For weeks we’ve been hearing predictions that the COVID-19 pandemic, along with the various national and local responses to it, would have widespread and devastating effects on our communities and the economy at large. I’m happy to report that the trends we’re observing at Entrata tell a story that is more hopeful than anyone predicted.
We’re seeing rent payment numbers that are higher than any of the forecasters of doom and gloom expected. Although a few regions are particularly hard-hit, across the nation average rent payment rates are aligned with month-to-month norms, and in a few instances they’re even better than the numbers a year ago. Residents are prioritizing rent payments and stimulus and unemployment programs are having positive impacts that are strongly reflected in multifamily results.
After six weeks of strict social distancing, we’re observing early indicators that leasing is poised to rebound as states and communities slowly and carefully reopen. In just the last two weeks, communities have more than made up for low numbers from late March and early April.
I for one am grateful to be associated with an industry that has tackled the challenges presented to us by this coronavirus with speed, flexibility, and compassion. Multifamily operators are communicating with their residents more than ever. They’re building flexibility into their processes, waiving and absorbing fees where it’s prudent, and establishing repayment agreements to help renters maintain their housing in uncertain times.
At Entrata, we’re proud to be able to facilitate these essential interactions with our software; keeping people connected while keeping them safe. We don’t know yet what the final impact of this pandemic will be or how or when it will finally end. But we do know that it will end. And in the meantime, our partners and colleagues have proven once again that they’ve got what it takes to get us through it together.