The National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) appreciate President Biden’s prompt and well-intended action to address the ongoing financial struggle of our nation’s 40 million renters.
Printing the second most requested amenity for multifamily apartment residents
With a diversified portfolio of Class A multifamily across 10 downtown Chicago neighborhoods, Luxury Living Chicago Realty (LLCR) is uniquely positioned to provide valuable data on how leasing has been impacted by the COVID-19 crisis. In comparing year-over-year leasing data from the same 11-week period from mid-March to the end of May, the results yield a surprisingly positive outcome, resulting in 88% of year-over-year leasing velocity. Further analysis examines showings, pricing, and demographics in addition to how the pandemic is impacting leasing and the long term health of Chicago Class A multifamily.
Payment level represents a payment rate of 98.1 percent compared to May 1-6, 2019
Share of residents who paid in April increased by 5 percentage points compared to last week
Prior to the outbreak of the Coronavirus, industry fundamentals remained firm
Partners Capital Finance Inc. DBA Archway Fund and the principals of alternative investment manager Oakhurst Advisors have successfully completed a recapitalization of the Los Angeles-based direct portfolio bridge lender, which will now originate short-term commercial real estate debt under the new name Archway Capital.
The National Multifamily Housing Council (NMHC) found a 12-percentage point decrease in the share of apartment households that paid rent through April 5, in the first review of the effect of the COVID-19 outbreak on rent payments. The Tracker found 69 percent of households had paid their rent by April 5; this compares to 81 percent that had paid by March 5, 2020, and 82 percent that had paid by the same time last year.