ABODO’s Property Management & Multifamily Roundup (June 8-12, 2020)

in Popular, Property Management Tips

News from Multifamily

In this week’s installment of the ABODO Property Management & Multifamily Roundup (June 8-12), 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, multifamily outlooks from the experts, updates on rent collections, insight into the short-term rental market, and what younger renters really want.

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

June 8, 2020

NMHC Rent Payment Tracker Finds 80.8 Percent of Apartment Households Paid Rent as of June 6

National Multifamily Housing Council | By NMHC Editorial Team

“The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 80.8 percent of apartment households made a full or partial rent payment by June 6 in its survey of 11.5 million units of professionally managed apartment units across the country. This is a 0.7-percentage point decrease in the share who paid rent through June 6, 2019 and compares to 80.2 percent that had paid by May 6, 2020. These data encompass a wide variety of professionally managed market-rate rental properties across the United States, which can vary by size, type and average rental price.”

Strategies for Increasing Affordable Housing Amid the COVID-19 Economic Crisis

Brookings | By Ingrid Ellen, Erin Graves, Katherine O’Regan and Jenny Schuetz

“Even before the COVID-19 pandemic, millions of Americans lacked stable, affordable housing. Now, the crisis has highlighted the social and economic costs of this crucial gap in the safety net. People living in poor-quality, overcrowded, or unstable housing—or without any home at all—cannot follow public health directives to safely “shelter in place.” As a result, they are at far greater risk of contracting the virus, along with other chronic illness.”

June 9, 2020

Industry Experts Break Down the Multifamily Outlook

Multifamily Executive | By Christine Serlin

“While the National Bureau of Economic Research announced Monday that the longest economic expansion in the nation’s history has come to an end and that the recession began in February, industry leaders are cautiously optimistic. “For multifamily real estate, it’s important to keep in mind that we have very strong fundamentals,” says John Sebree, senior vice president and national director, multifamily, at Marcus & Millichap.”

Property Managers Have Had to Quickly Digitize

GlobeSt | By Kelsi Maree Borland

“Property managers have been slowly adopting and adapting to new technologies, but since the onset of the pandemic hit, technology has become an essential tool in the property management toolbox. Technology has become an integral way to communicate with residents, vendors and conduct basic business operations. According to a recent survey conducted by AppFolio, 23% of property managers have increased dependence on technology since the beginning of the pandemic.”

June 10, 2020

For Gen Z, Sustainability Is the New Amenities Race

Multifamily Executive | By Blake Kraus

“As the first members of Generation Z turn from college students to renters, the multifamily housing industry needs to be ready to face a new set of demands. The amenities war continues to wage on, but that might not be enough to woo the incoming wave of residents. Sustainability, instead, could be the answer.”

Tips for Catering to Renters’ New Preferences

Multi-Housing News | By BJ Turner

“As an investor in multi-housing product, we are always looking for ways to make our assets desirable to tenants in order to create demand, lessen turnover and secure market rents. As we move into a post-COVID-19 environment, now more than ever, we anticipate that renters will approach their living space differently than they did before the pandemic. With that said, it will be important for investors to cast a critical eye on existing assets, as well as what they will be looking to acquire going forward. The changes for both renters and owners are largely based on lessons learned during the pandemic relating to social distancing, preventive strategies to reduce the potential of transmission, and a potential influx of people working at home.”

June 11, 2020

When Benefits Run Out. What Happens with Rent Relief?

Multi-Housing News | By Holly Dutton

“As multifamily owners and landlord groups wait on the Senate to pass more rent relief legislation for those financially impacted by the ongoing coronavirus pandemic, some cities and states have wasted no time launching their own relief efforts to help renters make ends meet. But with the extra $600 in weekly unemployment benefits for eligible individuals poised to run out soon, many in the industry are worried that more support may not come soon enough to prevent big problems for landlords and renters alike.”

What’s Next for Property Management Employees During COVID-19

Multi-Housing News | By Dru Armstrong

“The housekeeper who disinfects the light switch, washers, dryers, chairs and tables in an apartment community’s laundry room is a hero. The maintenance technician who replaces the bulb that’s gone out in the lamp over the parking lot and finds the leaking pipe is a hero. The groundskeeper who picks up the trash scattered in the grass is a hero. The coronavirus pandemic is redefining what it means to be essential.”

June 12, 2020

More Remote Work Leads to Lower Rents in Urban Areas

GlobeSt | By Pearl Wu

“As the US enters into its third month under various stages of stay-at-home orders due to the coronavirus pandemic, rents nationwide decreased .2 percent for one-bedrooms to $1,217 on average. Since stay-at-home orders went into effect in mid-March, many companies allowed office employees to work remotely from their homes. The shift from commuting into offices to working remotely may have caused a decrease in rental prices, as employees are shying from metropolitan areas with high price tags.”

Rental Home Price Growth in U.S. Slowed to 5-Year Low from Coronavirus

World Property Journal | By Monse Rachid

“According to the latest April 2020 Real Estate Market Report, home rental prices slowed more than they had in at least five years when the coronavirus pandemic hit. But the for-sale market continues to heat up after a slower early April. Rent prices had been chugging along at a remarkably stable pace since 2018, with the growth rate rarely rising or falling much from one month to the next. That changed in April, the first reading since the coronavirus pandemic struck the U.S.”

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

Read More Posts / View All