CHICAGO— The National Investment Center for Seniors Housing & Care (NIC) kicked off its 2018 Fall Conference in Chicago by announcing a new software partner certification for measuring rental rates in seniors housing. Multifamily rental software company Yardi is the new partner.
The metric will track actual monthly rents charged to residents, as opposed to asking rates, which is what is usually reported. NIC hopes to increase transparency and cooperation within the seniors housing industry through the data.
This certification is provided to software providers that have developed reports that meet the NIC standard format and have had two or more operators provide at least six months of data using the standard report. Actual rates data are aggregated across operators and reported out to help investors and operators understand the relationship between “asking rate” or “rate card” pricing and the actual rate being paid by residents.
Operators contributing data to the NIC Actual Rates report receive a complimentary report which allows them to compare their own data against national and, over time, metropolitan area benchmarks.
“The NIC Actual Rates Software Partner certification identifies seniors housing software providers who have made the investment to help move this important industry initiative forward,” said Brian Jurutka, president and CEO of NIC. “By incorporating NIC Actual Rates reporting as a standard feature in their software product, Yardi has enabled its operators to easily participate in NIC Actual Rates, thereby allowing operators to benchmark their own properties as well as contribute to transparency in the space.”