Assetsoft - Blog #multifamily market

Future-Proofing Ontario Multifamily: Navigating Bill 60 Reforms with Yardi Expertise

Tue, 04 Nov 2025 06:21:23 -0500

Ontario's rental landscape is undergoing a significant transformation with the introduction of Bill 60, the Fighting Delays, Building Faster Act, 2025. This omnibus legislation is designed to address the province’s housing crisis by accelerating development and, critically for the multifamily sector, implementing major reforms at the Landlord and Tenant Board (LTB).

For apartment owners and managers, these changes aim to speed up resolutions, define persistent issues, and simplify processes—they aren't just new rules; they are a critical mandate for operational and technological overhaul. As leading experts in multifamily rental technology and Yardi specialists in Ontario, we understand that proactive compliance and process optimization are non-negotiable for future success.

Key Tenancy Reforms in Bill 60: The Operational Impact

While the government has wisely backed away from controversial consultations on changing Ontario's "security of tenure" (month-to-month lease) framework—a significant win for market stability—the bill still introduces several concrete amendments to the Residential Tenancies Act (RTA) that will directly impact property management operations.

Here are the critical changes multi-family operators must prepare for:

Expediting LTB Processes: Bill 60 aims to reduce the massive backlog at LTB. This includes a proposed change to limit a tenant's ability to raise new issues at rent arrears hearing unless they have given prior notice and, in some cases, paid 50% of the claimed arrears. This mandates a cleaner, more documented approach to tenant communication and debt management.
Reduced Notice Periods for Review: The time a party must request a review of an LTB order is being shortened from 30 days to 15 days. This significantly increases the need for prompt internal notification, documentation review, and timely legal action.
Defining 'Persistent' Late Rent: The legislation proposes new regulations to define what constitutes "persistent failure to pay rent". A clear, standardized definition will transform how chronic late payments are handled and documented across your portfolio.
Owner's Own Use Evictions (N12s): Landlords who give 120 days' notice for an N12 eviction (landlord's own use) may no longer be required to provide one month's rent compensation to the tenant. This change requires precise tracking of notice dates and documentation to ensure compliance and avoid liability.

These reforms pivot the sector toward faster, more data-driven, and legally precise processes. The days of relying on manual systems or siloed data are over.

Yardi as Your Bill 60 Compliance & Optimization Partner

The complexity of these RTA amendments highlights why multi-family operators need a robust, adaptable, and integrated Property Management System (PMS) like Yardi. Our expertise lies not just in Yardi deployment, but also in configuring it as an active compliance tool within the uniquely regulated Ontario market.

1. Automated Compliance and Documentation for LTB

The LTB changes demand impeccable record-keeping and precise adherence to new timelines. Yardi Voyager and its related modules can be leveraged to:

Streamline Arrears Management: Configure workflows to automatically track rent due dates, issue standardized notices (like the N4), and record all communication, providing a single, verifiable audit trail for LTB applications.
Enforce New Timeframes: We ensure your system is configured to flag the 15-day review period immediately upon receipt of an LTB order, minimizing the risk of missing critical legal deadlines.
Standardize 'Persistent Late Payment' Tracking: Once the final definition is regulated, we will implement new reporting and automated flagging within Yardi to consistently and objectively track this violation across all tenancies.

2. Precision for Owner's Use Evictions (N12)

The compensation exemption for 120-day notice N12s requires tight controls. Your Yardi system should be the central hub for:

Notice Tracking: Automating the calculation and tracking of the 120-day notice period to ensure your action aligns with the RTA's new compensation requirements.
Audit-Ready Records: Generating time-stamped documentation of notice delivery, tenant communication, and property status for any potential LTB challenge.

3. AI-Driven Data Integrity for Faster Resolutions

The push to reduce LTB delays calls for higher-quality, readily available case information. Yardi's powerful reporting and analytics capabilities can be utilized to:

Generate Pre-Hearing Reports: Instantly pull comprehensive reports on tenant payment history, maintenance logs, and communication records, ensuring you disclose all relevant information well in advance of a hearing, in line with the LTB's move to prevent "trial by ambush."
Identify Risk Profiles: Use Yardi's data to flag at-risk tenancies earlier, allowing your team to deploy preventative measures like mediation or payment plans before the situation escalates to a lengthy LTB dispute.

Our Commitment: Your Seamless Transition

For multi-family operators, Bill 60 is an opportunity to move from reactive compliance to proactive operational excellence. By leveraging our deep expertise in Ontario's RTA and Yardi's robust capabilities, we can ensure your technology foundation is not just compliant but also optimized for efficiency and growth in this new regulatory environment.

Don't let LTB reforms become a burden. Turn them into a competitive advantage with a finely tuned Yardi system. Call Assetsoft for consultation

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Multifamily fire-related risks see a steady decline. What's next?

Tue, 09 May 2023 21:50:25 -0500

The multifamily fire-related risks have seen a decline over the years, thanks to the advancements in building materials, fire detection systems, and firefighting technologies. The widespread adoption of smoke alarms, sprinkler systems, and other fire suppression technologies has helped reduce the number of fires and fatalities.

Even with a lot of positive change in place, in the USA alone, 29% of building fires are reported from multifamily homes. But luckily, small and confined fires inside individual housing units accounted for 71% of these fires. Even though the numbers are drastically low from previous reports, there is still a long way to go.

However, despite the progress made in reducing multifamily fire risks, many challenges still need to be addressed. For example, there are still many older buildings that lack modern fire protection systems, and there are still many areas where there is a shortage of firefighters and emergency response resources.

How has the fire-protection methods improved in buildings?

What are the general trends in multifamily homes? How did this massive change happen in reducing fire-related issues? Let us find out.

Significant rise in the use of fire sprinklers

One of the most significant improvements in fire-protection methods is the use of automatic fire sprinkler systems. Early fire detection and speedy suppression by these devices help to limit damage and lower the possibility of injury or fatality. Many residential and commercial structures, especially tall structures, hospitals, institutions, restaurants, hotels, are now required by law to have automated sprinkler systems.

Fire-resistant building material

The adoption of fire-resistant construction materials is a significant advancement in fire-protection techniques. According to contemporary building rules, new buildings must be constructed with fire-resistant components, such as fire-rated doors and windows, fire-resistant insulation, and fire-resistant roofing materials. These substances are made to contain fires and keep them from spreading to other areas of the structure, allowing residents more time to flee.

Modern fire-detection systems

Buildings now have better fire protection thanks to the deployment of sophisticated fire detection systems. In comparison to older systems, modern fire detection techniques use sophisticated sensors and sirens that can detect fires more rapidly and precisely. Moreover, these systems can distinguish between various fire types, which lowers the number of false alerts.

Better building design

Improvements have greatly aided the improvement of fire safety in buildings in building design. These days, many structures have fire-rated floors and walls that can contain fires and stop them from spreading. Buildings are also constructed with numerous exits and escape pathways, assisting in the speedy evacuation of residents in the case of a fire.

Fire and safety education among people

The importance of providing building occupants with fire safety training and instruction has also expanded. Today, a lot of buildings do regular fire drills and offer instructional resources to help inhabitants learn how to put out fires and what to do if one breaks out.

Overall, even though multifamily fire hazards have decreased, there is still work to be done to guarantee everyone stays safe from the hazards of fire.

Further methods to reduce fire-related risk in multi-family homes

Fires in multifamily homes can be particularly devastating, as they can quickly spread to neighboring units and put many people at risk.

In the section below, we will explore some of the most effective ways to do so. These methods have helped property owners and managers in the past, and we are sure they will help you too.

Install Smoke Alarms

Smoke alarms are crucial to fire safety in any home, but they are particularly important in multifamily homes. Building codes typically require smoke alarms to be installed in each unit and common areas, but it's important to ensure that they are working properly and have fresh batteries.

Conduct regular energy audits

Conducting regular energy audits on your buildings will help you identify if your buildings or housing units are losing energy in certain areas. This will also help you identify if there are some fire-prone or risky areas in the building. You can also get the buildings inspected by independent property assessors to know where your building stands.

Maintain Heating and Electrical Systems

In multifamily homes, electrical and heating systems frequently cause fires. These systems can assist in stopping fires from starting with routine maintenance. Also, it's crucial to check that all appliances are in good functioning order and aren't overburdened with unnecessary gadgets.

Keep Common Areas Clear

In multifamily homes, it's essential to keep common areas clear of clutter and debris. This can include stairwells, hallways, and any other areas that multiple residents use. A clear path can help people evacuate quickly and reduce the risk of tripping and falling.

Install Fire Sprinklers

Each multifamily property can benefit from the addition of fire sprinklers. The devastation caused by fires can be greatly reduced, and residents can be kept safe, even though they can be costly to set up. In addition, they can aid in the early detection of fires and their containment when used in conjunction with smoke alarms.

Educate Residents on Fire Safety

Residents must be informed about fire safety and what they can do to stop fires from starting. This may involve instructing children on how to operate appliances safely and what to do in the event of a fire. Regular fire drills should be held in order to teach locals how to flee in case of an emergency.

Have a Fire Escape Plan

A fire escape strategy must be in place in the case of a fire. Several escape routes should be identified, a meeting area should be set aside, and an evacuation aid plan should be in place.

Work with Local Fire Departments

Multifamily homes can benefit greatly from the assistance of their local fire departments. They can assist with conducting fire safety inspections, educating locals, and giving guidance on how to lower the danger of fires. Building owners and managers should collaborate closely with their local fire services to ensure they are doing all possible to keep inhabitants safe.

Reducing fire-related issues with energy audits

With improvements in technology, modifications to construction rules, and increased knowledge about fire safety among property owners and occupants, fire-related hazards in multifamily residences have undergone a major transformation.

These adjustments have decreased the danger of fire-related injuries and fatalities and improved the safety of multifamily homes. Residents must exercise caution and take precautions to lower the risk of fires, such as using safe cooking techniques, storing combustible goods appropriately, and alerting building management to fire hazards.

Want to know if your building is losing energy in multiple places and increasing your energy bills? Or do you want to know if your building has some faulty energy lines, which can eventually lead to fire-related issues? You can find answers to all of these impending queries through our energy audit reports. Get in touch with our team to start your audits today.

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The Rise in Demand for Housing and the Growth of Multi-family Homes

Fri, 08 Jul 2022 22:12:00 -0500

According to Harvard research reports on the housing conditions in America, they found that the present scenario is quite grim. Housing prices in America are 4.4 times more than the average disposable income of any ordinary household. This means that most American families can not even afford to buy a home; some even find it hard to rent homes. The housing prices are increasing leaps and bounds and further adding to the global housing crisis.

World Finance found that the housing prices in the USA have increased by a whopping 40% since 2000. But the average income of people has not seen such a hike, making affordable housing a real issue for average Americans.

This is where the multi-family homes and their sudden rise is coming into play. Making more homes for a larger community in the same landscape can majorly mitigate the housing crunch. And it is not all a utopian dream; many real cases stand to prove the point. As a property manager and real estate business owner, are you wondering if investing in multi-family homes is the next big thing? You are not wrong.

Here’s how developing and investing in multi-family homes is a smart business move, as well as a great way to handle the social cause of the housing crisis.

The American housing crunch is real

Research data says, an average America who works more than 40 hours a week and earns minimum wage as per the US standards can not stand to afford a typical two-bedroom apartment in the country. But housing shortage has other factors at play.

According to National Association of Realtors (NAR) reports, it found that housing shortage is also caused by slow construction and slow construction results from a shortage of labor. Another factor at play is access to mortgages; without money rolling out, buying and constructing homes become tougher. People are now spending more than 40 - 50% of their salaries on putting a roof over their heads.

How can multi-family homes help

Why are multi-family homes the answer to the impending housing crisis in America or across the globe? The most straightforward answer is that it uses the same amount of land as a single-family home to house multiple families. The rents go down when the number of tenants is more, and it becomes easier for low-income or moderate-income families to afford homes in the city. Moderate-income families need affordable places to stay, and as real estate business owners, you need lower tenant turnover to see profits.

As a real estate investor or developer, you can either construct new multi-family homes or revamp and renovate the old ones to help reduce tenant turnovers. You can even keep the rents slightly lower than the average rent in the surrounding community. Shravan Parsi, CEO of American Ventures, gave a real-life example where keeping their rents slightly lower in multi-family homes kept their occupancy at 95%. It was a win-win.

What is driving the growth of multi-family homes

The population in the US is increasing every day, but the amount of land remains the same, hence the rising demand for more multi-family homes. Here are the major driving factors in the growth of multi-family homes and the future of mass-scale housing.

Low and moderate-income renters

As per data findings, the average income of an American family is $67,521 as of 2020. But the minimum wage is $7.25 per hour of work. Many families work for more than 40 hours a week and still struggle to make the average income bracket. The average rent remains at $1,164, but the rates are much higher in the cities. This makes it extremely difficult for low and moderate-income renters to afford homes. The rising demand for housing from this category of workers is driving the major investment and increased construction of multi-family homes.

First-time tenants

Living in apartments is cheaper, and first-time renters like college students and freshers at new jobs find it harder to rent out whole houses. Many of these new tenants are coming in from rural or semi-urban areas and driving up the demand for multi-family homes to help make housing more affordable for first-time renters.

Senior housing

Government census data says that more than 23% of the American population will be 65+ by 2060. Another type of multi-family housing is full-serviced apartments for senior citizens. These are people who find it challenging to live alone in single homes; assistive living works better for them. This is another factor that is driving up the demand for multi-family homes as a form of senior housing.

Lifestyle renters

Lifestyle renters are pretty new in the market, but they are a major driving factor for multi-family homes. Lifestyle renters are people who earn more than the national average. Ideally, these people can afford single-family homes, but they choose not to buy individual homes to make their lifestyles more sustainable.

Multi-family homes are a self-sustaining business plan

Multi-family homes generate more rent and have a stable cash flow for real estate property managers and businesses to work with. These revenues can quickly pay for maintenance and also get real estate businesses enough cash to invest in newer construction to further the business development. As a real estate business owner, you need to plan your strategy and leadership in a way that it aligns with these rising demands to tap into this market.

Using Property Management the Smart Way

This demand is here to stay, and it will increase even further in the coming days as the population keeps increasing. Are you wondering how you can steer this trend and make it work in your favor? You need to have proper management and leadership to optimize your resources and make the most out of this rising demand for multi-family homes. Start building and investing in these homes to stay ahead of the curve.

At Assetsoft, our team has been working with various kinds of real estate businesses since 2012. We have a decade-long experience in providing advisory services to real estate companies. From technology selection to software integration and other real estate needs, our experts can help.

Talk to us today to know more!

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Is SFR Construction Outpacing Multifamily?

Mon, 18 Oct 2021 07:00:00 -0500

2020 saw an increase in the construction of single-family homes as compared to apartment units, according to Robert Dietz, the chief economist of the National Association of Home Builders.

So, will SFR construction will outpace multifamily with time? Also, apart from SFR, the BFR (Build-for-Rent) sector is slowly gaining ground, according to a report by Walker & Dunlop.

Now, historically, small-scale investors and individual investors have ruled the market. However, SFR has always occupied a certain portion of the rental market. Families having small children, and retired people look for single-family homes with yards and upscale amenities.

The Difference Between SFR And BFR

The commercial real estate sector often sees terms like SFR and BFR used interchangeably. However, they are different from one another.

SFR, for instance, refers to a group of houses located in different geographical areas, and they are pooled together for the sake of investment. These include town homes, single-family detached homes, and also two-to-four-unit properties.

SFR properties are not that hard to find. However, rural markets make up close to 66% of the rental housing stock. If the overall rental space is considered, the SFR market has been a long-standing asset class.

That being said, institutional investors have been making their way into the market.

On the other hand, BFR properties are purpose-built housing.

They are meant to be operated as SFR properties. They resemble multifamily properties. The houses in BFR properties are contiguous and function as a single rental community.

Among those who are familiar with SFR, BFR is a novel concept, something popular among investors and traditional multifamily developers as well. The BFR market forms about 5% of the new homes that are being constructed, but the chart’s on a steadfast ride up.

Why SFR Construction May Outpace Multifamily Constructions

Migration patterns as a result of the COVID-19 pandemic have only caused that demand to rise. Factors such as travel restrictions, and social distancing measures have prompted several renters to look for more space. So, they found their way to suburban markets and also in small metropolitan areas.

Since there was an increase in demand for space devoted to remote work and schooling, the need for larger living quarters arose. Besides, prices of houses were rising at a rapid rate. So most families with moderate income found it difficult to buy new homes.

Since the end of the Great Depression in the US, the SFR sector has been growing. Today, it has become the fastest-growing sector of the US rental market, fuelled chiefly by economic factors. The factors that kept several potential home buyers at bay primarily included:

Heavy debts,
Short sales,
Home foreclosures,
A tight and competitive job market.

Many middle-class people could not afford new houses, but they earned enough to invest in a rental home. The changing attitude regarding homeownership was another factor that prompted the sector to grow at a steady pace. As reported by RealtyTrac, between 2006 and 2016, over 6.3 million foreclosures took place.

According to Walker & Dunlop, the growth of SFR may outpace the development of office, retail, hospitality, and, most importantly, the multifamily sector by the year 2022. With the continuously soaring demand for SFR, more and more investors are investing in it.

The investors who were prone to investing in office, retail, and so on are gradually going towards the SFR market. In comparison to the multifamily market, the SFR market is estimated at $3.4 trillion.

Recent Trends In The Multifamily Market

According to reports, the strength of the multifamily market increased to a considerable extent in Q2 in the U.S. market. There was a quarterly absorption of about 179,400 units in the multifamily market.

The overall rate of vacancy rate in this sector witnessed a downward trend. It decreased by 70 basis points (bps) to a healthy 4.0% in Q2. At the same time, the average rent rose by 3.5% from Q1. It is the second quarterly increase to be reported since Q1 2020.

The levels of construction continued to be fairly high. About 65,600 units were added in Q2. This brought up the year-to-date total to 117,900. The new supply was outpaced by net absorption of 197,300 units in H1. The investment volume in the multifamily segment rose by 34% quarter-over-quarter in Q2 to $52.7 billion. Despite all these trends, it seems SFR construction will soon outpace multifamily construction.