With COVID-19 at the forefront of every multifamily owner’s and
operator’s mind, it is essential to monitor the rapidly changing
economic conditions and understand the role marketing plays in
helping you overcome the challenges ahead.
As the number of COVID-19 cases rises, so do fears of a global economic recession. On March 20, Goldman Sachs forecasted the United States GDP to fall 6% in the first quarter of 2020
and then contract a staggering 24% in the second. Although the demand slowdown will have the
greatest impact on restaurant, entertainment, and travel industries, the trickle-down effect will also be heavily felt in the housing sector. Treasury Secretary Steven Mnuchin warns US unemployment could reach as high as 20% – leaving 32 million Americans out of work,
many of whom will have difficulties still paying their rent.
This excerpt was taken from multifamily executive magazine.
This gives us all room to pause and think through what just might become in the next few months. I do not want to get into a dooms day mindset here for you or me however, we need to be realists and understand 2001 & 2008 happened also. Call today for a planning session to stay in front of it all.