Software provider certification offers operators easier reporting of actual monthly rates paid by senior living property residents
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 seniors housing actual rates—the most accurate data on the monthly rates a resident pays when living in a seniors housing property as compared to the property’s asking rates.
This certification is provided to software providers who have developed reports that meet the NIC Actual Rates standard format and who 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. These actual rates are comparable to data available in other real estate asset classes. By making these data available in seniors housing, NIC is helping improve transparency and enabling capital to make more informed decisions. 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.”
“Yardi has long had tremendous respect for NIC’s data collection efforts, and we are thrilled to be part of this software partnership that is so important for the industry,” said Ray Elliott, vice president of senior living at Yardi. “This software partner certification for actual rates demonstrates Yardi’s continued commitment, not just to our clients, but to the broader seniors housing and care industry.”
In addition to the actual rates certification, Jurutka and NIC executives announced publication releases that provide additional insights and transparency on the industry, including the release of the fifth edition of the NIC Investment Guide: Investing in Seniors Housing & Care Properties, a primer on the sector’s property investment market, and the 2018 edition of the Senior Housing & Care Journal, the industry’s only peer-reviewed research journal now in its 26th year.
About the National Investment Center for Senior Housing & Care
The National Investment Center for Seniors Housing & Care (NIC) is a 501(c)3 organization established in 1991 whose mission is to enable access and choice by providing data, analytics, and connections that bring together investors and providers. For more information, visit nic.org, and follow NIC on Twitter.
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