in creative ways.   See below for a snapshot of what the white paper entails. Using tech to connect residents, families and staff While the COVID-19 pandemic and subsequent restrictions changed communication in every industry, the pandemic’s risks to seniors made communication in senior living even more important, and more challenging. Today, operators need ways to connect families with their loved ones in communities, and ways to help staff deliver quality care no matter the circumstance. That’s why it is crucial for operators to implement technology tools that streamline communication. Drawing insight from operators Validus Senior Living and Maplewood Senior Living, the white paper shares how solutions like RentCafe Senior Living — a secure online portal — help staff members communicate with each other, with residents and with resident family members. Additionally, how this integrated solution helps users make online payments, review health and wellness information, sign forms electronically and submit maintenance requests. From Validus, you’ll learn how RentCafe Senior Living works to improve communication, streamline billing and even enhance medical care. Through the Maplewood spotlight, you’ll see exactly how this Connecticut-based company is using RentCafe Senior Living to enrich residents’ quality of life in four key areas. That includes socialization, entertainment, safety, exercise and health tracking. Top benefits of improved communication systems New technologies have improved senior living for residents, giving them enhanced experiences in their finances, health, socialization and more. Leading communication tools have also improved the experiences of staff and family. With RentCafe Senior Living, three of the industry’s major stakeholders — residents, staff, families — share a communication tool that is easy-to-use and wide-ranging in impact. Areas of impact include: Resident surveysEasy community communicationPaperless paymentsActivities and wellness calendarsHealth updates for familiesElectronic signatures and document management Explore the white paper for a detailed look at each of these areas. Read more As the pandemic has largely affected senior living communities, it’s imperative for operators to implement technology that enables communication anytime, from anywhere. Read the white paper in full to learn how tech solutions like RentCafe Senior Living make the...

EIA Updates Jul07

EIA Updates

Here’s the latest of our periodic updates of news and trends reported by the Energy Information Administration, a statistical and analytical agency of the U.S. Department of Energy. Conflict spurs fuel price uncertainty Fuel price projections are uncertain, due in part to the Russia-Ukraine war’s potential impact on nations, energy producers and markets. With global inventories of crude oil, natural gas, and coal below average before the war, U.S. gasoline and diesel prices hit multiyear highs in March. EIA forecasts that the average inflation-adjusted prices of gasoline and diesel this summer will be the highest since summer 2014. Production could temper prices in ‘23 EIA projects that U.S. oil production will average 12.4 million barrels per day in 2023, surpassing the record high for domestic crude oil production set in 2019, with domestic crude oil production increasing steadily between 2021 and 2023. Crude oil inventories will reach 465 million barrels at the end of 2023, which is about 11% more than inventories at the end of 2021. “We expect global demand for petroleum products to return to and surpass pre-pandemic levels this year, but crude oil production grows at a faster rate in our forecasts,” said EIA Acting Administrator Steve Nalley. “We expect that as crude oil production increases, inventories will begin to replenish and help push prices lower for gasoline, jet fuel, and other products in the short term.” By September 2023, U.S. natural gas production will hit an all-time high daily average. Coal consumption, meanwhile, will fall by 2% in 2022 and remain relatively unchanged in 2023. Home appliances getting smarter EIA’s recently released 2020 Residential Energy Consumption Survey offers a look at electricity-consuming devices used in American homes. The survey reveals that nearly half of U.S. households used LED lighting in...

Matrix Trading Bulletin May17

Matrix Trading Bulletin

Real estate investors are gung-ho on multifamily – so much so that last year they were willing to pay more for it than ever before, especially in certain circumstances. Whether that trend continues or a bubble burst is on the horizon is the focus of a new Multifamily Trading Bulletin from Yardi Matrix. Record-high property sales and prices were recorded in 2021. Yardi Matrix tracked $215 billion of multifamily property sales in the U.S. in 2021 that traded for an average of $192,105 per unit, a year-over-year increase of 21.6 percent. The new bulletin analyzes repeat sales over the last decade in Matrix’s database of 83,000 properties. Among those, 4,500 multifamily properties in the US — about 5.3 percent – sold at least three times over the last decade. The average compound annual growth rate for the repeat-sale properties averaged 17.7 percent nationally. Analysts found that rents rose rapidly during the 10-year cycle, but not as much as price appreciation. Multifamily rent growth in 2021 was up 14 percent for the year, a record, but rent growth has been above the long-term average for over five years (except for during COVID-19 lockdowns). “The rapid growth in pricing reflects a combination of factors: the exceptional amount of liquidity in real estate and multifamily, the extremely strong rent growth, the low cost of financing as interest rates bottomed and debt costs were near historical lows, and the optimism about the sector’s prospects in the next few years,” says Paul Fiorilla, director of research for Yardi Matrix, who authored the bulletin. Deal flow roared back in 2021 to a record $215.3 billion, a 67.3 percent increase from the prior high point in 2019. 2021 also set new records with 6,488 properties sold and 1.34 million units traded. “The extraordinary increase in pricing likely to be threatened going forward by the increase in interest rates and questions about the economy, which has already prompted a slowdown in investment activity and will likely end the period of appreciation growth,” Fiorilla stated. What sort of assets are driving these increases? Investors know what they like, and that includes smaller assets in secondary markets geared toward working-class renters. They are considered to have rent-growth potential due to relatively low rents and location in markets with above-trend rent growth. They will also pay a premium for strategically located value-add properties. The most popular regions include secondary markets and areas with strong in-migration, particularly Texas, the Southeast and Southwest, where demand and rent growth is growing faster than the rest of the nation. Relatively few properties in gateway markets made the list of repeat sales. Yardi Matrix tracks properties in 162 markets with 50 or more units. Gain more insights from the new Multifamily Trading Bulletin from Yardi...

Celebrate NSNCW 2022

It’s National Skilled Nursing Care Week (NSNCW)! Established by the American Health Care Association (ACHA) in 1967, this week-long observance recognizes the essential role of skilled nursing care centers in caring for America’s seniors and disabled population.    Skilled nursing care centers across the country are hosting events to mark the occasion, which runs through May 14. And this year’s theme — Creating and Nurturing Connections — is especially inspiring.   We’re here to share the meaning behind NSNCW and offer some ideas to celebrate. We hope you’ll join us in recognizing skilled nursing care centers, and their staff members, for all that they do to improve residents’ lives.   All about NSNCW Skilled nursing care centers and their staff are no stranger to dedication. They continuously strive to provide high-level care for their residents, no matter the circumstance. And we’ve seen just how committed they are throughout the last two years of the pandemic. They’ve worked to provide exceptional care without fail, protecting residents around the clock during periods of limited visitation and social distancing. Staff members became family members and friends when residents needed social connection more than ever. It’s why this year’s theme, developed by ACHA, is perfectly fitting. The focus of this year’s NSNCW is simple: celebrate the essential role that skilled nursing care centers and staff play in creating and nurturing connections for their residents. Learn more about the role of skilled nursing care centers and staff, as well as details on NSNCW 2022. ​How to celebrate Don’t miss your chance to celebrate NSNCW! Drawn from ACHA’s 2022 planning guide, we have a list of activities designed to help residents staff and families create new connections — and nurture existing ones. Working together, we encourage you to create and...

Never Miss a Meal Apr28

Never Miss a Meal

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

Tap Into Clinical Data...

When it comes to viewing clinical data, senior living providers need a solution that paints the full picture. How many resident falls occurred during a particular shift this week? What percentage of residents are vaccinated against COVID-19? Thanks to the latest Senior IQ update — 1.18 to be exact — these answers are available at the click of a button.   That’s right, this business intelligence solution now draws clinical data directly from Yardi EHR and presents it in brand-new dashboards. You can track clinical trends, identify residents at risk, pinpoint problems and improve protocols — all from a single platform. No more digging for answers or making best guesses. With Senior IQ, you’re enabled to make smarter, faster decisions based on actionable information. Ready to see more? Let’s get right to it. See below for a highlight of the new dashboards and enhancements in Senior IQ: Analyze resident falls Courtesy of the new clinical falls dashboard, Senior IQ clients now have access to detailed fall metrics. Here you’ll see fall rates by month, check whether repeat falls are occurring, view falls categorized by time of day and more. With clear, valuable information presented in the dashboard, you’re equipped to tie falls back to staffing, identify protocol problems and ultimately uncover what’s jeopardizing resident safety. And these detailed fall reports help you develop action plans to prevent future incidents. Streamline reporting   Ready to simplify your reporting process? With Senior IQ, you’ll tap into insightful data that’s automatically updated from the previous day. Each dashboard’s data points were carefully selected by Yardi’s clinical and compliance team to help you track quality measures and performance metrics. Track vaccinations We know the importance of vaccination tracking, especially in communities today. Luckily, the new clinical vaccination dashboard...

ASCHA Trade Show

Looking for your next senior living event? We’ve got you covered. The annual ASCHA Convention & Trade Show is coming up on April 11-13 and it’s a great opportunity to connect with colleagues, discuss industry trends and see what’s new with Yardi solutions.   Keep reading to see the event details. ASCHA Trade Show set for April The ASCHA Convention & Trade Show is bound to be an interactive event. This year, ASCHA is gathering 400 senior and community housing organization leaders to discuss strategies for the industry’s future. You can check out the full event agenda for more information, but know that discussions will focus on taking the housing sector to The Next Level. And ASCHA is offering fun, strategic sessions for you to join forces with trailblazers from all levels and places. Get ready to network, view insightful presentations, enter giveaways and more. ASCHA 2022 will take place on April 11-13 at the WinSport in Alberta, Calgary. And if you’re unfamiliar with ASCHA, the Alberta Seniors & Community Housing Association, here’s a quick introduction: ASCHA advocates on behalf of its members who provide housing options for Albertans. They’re a member-driven association acting as a center of excellence for education, best practices and member resources — all to assist seniors and community housing operators. Over 100 member organizations serve approximately 60,000 Albertans in seniors and community housing settings. Note that to attend ASCHA 2022, proof of vaccination or a negative COVID-19 test within 72 hours is required. Find Yardi at Booth 7 Each year, we get excited to see the lineup of senior living events and the opportunities they provide. And ASCHA 2022 is one we’re looking forward to! You can find Paul Alexa-Janzen, our senior account executive in senior living and product...

Aid for Refugees

Yardi will contribute $1 million to the relief efforts of non-profit humanitarian aid organizations working to assist and support Ukrainian nationals displaced by the war between Russia and Ukraine. “We are heartbroken to see the events happening in Ukraine, and as we hope for swift peace, we will be doing everything we can to help our neighbors,” said Bianca Geomolean, director of human resources at Yardi Romania. The United Nations estimates that over 3.7 million people have left the country because of the conflict, and up to 10 million are displaced within Ukraine. Many evacuees are attempting to reach neighboring countries, including Poland, Romania, Hungary and others. The United States announced today it would accept 100,000 refugees. Funds donated by Yardi will be distributed between the following organizations: UNICEF, the Romanian Red Cross, Direct Relief, ShelterBox, and five NGOs that are based in Romania: Fundația Regală Margareta a României, Dăruiește Viață, CERT Transilvania, Beard Brothers, and O Masă Caldă. “One of Yardi’s core values is to take care of the communities where our teams live and work. This time, this extends beyond the borders of our country,” Geomolean said. “We stand by Ukraine and its people, we stand with humanity, with freedom and with peace. We wish that our contribution will bring relief and a bit of hope to those in desperate need of it. Together, we are #EnergizedForGood!” UNICEF focuses on vulnerable refugees In Romania, UNICEF is supporting the Romanian Government, local authorities, UN agencies and non-government organizations to monitor the inflow of Ukrainian refugees and offer immediate support for urgent needs. UNICEF’s response focuses on establishing and operationalizing Blue Dots at the border crossings. Blue Dot locations are dedicated refugee children and family support hubs. They represent an integrated model that will provide support for the most immediate needs of children and women. Blue Dots will offer integrated services in child friendly spaces with a focus on the most vulnerable refugees, as well as assistance with family reunification and communication, information/advice desks, dedicated mother and child areas, psychosocial aid, hygiene, first aid and more. Blankets, warm clothing, health and recreational kits along with hygiene products and baby food will be available in Blue Dots as well. “UNICEF is working day and night to scale-up support for children and women affected by the escalating conflict. There are already three Blue Dots functional at Sighetu Marmatiei, Siret and Isaccea providing support to those crossing the border to Romania. Other Blue Dots will be operationalized in the following days,” said Pieter Bult, UNICEF Representative to Romania. UNICEF in Romania has launched an online appeal to raise funds for children’s needs affected by conflict in Ukraine. Personal donations can be made here. A portal for corporate donations is also available. ShelterBox sends humanitarian supplies ShelterBox, another organization Yardi has previously supported, is working on three projects – two within Ukraine and one to support refugees fleeing to neighboring countries. ShelterBox USA President Kerri Murray recently traveled to Poland’s border with Ukraine and met with refugees. Photo courtesy ShelterBox. Refugees from Ukraine in a temporary shelter. “ShelterBox USA is deeply grateful for Yardi’s contribution,” Murray said. “This charitable support will enable us to deliver critical relief supplies to Ukrainians who need them most. When I was working in Poland on the Ukraine border, I met with women and children who had to travel for days by foot, bus, and train flee the violence, many of whom had to leave members of their family behind to fight. Yardi’s support is critical to helping us provide essential aid to those families.” “Yardi values our long-term partnership with ShelterBox, a fellow Santa Barbara organization with a strong commitment and proven track record for assistance in disaster relief around the world,” said Arnie Brier, Yardi senior vice president. “We are reassured to see ShelterBox involved in supporting Ukrainian refugees during this devastating crisis.” ShelterBox provides humanitarian aid in...

Reimagine Staff Resources Mar22

Reimagine Staff Resources

Attracting top talent and retaining valuable employees is a top priority for many organizations, including those in the affordable housing industry. As economic systems evolve during the recovery from the COVID-19 pandemic, affordable housing providers have an opportunity to rethink what to expect from their onsite workers. Many are finding that this is a great time to change their strategy and improve the services they offer to prospects and residents. Ready for a look at what the makeup of your onsite staff and compliance team could be? Here are 5 ideas to consider: 1. Prioritize Customer Service Safe and healthy communities start with your onsite team placing the highest priority on resident services. Hire onsite workers for their property management skills and leave the complexity of compliance to a dedicated team of experts. And don’t neglect your investment in technology, today’s workforce expects the right set of tools to do the job. “Property management is a hard job, and affordable housing compliance makes things even more complicated. The next generation of property managers can only be comfortable with a certain level of technology in place to help them be successful. The old ways of paperwork, phone calls and in-person meetings just aren’t an option moving forward,” says Anna DiSabato, vice president of Dunlap and Magee in Phoenix, Arizona. 2. Outsource Compliance Work Speaking of compliance experts, Yardi RightSource offers scalable services that fit your specific needs. Affordable housing providers that use Yardi Voyager can securely send data to RightSource and get: Fast file reviews and audits with guaranteed response timesFull-service certifications and recertificationsAutomated forms management for programs across the country Dunlap and Magee is in its final stages of implementing Yardi RightSource and is already seeing measurable results. With RightSource, they see file audits complete within 24 hours and can have fully approved, move-in ready tenants usually within five days of initial contact. 3. Solve Compliance Challenges Is there a particular affordable housing compliance challenge that your organization can’t seem to fully resolve? Or, is there a new initiative or affordable housing program your team is taking on? Yardi RightSource can help with consulting and training services built on decades of combined affordable housing experience. 4. Boost Institutional Knowledge People want to work for an employer that can make them more valuable, and offering top-notch training is a great way to make it happen. By elevating employee knowledge, affordable housing professionals not only become more knowledgeable, and promotable but also are able to demand higher wages. While that may sound like a cost to employers, you can also look at it as a great way to attract top talent and inspire less experienced team members to grow. Create an employee university with Yardi Aspire, Yardi’s comprehensive learning management platform. Aspire includes customizable online coursework that covers every major real estate management industry, including affordable housing. With Aspire you can assign tracks of courses, view learning metrics, make company announcements and more. 5. Get More from Remote Workers Enduring the challenges of COVID-19 taught us that it’s possible, and not too much of a challenge, to keep business processes moving even as workers transitioned to remote workspaces. Developing technologies for affordable housing are helping to make remote workers and contactless service delivery more effective. Yardi mobile solutions streamline payment processing, procurement, compliance workflows, resident communication and more. RentCafe Affordable Housing has changed traditionally paper-based affordable housing applications into online forms that can be completed and worked on 24/7 from most handheld devices and personal computers. Affordable housing applicants use RentCafe to search for a unit, submit documentation of eligibility, work with case workers to qualify and complete the leasing process without coming in for multiple in-person meetings in an office space. Yardi Procure to Pay and Payment Processing are perfect solutions for accounting departments that need remote access. Procure to Pay enables online shopping for property supplies with fast and...

Innovation Acceleration Mar17

Innovation Acceleration

New Zealand’s property industry has accelerated its investment in technology in response to Covid-19 and embraced new systems and processes at a faster rate than its Australian counterparts, according to a new report. Despite this, six in 10 respondents to a survey conducted by the Property Council of New Zealand and software company Yardi still depend on spreadsheets to assess the performance of their portfolios. The survey of a senior cohort from New Zealand’s property industry sets a data baseline for what is expected to be an annual investigation into attitudes and actions influencing property technology, or proptech. “Property is New Zealand’s largest industry, generating 15 per cent of our economic activity, nine per cent of jobs and contributing more than $41.2 billion to GDP,” says Property Council New Zealand Chief Executive, Leonie Freeman. “But until now, we’ve lacked access to information which sheds light on the market saturation and acceleration of the digital tools that drive value in this important industry.” Almost two thirds (64%) of survey respondents said technology would play a pivotal role in reshaping their real estate portfolios in the next three years. And 95 per cent said the disruption of Covid-19 had driven adoption of digital technology. More than two thirds (68%) are now using Cloud-based productivity suites, for instance. Eighty-six per cent of respondents thought New Zealand trailed the rest of the world for tech adoption – despite being further advanced than other markets in many areas. For example, 77 per cent of Kiwi property companies use specialist accounting and finance system, compared with 22 per cent of Australian companies. “Kiwis are always looking to work smarter, and being small, lean and agile means we can pivot quickly towards new ideas and innovations,” Freeman says. Yardi’s Senior Regional Director Bernie Devine agrees. “The Covid-19 pandemic has taught New Zealand’s property leaders to prepare for ongoing unpredictability with new systems and processes that simplify complexity and enable flexibility.” Survey respondents noted business process automation (41%), big data analytics (27%) and artificial intelligence (18%) as the three technologies most likely to be adopted over the next three years. “This survey gives property industry leaders a clear sense of where they stand and exposes areas for investment and focus,” Devine adds. “Property leaders have emerged from the crisis with a new understanding of the role of the technology and we can expect investment to grow dramatically in the next few years.” “This report sets a baseline which demonstrates New Zealand’s property industry is proactive and positive about technology and adoption. Technology is now at the core of every successful property business,” Freeman concludes. Download the Yardi / Property Council Proptech...

Proptech Investment Mar14

Proptech Investment

More than three quarters of Australia’s real estate companies think technology will play a big role reshaping their portfolios over the next three years. Despite this, more than half of respondents to the second annual proptech survey by the Property Council of Australia and software company Yardi still depend on spreadsheets to assess the performance of their portfolios. The survey undertaken in November of 176 senior industry professionals – 92 per cent holding mid-level management positions or above – reveals the biggest barrier to technology adoption. Changing existing behaviour came in first, at 24 per cent, surpassing resources, costs, time or confidence in a project’s success. Just under half (49%) of respondents think Australia is trailing the rest of the world in proptech investment – up from 30 per cent in 2020. But Property Council Chief Executive Ken Morrison says the COVID-19 pandemic was a significant catalyst for change and digital transformation is underway across the industry. “The property industry has embraced new technologies to maintain business continuity and ensure the health and safety of workplaces during the pandemic,” Morrison says. “Now leaders are turning to technology to address long-term structural challenges like climate change, to respond to investor demand for real-time reporting and transparency, and to enhance the experience for people who live, work and play in buildings.” Yardi’s Senior Regional Director for Asia Pacific, Bernie Devine, agrees. “The pandemic has taught us the world is now consistently inconsistent. Leaders have learnt that preparing for ongoing unpredictability requires new systems and processes that can simplify complexity and enable flexibility.” The survey found business process automation was the technology most likely to be adopted over the next three years, with 32 per cent noting it was on their real estate radar. This was followed...