The apartment market’s performance outlook is holding up better than anticipated. June rent collections are comparable to last year’s showing and several markets managed to hold onto strong occupancy and rent growth. This is causing, many apartment operators to prepare to resume more “normal” operations. Re-opening amenity spaces and working through all those maintenance requests from the last three months.
Mid June, Rent collections better than pre-pandemic levels:
About 89% of renters in professionally managed apartments had paid by mid June according to the National Multifamily Housing Council. That rate is identical to June 2019’s, signaling enhanced unemployment benefits. The CARES Act is working as intended. Plus, previously lagging Class C units are logging improved collection rates.
Looks like we will resume normal operations. Most operators have begun to re-open, apartments returning to pre-pandemic operations. Management experts best practices for keeping residents safe while working through maintenance requests, leasing to new residents and policing social distancing in shared amenities are working and building a stronger foundation.