This week’s roundup highlights how the multifamily industry is preparing for life after quarantine, as well as COVID-19’s impact on single-family rental demand and renters’ behaviors. First, Multi-Housing News explores how various multifamily owners and operators are implementing changes at their properties as a result of the coronavirus, including their approaches to giving tours and reopening community amenities. Next, GlobeSt reports that the single-family rental market has experienced increased demand in recent months, particularly for build-to-rent assets as they tend to offer higher margins and longer tenant occupancy. RentCafé observes that apartment searching picked up in April, potentially signifying increased optimism among renters about resuming their moving plans. Then, the Terner Center provides an in-depth analysis of the number of renter households facing income losses due to COVID-19, as well as state and metro estimates on where renters are likely to be most severely impacted. Finally, RealPage shares some thoughts on what’s ahead for the apartment sector in May, including how rent collections will be impacted and how property managers will address these issues with their tenants.
Six Feet of Separation: Apartments Prepare for Life After Quarantine
Multi-Housing News – May 1
“Until there is a vaccine or a treatment, masks and social distancing will continue to be the new normal driving operations at apartment communities even after commerce and other activities are permitted to reopen.”
Demand Jumps in Single-Family Rental Market
GlobeSt – April 29
“Within the single-family rental market, the build-for-rent assets are the most popular among investors. BFR assets are built specifically for rentals, and can have higher margins than other single-family assets.”
Apartment Hunting Resumes in April, Pointing to High Renter Optimism
RENTCafé – April 24
“While in mid-March we saw searches on our website drop, the most recent April numbers are showing not only a return to pre-crisis levels, but a 17% increase compared to the beginning of March before the drop.”
Estimating COVID-19’s Near-Term Impact on Renters
Terner Center – April 24
“Nearly 16.5 million renter households have at least one worker in an industry likely to be immediately affected by efforts to flatten the curve in the COVID-19 pandemic.”
Ten Thoughts on Apartment Rent Payments Entering May’s Rent Week
RealPage – April 30
“The U.S. apartment industry held its collective breath going into April, and ended the month with a giant sigh of relief as rent collections far exceeded expectations.”
