April Rent Update
At EM Capital we continue to monitor the current situation closely and are working on aggregating and analyzing multifamily market data as we continue to position for future acquisitions. After a holistic review of market data we have found the following information. On April 8th The Wall Street Journal revealed nearly 1/3 of American renters had not paid in the first week. By week 2, the Real Deal reported a jump to 84% of rents being paid. As a reference point, this is a 13% drop in payments when comparing against last April. This growth seems to point in the right direction, though as unemployment continues to rise and tenants continue to protest payments we are unsure of what is to come for May. Though, it is important to note that these protests and missing payments are not occurring in all markets around the country. Doug Bibby, President of National Multifamily Housing Counsel recently noted, “Unfortunately, unemployment levels are continuing to rise and delays have been reported in getting assistance to residents, which could affect May’s rent levels. It is our hope that, as residents begin receiving the direct payments and the enhanced unemployment benefits the federal government passed, we will continue to see improvements in rent payments.” We are continuing to work on flexible payment plans if necessary and ensuring all property operations are running smoothly and safely. Please stay tuned for more information regarding May rent updates.