As unemployment surpasses 33 million, rent collections still strong based on National Multifamily Housing Council data
SANTA BARBARA, Calif., May 12, 2020 – Pain points for multifamily owners and operators emerged in April, with rents declining $8 on average from March, putting rents back where they last were in August 2019, according to the latest Yardi Matrix® report.
Rent collections surprised many with National Multifamily Housing Council (NMHC)’s Payment Tracker reporting 91.5% of professionally managed apartment households made a full or partial rent payment by April 26. May collections started off strong as well, with 80.2% of households making a full or partial payment by May 6.
Many states have begun to relax their shelter-in-place rules, but returning to life outside of lockdown will require changes to normal daily life for some time, states the latest National Multifamily Report from Yardi Matrix. Tourist and travel-focused cities and oil production and processing regions will likely be hit the hardest.
Yardi experts hosted a multifamily-focused webinar last week detailing the continued impacts of COVID-19. You can view the full webinar recording and find presentation materials online.
“We’re not done (with economic pain) yet. But I do think the immediate first wave of pain is behind us,” said Jeff Adler, vice president of Yardi Matrix. “We’re looking at an ongoing, gradual recovery that will start in the next 30 days. But we have a very long road back.”
In April, rents decreased 50 basis points nationally on a month-over-month basis. Gateway markets, many of which have had some of the highest COVID-19 infection rates, are among some of the most impacted on a month-over-month basis. Dive deeper into the full National Multifamily Report for April.
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