ABODO’s Property Management & Multifamily Roundup (June 1-5, 2020)

Property Management Roundup

In this week’s installment of the ABODO Property Management & Multifamily Roundup (June 1-5), we’ll take you through the week in property management news, specifically, you’ll learn how the industry is preparing itself for life after quarantine with property management technology innovations, COVID-19 economic guidance, updates on rent collections, insight into the short-term rental market, how working remotely might impact the market and much more.

Here’s the latest in property management news and multifamily updates.

June 1, 2020

Short-Term Rental Market Faces Consolidation

CNBC | By Salvador Rodriguez

“Consolidation is hitting the market for short-term home rentals as the coronavirus pandemic has curtailed travel dramatically this year. Small landlords and venture-backed companies that collected properties to rent out as short-term vacation rentals are offloading them in an effort to cut their losses. Meanwhile, large property owners and managers are seeing opportunities to expand as desperate sellers and landlords seek new business.”

Tenant Fraud During COVID-19

Multifamily Insider | By Daniel Berlind

“We recently conducted a survey of 100 property managers across the U.S.  What we found is incredibly alarming. COVID-19 is having an intense effect on tenants and landlords alike.  Just look at AAOA’s recent survey that found more than HALF of landlords have tenants who are now unable to pay rent due to COVID-19. We see it too—we’ve seen a 9% increase in applicants fraudulently changing financial documents since COVID-19 struck.”

June 2, 2020

Rental Payment Stats Questioned

Multi-Housing News | By Lew Sichelman

“With June’s rent payments now due, a voice in the wilderness is questioning whether statistics showing how many residents made their April and May rents are accurate—or if this month’s numbers will be, too. Jonas Bordo, the founder of Dwellsy, a 15-month-old rental search engine, doesn’t think so.”

NMHC Rent Payment Tracker Finds 93.3 Percent of Apartment Households Paid Rent as of May 27

National Multifamily Housing Council | By NMHC Editorial Team

“The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 93.3 percent of apartment households made a full or partial rent payment by May 27 in its survey of 11.4 million units of professionally managed apartment units across the country. This is a 1.5-percentage point decrease in the share who paid rent through May 27, 2019 and compares to 91.7 percent that had paid by April 27, 2020. These data encompass a wide variety of market-rate rental properties across the United States, which can vary by size, type and average rental price.”

June 3, 2020

The End of the Extra $600 Weekly Unemployment Benefits Threatens Rent Payments

Forbes | By Dima Williams

“As rent comes due in June, the third month since the onset of the pandemic, and as Congress mulls additional aid to inject into the coronavirus-battered U.S. economy, politicians and apartment industry experts are increasingly fixating on the $600 a week in supplemental unemployment benefits.”

Greystar Acquires Alliance’s Property Management Arm

Multi-Housing News | By Greg Isaacson

“Greystar Real Estate Partners, the largest operator of rental apartments in the U.S., is acquiring the property management business of Alliance Residential Co., a deal that will boost its portfolio by 130,000 units. The transaction comes as the multifamily industry powers through the coronavirus crisis and the overwhelming majority of people living in professionally managed communities continue to make rent payments.”

June 4, 2020

Rent Collection Survey Predicts Increase in June Payments

Multi-Housing News | By Gail Kalinoski

“A new national survey of multifamily residents predicts rent collection of 84.3 percent by June 10, up about 5 percent from the same time in May. The J Turner Research found that 74.6 percent said they expected to pay rent on time with 9.6 percent responding it would be paid by the 10th.  Another 6.0 percent said they expected to pay by the end of the month, bringing the expected total to 90.3 percent. Only 9.6 percent said they did not expect to make their rent payment for June.”

Surge in Suburban Housing Hasn’t Impacted Multifamily Rental Market

Bisnow | By Kelsey Neubauer

“Apartments in the suburbs may not be feeling the heat of a suddenly on-fire housing market as city-dwellers flee to more space. While thousands have left New York City and vacancies in the multifamily market increased, many New Yorkers flocked to the suburbs, flooding suburban real estate brokers with interest in renting and buying. But major apartment developers in the city’s suburbs told Bisnow this week that the multifamily market has not seen the same surge in demand.”

June 5, 2020

J Turner Survey Anticipates 84.28% Rent Collection Rate by June 10

Multifamily Executive | By Mary Salmonsen

“Based on a survey of apartment renters conducted from May 22 to May 31, J Turner Research is predicting a rent collection rate of 84.28% nationwide by June 10. According to J Turner, this would be an increase of about 5% over the previous month at the same time.”

Strategies for Strengthening Your Property Management Teams While Working Remotely

AppFolio | By Brittany Benz

“A lack of company culture can lead to dissatisfied employees, a loss of productivity, and increased turnover. Having a resilient culture is key when it comes to overcoming challenges and maintaining positivity. Property management businesses have quickly pivoted and instituted new processes to adapt to COVID-19 and keep their teams connected. As we move forward, having a strong culture will continue to be essential to maintaining productivity and growth for the long-term.”

Be sure to check in with us for our next roundup — coming next week.

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