Become a NIC Actual Rates Software Partner
Yardi is certified as a NIC Actual Rates Software Partner
Yardi understands how important it is for its clients to have visibility into critical data to inform their decision-making. That’s why we’ve partnered with the National Investment Center for Seniors Housing & Care (NIC) in their Seniors Housing Actual Rates Initiative. This initiative allows operators to contribute data of the actual rental rates residents are paying, versus asking rates, and in turn, allows them to benchmark their rates relative to the other properties in the respective market.
The NIC Actual Rates Initiative is driven by the need to increase transparency in the seniors housing sector and achieve greater parity to data that is available for other real estate property types. Providing accurate data on the monthly rates that seniors housing residents are actually paying helps the sector achieve this goal.
We worked with NIC to develop a turnkey way for our clients to participate through their data feed into our platform. NIC is a non-profit organization whose mission is to enable access and choice for America’s elders. NIC ensures that your participation is kept confidential.
Benefits of participation:
- Benchmark your properties’ rates and leasing activity to national trends and select metropolitan markets as they are added over time.
- Inform strategic planning efforts, especially with regards to discounting and growing NOI
- Assist in day-to-day business operations and potentially shorten the sales cycle by increasing ability to move rates more quickly
- Save time. Actual Rates data is collected directly from operators’ corporate offices, removing the need for telephone calls to individual properties
- Maintain confidentiality. Data contributors are kept confidential, and the data is reported only in the aggregate
- Lower costs. Increased transparency decreases cost of capital and results in more appropriate investment levels in seniors housing and care.
Here’s how it works:
Data that is included in the reporting:
- In-place rates, move-in rates, and asking rates
- Leasing activity, as measured by move-in and move out-velocities
The more operators that contribute, the more market-specific data is available
- Presently, all operators who participate can see how their properties compare to national discounting rates (difference between actual asking rates versus actual rents paid)
- NIC is prioritizing the roll-out of the reported metropolitan markets for the Actual Rates data based on the participation rates of local seniors housing operators.
Yardi clients can easily participate by using Voyager Senior Housing to map and extract rent roll data, which can then be exported to NIC and Excel
- Through the NIC Interface and Service Mapping within the Setup and Admin menu, map Actual Rate, Services, Concessions, One Time Community Fee and Actual Community Fee by accommodation level, unit type and care levels
- Export to NIC through the Third Party Interface within Setup and Admin menu
- Log History reports can be exported into Excel
To initiate your participation, visit www.nic.org/actual-rates and complete the online form