This week’s roundup continues to look at trends in the multifamily market, reviewing how COVID-19 has affected rent payments, pricing, operations and construction. We start with RealPage’s summary noting 93.3% of professionally managed apartment tenants paid rent as of May 27, according to the National Multifamily Housing Council (NMHC). Next, Multi-Housing News reports on the top metros in constructing apartment units. Then, a Moody’s Analytics REIS paper focuses on how COVID-19 will affect construction delays, across property types and geographic markets. Real Capital Analytics provides an assessment that the current shrinking buyer pool will help establish a floor for prices more quickly than in previous downturns. Finally, NHMC presents a webinar where Jim Costello of Real Capital Analytics discusses multifamily operations during and following COVID-19.

Apartment Rent Payments by Metro Shift in Late May

RealPage – May 29

“Collections are also well above the U.S. norm in Dallas, Phoenix, Austin and Denver. Results in those four metros are worth noting because April jobs information released by the Bureau of Labor Statistics during the past week shows far less economic damage in those locations than in other big metros.”

Top 5 Markets for Construction Activity

Multi-Housing News – May 29

“A breakdown of the country’s top-performing multifamily metros for units underway as a percentage of existing stock.”

Downturns, Construction Delays, and the COVID-19 Pandemic

Reis – May 27

“The COVID-19 crisis adds several layers of complexity as shelter-in-place policies are disrupting supply chains and (in some places) halting construction activity altogether.”

Shrinking Buyer Pool May Accelerate Price Floor Discovery

Real Capital Analytics – May 27

“The buyer pool thus is shrinking faster in this downturn, with most of that decline seen in the last two months, but it does not mean that prices will fall more.”

COVID Resource Webinar – Seven Questions with Jim Costello SVP Real Capital Analytics

NMCH – May 22

“Caitlin Walter, Vice President of Research, discusses with Jim Costello, SVP, Real Capital Analytics the impacts on capital markets and local economies in the context of this public health crisis.”