The National Investment Center for Seniors Housing & Care (NIC) fall conference in Chicago is underway and the senior housing investment advocacy group released news Wednesday in announcing a new software partner certification for seniors housing actual rates — the monthly rates residents pay when living in a senior housing community, as compared to the property’s asking rates. The program intends to improve transparency in reporting revenues and enable investors to make more informed decisions deploying capital.
Actual rates data are aggregated across operators and allow investors and operators to understand the relationship between “asking rate” or “rate card” pricing and the actual rate being paid by residents, and are comparable to data available in other real estate asset classes.
After compiling this data in the past, NIC recognized it needed to work with the larger seniors housing software providers to automate the gathering of actual rate data, because the sheer volume of data.
“What we’ve come to realize is collecting the information is not something we can do in a manual fashion,” NIC Chief of Research & Analytics Chuck Harry said at a press briefing. “It’s a lot of data and it is fairly granular information.”
The certification is awarded to software providers who have developed reports that meet NIC’s actual rates standard format and who have had two or more operators provide at least six months of data using the standard report. As more providers are certified, it will facilitate operator participation and create actual rate reports on a national and, ultimately, local levels, Harry told Senior Housing News.
The first software partner: Yardi
At the briefing, Harry announced Yardi, a commercial real estate research and data platform, as NIC’s first certified partner. The Santa Barbara, California-based company provides software solutions for residential and commercial real estate investors, ranging from online rental platforms to data on commercial properties on sale.
“The partnership with Yardi represents a catalyst for increased operator participation,” Harry said.
Yardi turned out to be meet NIC’s needs in terms of its data collection. The company has a menu for clients in its data platform that can export data to NIC.
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“Many folks were not using it because they were unaware of it,” Yardi Senior Director, Senior Living, Sales Richard Nix said at the briefing.
Yardi is now working with NIC to identify other providers for the certification.
Written by Chuck Sudo