Video Time: 2 minutes
Everyone is out there hunting for a good discount. There has been a lot of activity in the private client space of around $25 million and under. Those type of transactions are still happening and less discounted than expected. There has been a big pickup in refinancing activity.
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Video Time: 3:38 minutes
There is a bid-ask gap in the market right now as of June. Very few trades have been made post-COVID so it’s hard to get a range of pricing right now relative to pre-COVID values. How much of a value hit have properties taken?
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Video Time: 2 minutes
Everyone is out there hunting for a good discount. There has been a lot of activity in the private client space of around $25 million and under. Those type of transactions are still happening and less discounted than expected. There has been a big pickup in refinancing activity.
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Video Time: 5 minutes
What is going on as far as people putting properties on the market? There is no broad trend and it’s really a case by case basis. There is no large discount for getting into multifamily If consumers preferred renting to begin with and we are in a recession, the outlook for multifamily looks strong 3-5 years out. In the pandemic-driven recession people have been eating through resources and it makes it harder for people to buy single-family houses. Bibby: “multifamily has one of the strongest outlooks of any property sector aside from industrial.”
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Video Time: 5 minutes
Those that started projects in 2019 are proceeding but there has been a crunching halt on new construction at least for the next 60 days as of May. There are still plenty of questions out there as of May Most developers are holding back to see how this shakes out. Before we entered this pandemic we were seeing softness in the class A space with class B and C apartments seeing high demand. So there are a lot of questions surrounding the A space right now. We are seeing private investors step up right now because they can acquire properties they couldn’t before.
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Video Time: 2 minutes
Forbearance seems to have slowed down
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Video Time: 1:26 Minutes
Anyone that has a longer hold period is taking advantage of lower rates. On the flip side, some buyers are looking for flexibility. There’s not a lot of new loan products yet.
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Video Time: 6:30 minutes
Certain markets like Texas and others in the south are primed for quicker rebound. However, rental demand has still gone down even in markets that are reopened.
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Video Time: 3 minutes
Things were better than anticipated in April and May. Concern for the months ahead abounds. How long will it take for the jobs to come back?
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Video Time: 2 minutes
David Schwartz’s Waterton Multifamily Portfolio has seen similar numbers to NMHC. Enhanced unemployment benefits have allowed people to stay in their homes. If it is not renewed in July it could send ripples through the industry.
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Video Time: 1:50 minutes
Most of the discord has been coming from non-professionally managed rental properties.
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Video Time: 1:21
Many of the transactions that were in the pipeline and got delayed in March have come back. There has only been a moderate price reduction as of May in multifamily properties. Transaction volume has been way down from a typical market environment. There is a lot of concern for what will happen in August/September once unemployment benefits run out.
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Video Time: 2:28
Just under 81% of residents paid full or partial rent through the first 6 days of June. That compares with 81.6% in June of 2019 but ahead of May, which came in at 80.2% We have seen a slight erosion in asking rents in the class A space. There is a further separation between the class A space and the class B and C space. There will be continued stress in the class C properties, according to Doug Bibby. In April and May around 95% of rents were collected by the end of the month
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Video Time: 3 minutes
Doug Bibby discusses April through May rent tracking. Owner-operators reported that May numbers looked better than April. Many in the industry expected rent collections to be around 60% in May but they were around 80% at the recording of the webinar. (Compared to 81.7% in the first six days of May 2019).
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