New data released this week points to challenges in the multifamily industry, but it wasn’t as bad as anticipated, given the extensions of Stay-at-Home orders, widespread job loss and record unemployment claims. Operating multifamily assets in a pandemic still presents a lot of unknowns, but we now know how many Americans paid rent on time last week and what the future might look like within the context of the CARES Act.
Catch up on this week’s multifamily news here.
Rent Week Results: April Payments Down from March
In one of the most anticipated rent weeks in modern history, roughly 69% of apartment households paid rent by April 5. That was about 12 percentage points below March’s rate. RealPage Chief Economist Greg Willett contextualizes that slide in payments beyond the headline figure, and reveals the pieces of the market hit the hardest. In good news, relief is in sight, as the CARES Act should provide respite soon, and more than 93% of industry professionals anticipate offering payment plans.
Leasing Traffic is Down, But Context is Key
While leasing traffic numbers weren’t good, they weren’t as awful as anticipated. Compared to 2019 – the best prime leasing season in recent history – year-over-year assessments were bound to look lackluster. Additionally, a significant gap between leasing traffic and new lease signings indicates some pent-up demand from renters waiting out self-isolation before signing a new lease. RealPage economists Greg Willett and Jay Parsons examine leasing and rent payment data, as well as RealPage’s updated forecasting strategy in an hourlong webcast. Watch it on-demand here.
Navigating the CARES Act for Owners
Late fees, evictions and payment plans have all become buzz words in the last few weeks. Learn what the CARES Act means for apartment owners in an hourlong webcast hosted by RealPage Deputy Chief Economist Jay Parsons and Vice President of Legal Mike Semko. Watch it on-demand here.
Apartment Construction and Acquisitions Amid a Pandemic
Fundamentals that make an apartment asset attractive in the age of COVID-19 are different from what caught investor interest in the last several years. RealPage hosts Jay Parsons and Greg Willett, with special guest Jim Costello, Senior Vice President at Real Capital Analytics, talk expectations from Fannie Mae and Freddie Mac, potential changes to construction timelines and what deals are most likely to succeed in these unprecedented times. Catch the webcast on-demand here.
Operating Student Housing When Campuses Close
Tech-savvy student housing is, in many ways, better equipped to handle operational functions in an online world. But student housing operators are still facing the challenge of running communities with campuses closed. RealPage student housing experts Jay Parsons, Carl Whitaker and Ryan Kimura weigh in on pre-leasing for the fall 2020 semester, how to handle students who are no longer living in units and the potential long-term rise of online learning. Watch the hourlong webcast on-demand here.
COVID-19: Staying Ahead in a Crisis with Analytics
It’s vital for operators to have the latest data to help make clear-headed business decisions in uncertain times. Knowing what metrics and key performance indicators to follow, how to turn data into action and how to refocus reporting away from backward-looking reports can make all the difference. RealPage Deputy Chief Economist Jay Parsons and Industry Principal Andrew Bowen will share insights during a live webcast on April 14. Register here.
For further reading on COVID-19 and the multifamily industry, check out these articles.
Valuing US Apartments in the Midst of COVID-19 from Real Capital Analytics
NMHC Rent Payment Tracker from National Multifamily Housing Council
Steps for CRE Tenants, Landlords, Owners During Pandemic from Forbes
Powell Says the Economic Recovery Can Be ‘Robust’ After The Coronavirus Is Contained from CNBC
U.S. Jobless Claims Soar for Third Straight Week from The Wall Street Journal