Yardi Systems, in partnership with four housing industry associations, has announced an effort to bolster the rental housing industry’s recovery from the coronavirus economic crisis.

Yardi has teamed up with The Institute of Real Estate Management (IREM), National Apartment Association (NAA), National Multifamily Housing Council (NMHC) and National Association of Residential Property Managers (NARPM).

The multifamily industry has taken a tough blow from the COVID-19 pandemic, according to Gail Phillips, CEO of the NARPM.

“The pandemic has forced the industry to go through many changes in both business functions and advocating on pressures legislatively,” Phillips said.

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The associations have joined forces to develop a comprehensive strategy to ensure the long-term recovery of the rental housing industry. Yardi said it contributed $1 million to this cause.

“With nearly 40 million Americans living in apartments, the rental housing industry plays a critical role in housing them safely and securely,” said Anant Yardi, president and founder of Yardi. “We are delighted that the four major associations which serve the rental housing industry – NAA, NMHC, IREM, NARPM – will share knowledge, develop industry benchmarks, research new ways of operating and provide forward-thinking solutions for the benefit of residents, owners and the rental housing industry.”

“Developing shared resources and working towards common goals will help all of us navigate the legislative, operational and economic issues we currently face,” said Denise Froemming, IREM CEO and executive vice president. “Collectively, we can inspire more meaningful action, leading to favorable outcomes for our members and the industry as a whole.”