When will there be a vaccine for COVID-19?
How quickly will the unemployment rate drop?
What will rent collections look like?
Three critical questions the pandemic crisis is raising as we slide into summer.
While no one has definitive answers to any of them, we are hearing some positive data on the third one—where there certainly was concern as unemployment rates spiked.
Crain’s Detroit Business* reported that residential rent collections dropped just 2.8 percent in the first ten days of May—much lower than many anticipated. Area landlords we work with have added to that good news. One of our largest multi-family clients tells us that since the COVID closedowns began in mid-March, collections in his complexes have dropped less than 5 percent.
On the brokerage side, we’re also heartened to see that activity on our multi-family listings continues to be strong, even during the shutdown.
All this means that if you have a multi-family property in your portfolio that you’re ready to sell, be confident that we can find you a buyer. We’re here and ready to help!
