10 Apr 4-10-20 Commercial Real Estate & Multifamily News
GlobeSt Article – 24% of Apartment Dwellers Were Not Able to Make Rent in April – get link here
- “In April, 24% of apartment renters were unable pay rent. According to a report from Apartment List, one in four renters made either a partial rent payment or no rent payment at all. Additionally, the same number of homeowners—one in four—did not make their mortgage payment during the month of April.”
GlobeSt Article – Investors Adjust to Cascading Effects of Absent Rental Income – get link here.
- “borrowers are strained to make loan payments, which they fear could go into default”
- “Absent liquidity in the market could lead to financial instruments getting traded by lenders. Bonds that were allocated to make payments on April’s rental income and fail to do that because bonds downgraded they can go into default.”
- “On the asset management side, our team is busy triaging leasing matters where tenants are asking for rent release, some need it, some don’t,” Ziff said. “To give free rent to everyone, you’ll go out of business and have to hand properties back to the lender. That’s not the solution, so we have to handle each request individually.”
MHN Article – 4 Ways to Offer Rent Assistance and Avoid Evictions in Tough Economic Times – get link here.
MHN Article – Property Management FAQ During COVID-19 – get link here.