Multifamily Owners Go Virtual to Get Leases Signed Amid COVID-19
"Virtual and augmented reality have been available for some time and had seen sporadic use, but the mass COVID-19 precipitated shutdowns nationwide have led to rapid adoption of the technologies by multifamily owners in order to get leases signed during the pandemic.
“Owners of apartment buildings across the U.S. are looking for new ways to have contactless touring… anything to decrease one-on-one touring,” says Georgianna Oliver, founder of Tour24, a technology company based in Medfield, Mass..."
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Five Opportunities For Multifamily Real Estate In A Post-Pandemic World
"The current pandemic and global response is a once-in-a-lifetime event that has affected all of our lives in significant ways. In addition to rapidly addressing the short-term implications, real estate leaders must begin to think strategically about the long-term implications of the event.
From my vantage point working with multifamily owners to anticipate changing resident demands, the following are five developments that I predict will accelerate in the future, post-pandemic age. Beneath each trend lies an opportunity for owners and operators to capture in the coming years..."
Coronavirus Moving More Multifamily Deals Off-Market
"Officials at Austin, Texas-based multifamily acquisitions and analytics firm Offerd say there appears to be a robust market for off-market deals for large rental properties developing in the wake of the coronavirus pandemic. The percentage of Americans living in rental property was at a 50-year high in the first quarter of 2020 as stay-at-home orders began to take hold across the nation."
Nearly 88 Percent of Renters Have Paid Rent This Month
"Across the U.S., 87.7 percent of renters have paid full or partial rent by May 13, according to just-released figures from the National Multifamily Housing Council’s rent payment tracker.
The report comes one day after the latest job figures showed 36.5 million Americans have filed for unemployment.
By comparison, during the same time period last year, 89.8 percent of renters paid full or partial rent payments by May 13, 2019. Last week’s report from NMHC, which gave the first look at May’s numbers, showed that 80.2 percent of renters had paid by May 6."
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