MHN’s August 2020 Must-Reads

Catch up on our most important stories, interviews and rankings for last month.

As the U.S. continued to hold the highest number of confirmed coronavirus cases in the world last month, some positive signs started to emerge for the multifamily market. More than 79 percent of U.S. rental households have made rent payments as of Aug. 6, according to NMHC, a slight increase from July’s rent numbers. Additionally, the unemployment rate dropped to 10.2 percent in July, with the addition of 1.8 million jobs, according to the U.S. Bureau of Labor Statistics.

But, as both Freddie Mac’s Multifamily Midyear Outlook and research by Fannie Mae’s Economic & Strategic Research Group noted, the pandemic’s impact on the industry and the overall economy is likely to be felt for at least the rest of the year. At the beginning of August, Governor Andrew Cuomo extended New York’s eviction moratorium until September 4. And by mid-August, HUD announced a new round of CARES Act funding to help keep low-income families housed during the crisis.

While net absorption plummeted to the lowest second-quarter level in 11 years, development activity in the country’s top multifamily markets picked up pace last month. A series of large-scale communities broke ground or secured construction financing, including Matter Real Estate Group’s $400 million, 40-acre mixed-use UnCommons in Las Vegas, and a 303-unit project in White Plains, N.Y., taking shape on the site that formerly served as IBM’s world headquarters. Additionally, other developments topped off or opened in August, including a $108 million mixed-use Orlando community, a 30-story tower in Philadelphia and a 46-story building in Queens, N.Y.

Here are MHN’s must-reads for last month:

Moe Vela Talks Affordable Housing

Moe Vela draws on his extensive experience in real estate, law and public policy to offer his views on the state of affordable housing, how it will change as a result of COVID-19, and how the public and private sectors can work together to improve the situation.
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Suburbs Outperform Cities as Renters Relocate: Report

Rent prices in urban city centers are down for the first time in a decade, according to a new report from Marcus & Millichap.
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Top 30 Multifamily Property Management Companies of 2020

The 2020 Top Property Management Firms Ranking utilized self-reported data for all firms.
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How Will the Pandemic Impact Future Apartments?

While millions of multifamily residents sheltered in place for months during the nation’s COVID-19-imposed shutdown, apartments became makeshift offices, classrooms, gyms and hospital rooms.
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6 Amenities That Will Attract New Renters During COVID-19

If you’ve got it, flaunt it.
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Green Living Still Factors High for Renters: AMLI Report

AMLI Residential’s fourth annual survey of its residents’ views on sustainable living found that green initiatives are a top priority.
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Class A Vacancies Rise and Rents Fall Amid Crisis

The new partnership will provide additional growth opportunities and exposure to a broader geographic footprint in the U.S.
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A Clearer Picture of the Affordability Crisis

A new report by Freddie Mac Multifamily brings fresh insights into the challenges faced by low-income renters.
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COVID-19’s Impact on Multifamily and Affordable Housing

The coronavirus has heightened inequality in the housing market, a crisis that the country will continue to experience even after the pandemic is over, says Lee Oller of Merchants Capital.
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AMLI’s Greg Mutz on Navigating Downturns

The co-founder, chairman & CEO discusses why this market upset is different, how his firm is faring and his outlook for multifamily going forward.
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