Non-profit NIC kicks off initiative to create senior living price index
SANTA BARBARA, Calif., Jan. 22, 2019 – Yardi has partnered with non-profit National Investment Center for Seniors Housing & Care (NIC) in its mission to support access and choice for seniors by increasing the amount of data available on rates and pricing for the senior living sector. Together, Yardi and NIC have launched the Seniors Housing Actual Rates Initiative, the first of its kind, to compile actual rates and leasing activity submitted by senior living operators.
The need for independent aggregated data on senior living housing rates is critical for operators and owners to plan strategic efforts and remain competitive in the market. Currently, there is a lack of transparency in senior living pricing compared to other real estate sectors.
To combat this information gap, Yardi Voyager® will now have a button to push data, aggregated for anonymity, to NIC. Operators can then compare their pricing versus other communities within the NIC MAP Data Service. Other benefits of shared data include improved flow of informed capital into senior housing, reduced cost of capital and increased operational efficiency.
Many senior living companies have already committed to providing monthly data feeds to NIC for the Actual Rates Initiative, covering more than 250,000 senior housing units nationwide. Data contributors will receive a complimentary copy of the NIC Actual Rates Report. For more information or to participate, visit nic.org/analytics/actual-rates-initiative.
“NIC is so pleased that Yardi has partnered with us to become certified as a NIC Actual Rates Software Partner. This designation signifies the commitment Yardi has made to support this initiative, which is so important to the sector,” said Brian Jurutka, president and CEO of NIC. “By incorporating NIC Actual Rates reporting as a standard feature in their software, Yardi has enabled operators to easily participate in NIC Actual Rates and benchmark their own properties as well as contribute to transparency in the space.”
Yardi will be hosting a class titled “NIC Reporting: Review of the Setup & Data Collection Process” for Yardi clients attending the Yardi Senior Living Forum in Santa Barbara, Calif. on March 20–21, 2019.
The National Investment Center for Seniors Housing & Care (NIC) is a nonprofit organization whose mission is to support access and choice for America’s seniors by providing data, analytics and connections that bring together investors and providers. For more information, visit nic.org.
Yardi develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.