Multifamily Groups Form Initiative to Support Industry
- Oct 08, 2020
In light of the ongoing pandemic and the struggles facing the rental housing industry, four multifamily trade groups have teamed up to offer solutions, share resources and keep the sector running smoothly.
The Institute of Real Estate Management, the National Apartment Association, the National Multifamily Housing Council and the National Association of Residential Property Managers have joined forces to form the COVID-19 Rental Housing Support Initiative. Together, the new partnership will develop a comprehensive strategy to “ensure the long-term success of the industry” throughout the COVID-19 pandemic and the recovery period, according to a recent press release from NAA.
The initiative is being funded through a $1 million contribution from leading property management software provider Yardi.
“Yardi is pleased to contribute $1M to help the rental housing industry recover from the hardship caused by the COVID-19 pandemic and its economic fallout,” Yardi President & Founder Anant Yardi said in prepared remarks.
As part of the initiative, the groups will share knowledge, develop industry benchmarks, research new ways of operating and provide forward-thinking solutions to help both residents and multifamily owners, he added.
Multifamily groups have pushed for more federal rent relief measures for months, as the global health crisis continues to cause financial distress for renters across the country. Last month’s national eviction moratorium order from the CDC and the surprising halt to stimulus relief talks earlier this week have caused even more concern for those in the industry.
Recent research from several groups that study the industry has pointed to a potential ‘domino effect’ in the absence of major relief efforts. Figures from multiple reports have also indicated a downward trend in rent payment collections nationwide, as the pandemic enters its seventh month.
“Expanding our regulatory and legislative footprint in state and local governments so they understand the needs of the industry will be one key to success,” said NAA President & CEO Robert Pinnegar in a statement.