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Improving May Rent Payments Top This Week’s Multifamily News

Improving May Rent Payments Top This Week’s Multifamily News

The U.S. apartment industry continues to operate in uncertainty as the country navigates the COVID-19 pandemic. The national unemployment rate hit an astounding 14.7% in the latest release from the Bureau of Labor Statistics, following seven weeks of heightened jobless claims. Even so, the nation’s renters are – mostly – keeping up with their rent payments.

Get caught up on this week in multifamily news here.

May Rent Payments Keep Climbing

Through May 13, nearly 88% of renter households paid rent. That figure trails year-ago rates, but just barely. Payments in both Class A and Class B units hover just below 90%, but Class C units are a bit more challenged with 83.1% of rents paid through May 13.

Operators Pivot Marketing Strategies

Operators are adjusting to the pandemic environment, taking marketing online. According to a recent RealPage poll, the adjustments are happening across most aspects of marketing: in virtual leasing, self-guided tours and in resident portals.

Unemployment Reaches 14.7% Nationwide

The Bureau of Labor Statistics released April figures citing 20.5 million jobs were lost in one month, marking the steepest decline since the Great Depression. While many of these lost jobs have the potential to come back at some point, most economists are not expecting a sharp “V” shaped recovery.

Webcast: Industry Expert Q&A

In a rapidly declining economy, sharing data across the industry can benefit everyone. RealPage Deputy Chief Economist Jay Parsons sits down virtually with Chris LoSapio, Senior Vice President and Director of Asset Management for Federal Capital Partners; and Adam Chaffee, Vice President of Asset Management at Fairfield Residential to talk portfolio tactics. Watch the webcast on-demand here.

For further reading on COVID-19 and the multifamily industry, check out these articles.

If Landlords Get Wiped Out, Wall Street Wins, Not Renters from Bloomberg
America’s Employment Losses Might Be Slowing: Job Tracker from The New York Times
Property Prices Increase for Most Key Global Metros in Q1 from Real Capital Analytics
Capital Markets Loosen Up Enough to Allow Some Multifamily Refinancing from National Real Estate Investor
NMHC Rent Payment Tracker Finds 87.7 Percent of Apartment Households Paid Rent as of May 13 from National Multifamily Housing Council