In this week’s installment of the ABODO Property Management & Multifamily Roundup, we’ll take you through the week in property management news about how the industry is preparing itself for life after quarantine, COVID-19 guidance and updates, virtual leasing innovation, rental property demand and renter behavior. This week, a few awesome publications shared stories on the impact COVID-19 is having on rent payment collections, how to manage common areas and amenities during the times of social distancing and much more.
Here’s the latest in property management news and multifamily updates.
May 11, 2020
National Multifamily Housing Council | By NMHC Editorial Team
“The National Multifamily Housing Council (NMHC)’s Rent Payment Tracker found 80.2 percent of apartment households made a full or partial rent payment by May 6 in its survey of 11.4 million units of professionally managed apartment units across the country.”
AppFolio | By Elizabeth Millar
“For community association professionals, you’re facing tough challenges with social distancing as you have to keep residents happy while still ensuring things stay clean and adhering to local laws. Read on for ways to help manage your common areas and amenities while stay-at-home orders are in effect as well as guidelines against social gatherings.”
May 12, 2020
Multifamily Executive | By John Falco
“On a rolling four-quarter basis, national resident satisfaction decreased again in Q1 2020. In the past two quarters it decreased by 0.1 percentage points, but in the first quarter of 2020 it decreased by 0.4 percentage points. This past quarter, 78% of residents reported “Good” or “Excellent” satisfaction with their overall renting experience, which is also down 0.5 percentage points from the first quarter of 2019.”
Property Management Insider | By Tim Blackwell
“The security deposit that completes apartment leases has gotten a makeover, and it is the reason for everybody to smile. Deposit insurance is a new breed of security deposit, which traditionally has protected apartments from damage by encouraging residents to practice good housekeeping. The indemnity paid in monthly installments has become an alternative to up-front deposits that have been the bane of renters and landlords.”
May 13, 2020
Multi-Housing News | By Joe Gose
“This was supposed to be a year marked by a healthy amount of new multifamily supply, as some 300,000 units were on pace to open by the end of 2020. But federal, state and local stay-at-home orders and other responses to the coronavirus pandemic will likely reduce that to around 250,000 units, according to projections by commercial real estate brokerage Marcus & Millichap and REIS, the property research arm of Moody’s Analytics.”
HousingWire | By Julia Falcon
“As more rent payments are made incomplete or not at all, Avail said that the total number of incomplete rent payments rose 93% between March and May. Avail said that nationwide, about 22% of landlords said they did not receive rent in full in March, while 33% did not receive rent in full in April and 42% did not receive rent in full in May. This is the case for about 60% of landlords, who said they didn’t receive a full rent payment in May because their tenants could not pay or did not pay.”
May 14, 2020
Multifamily Executive | By Joseph Batdorf
“Many pundits have characterized members of Generation Z as true digital natives, highly mobile dependent, and always in search of a unique and personalized experience. Practical and convenient choices drive Gen Z’s buying behavior, a sentiment also reflected in their apartment lifestyle preferences. Today’s renters, led by Gen Z, are looking for the absolute best in apartment living. They desire a range of upgrades, and they are willing to pay a premium for those upgrades–this is the central conclusion of our study, The Next-Gen Renter: 2020 and Beyond, which drew participation from over 23,907 residents nationwide. In this study, 23% of respondents represented Gen Z with an average age of 21.84 and average rent of $1,079. We presented this study at the inaugural J Turner Research Summit in December 2019.”
Multi-Housing News | By Greg Isaacson
“Renters are especially vulnerable to economic shocks because their median annual income is dramatically lower than that of homeowners with a mortgage and they spend a higher share of their income on housing costs than the latter group: more than one-third compared to one-quarter for homeowners. That gap is even more pronounced for lower-income renters.”
May 15, 2020
AppFolio | By Megan Eales Monroe
“Personal connections and service have always been important in real estate. But when the onset of COVID-19 rapidly changed property managers’ ability to provide in-person service, many found ways to adapt by bringing that service into a virtual environment. In this week’s episode of the COVID-19 Expert Interview series, AppFolio’s CMO Aimee Miller had the chance to discuss all this and more with Cambridge’s Chief Operating Officer, Kayla Röeder.
Rentec Direct | By Rentec Direct Editorial Team
“As COVID-19 continues to impact markets across the globe and varied data continues to roll in, many are left wondering what the future will hold in the rental industry. Landlords are curious about their rights, responsibilities and best practices during this time, while renters are asking the same questions in the face of widespread layoffs and income loss. Tenants’ ability to pay rent is changing, along with the way tenants are paying rent. It’s safe to assume landlords are directly feeling the effects of this global shift.”
Be sure to check in with us for our next roundup — coming soon.