Rent came due for millions of Americans last week while the economic impact of the COVID-19 pandemic deepened. Sheltering in place continued to expand across the country and unemployment filings hit a record high. Still, many are hoping the largest stimulus package in U.S. history might offer some relief in the near term.
RealPage continues to monitor the developing situation and analyze the impact to the multifamily industry. Here’s some resources to catch up on.
Rules for Owners and Managers to Survive a Downturn
In times of crisis, the best leaders move fast to identify a problem, build a strategy and take action. Don’t panic. Instead, strategize. Learn how to protect residents, keep employees safe and work toward a long-lasting solution.
What COVID-19 Means to Student Housing
In many ways, the student housing sector is ahead of the conventional market when it comes to dealing with the novel coronavirus. That’s important, since student housing isn’t being lost. Rather, it’s just being displaced. RealPage Industry Principal Andrew Bowen gives his perspective as both a parent paying for student housing and a professional in the industry. He has four pointers for operators to prepare for demand displacement in these uncertain times.
U.S. Loses 701,000 Jobs in March, BLS Reports
News from the Bureau of Labor Statistics was grim this week, as payrolls fell by 701,000 jobs, marking the worst month the U.S. economy has experienced in over a decade. Heavy job loss could continue into the next few months, but most economists are still expecting a rebound after the pandemic passes.
Webcast: How the CARES Act Impacts You
In this hourlong webcast, RealPage Deputy Chief Economist Jay Parsons and RealPage Vice President of Legal Mike Semko explain the parts of the Coronavirus Aid, Relief and Economic Security (CARES) Act that will have the most impact on the multifamily industry. Parsons and Semko discuss forbearance options, eviction proceedings and the Paycheck Protection Program. Watch it on-demand here.
Webcast: Impact on Capital Markets and New Development
Will construction fade in the multifamily sector as uncertainty hangs around for another couple months? Will investors continue to close on attractive apartment assets? RealPage Chief Economist Greg Willett and Parsons will discuss what makes a market attractive in these times, what to expect from Freddie Mac and Fannie Mae and what deals are most likely to prevail going forward in this hourlong webcast on Tuesday at 10 a.m. CDT. Real Capital Analytics Senior Vice President Jim Costello will also weigh in on what lies ahead. Register here.
Webcast: COVID-19’s Impact on Student Housing
College campuses are virtually empty, as are many student housing properties across the country. RealPage student housing experts Carl Whitaker and Ryan Kimura join Parsons in this hourlong webcast on Thursday at 10 a.m. CDT to discuss how student housing operators can handle pre-leasing for the fall 2020 school semester, what online learning could mean for housing and how operators should deal with empty properties. Register here.
For further reading on COVID-19 and the multifamily industry, check out these articles.
Record 6.6 Million Americans Sought Unemployment Benefits Last Week from the Wall Street Journal
Coronavirus Could Lead To 47 Million Lost Jobs, Says St. Louis Fed from Forbes
The COVID-19 Economic Shutdown is Already Hitting Multifamily Rents from National Real Estate Investor
Price Recovery and Liquidity Parallels from the Global Financial Crisis from Real Capital Analytics
120-Day Federal Eviction and Late Fee Moratorium from National Multifamily Housing Council
U.S. Payrolls Plunge 701,000 In March Amid the Start of a Job Market Collapse from CNBC
Where America Didn’t Stay Home Even as the Virus Spread from The New York Times