As another week of social distancing, telecommuting and self-isolation comes to a close, we have a clearer picture of how the COVID-19 pandemic is impacting the U.S. economy and apartment market. After unemployment claims skyrocketed last week, the U.S. House of Representatives passed a $2 trillion stimulus package on Friday.
RealPage continues to monitor the developing situation and analyze the impact to the multifamily industry. Here’s some resources to catch up on.
Long-Term Impact of Moratoriums on Apartment Evictions
Earlier this week, the National Multifamily Housing Council called for a 90-day moratorium on most evictions and rent increases, among other endorsements. Even a short-lived measure could have long-term effects on the apartment market and the 17.5 million people it employs. Put simply, it’s complicated.
Webcast: COVID-19’s Impact on Apartment Pricing
It seems naïve at this point to think the coronavirus pandemic won’t have a significant impact on the U.S. apartment market, but negative effects can still be minimized. In a webcast that can be watched on-demand here, RealPage Deputy Chief Economist Jay Parsons, RealPage Industry Principal for Asset Optimization Andrew Bowen and RealPage Senior Vice President Keith Dunkin outline actionable measures to curtail fallout. National Multifamily Housing Council President Doug Bibby also makes an appearance to share more about NMHC’s recommendations to the apartment industry during the pandemic.
Ten Best Practices for Pricing Apartments in a Downturn
As apartment leasing traffic dries up in the near-term, property managers and leasing agents may need to pivot their strategies to get potential tenants in the door – and hold onto them. Even property managers and leasing agents with well over a decade of experience may still not have lived through a trough. Taking some lessons from the 2008-2009 slowdown, we complied 10 best practices.
Webcast: COVID-19’s Impact on Rental Housing Operations
RealPage experts Jay Parsons, Consumer Solutions Senior Vice President Nikhil Venkatesh and Financial Services Senior Vice President Matt Davis join Modern Message CEO John Hinckley to share how managers can covert leads, utilize online leasing, protect themselves from delinquent renters and serve existing residents in a webcast that can be watched on-demand here.
Some Essential Businesses Ramp Up Hiring
The U.S. Department of Labor announced more than 3 million workers filed for unemployment benefits last week, a statistic that shocked many. But it’s not all bad news. Many companies, such as Amazon, CVS Health, Walmart, 7-Eleven and several grocery store chains are looking to fill part-time and full-time openings immediately.
Webcast: COVID-19’s Impact on Capital Markets
Join RealPage Chief Economist Greg Willett and Deputy Chief Economist Jay Parsons for the live webcast on April 7th at 10 AM CST as they address what the apartment market can expect from Freddie Mac and Fannie Mae, how construction complications may shake out and what makes for an attractive investment in these times. Register here.
For further reading on COVID-19 and the multifamily industry, check out these articles.
Apartment Industry Committed to Supporting Residents Impacted by COVID-19 from National Multifamily Housing Council
U.S. Price Growth Maintains Steady Clip in February from Real Capital Analytics
Record Rise in Unemployment Claims Halts Historic Run of Job Growth from The Wall Street Journal
Coronavirus Outbreak Pushes Local Governments to Freeze Home Evictions from The Wall Street Journal
New Fed Study Finds Efforts to Slow Pandemic Don’t Depress the Economy from MarketWatch
Some Initial Takeaways on How the $2T Stimulus Helps CRE from National Real Estate Investor
White House Identifies Chicago, Detroit Areas as Emerging Coronavirus Hot Spots from The Hill
‘Landlords Are Just Trying to Pay Bills Like Everyone Else.’ The Coronavirus Could Hit Mom-And-Pop Landlords Hard as Tenants Miss Rent Payments from MarketWatch