NAA and IREM, in partnership with CEL & Associates, Inc., have conducted monthly surveys since April, asking apartment owners and operators how COVID-19 has impacted the rental housing industry. The survey results are used in advocacy and public relations efforts to inform and educate policymakers and the general public on the impacts of COVID-19 on the vital rental housing industry.
The most recent survey was conducted July 20th through July 24th. We received responses from apartment owners and operators across the nation.
CARES Act-Notice to Vacate
92% of rental owners and operators find the CARES Act 30-day “notice to vacate” requirement conflicting, confusing, and /or complicated.
Evictions
Compared to 7% in June, only 5% of owners say that 11-20% of residents would be facing eviction if eviction moratoriums weren’t in place. The vast majority (92%) still believe it would be fewer than 10%.
Unemployment Benefits
More than a quarter of respondents expect that 11-20% of residents will be unable to pay rent if the $600 federal unemployment benefit expires.
Local Assistance Programs
Most owners indicated fewer than 10% of residents have used a local assistance program to pay rent.
Short-term Leases
20% of survey participants say that 11-20% of residents up for renewal have extended their leases to short-term or month-to-month since March.
Operating Expenses
Nearly 50% of owners and operators have experienced marginal increases in operating expenses.
Operator Sentiments
Compared to 17% in April, 23% of multifamily owners and operators anticipate it will take at least 1-2 years for operating metrics to return to pre-pandemic levels.
Please visit the COVID-19 Economic Impact and Industry Impact Reports page on the NAA website for previous survey results.
Participate Today
The final survey will be open from Monday, September 14th, 2020 through Friday, September 18th, 2020 at 5:00 p.m. PDT.
If you received an invitation directly from NAA and/or IREM to participate, please use the link in that email as it is useful for data tabulation.