Multifamily Rents Drop, But COVID Impact Less Than Feared

This Yardi report was a nice reinforcement of what many are seeing in their multifamily portfolios during these COVID times: some slight decrease in collections, but overall not nearly the catastrophic impact that some feared. For PGP's portfolio, the impact has been even less of a deal: our collections are stable and rents are actually moving up as we continue to see strong leasing activity. From the article: Multifamily rent growth turned negative in the second quarter for the first time since the aftermath of the global financial crisis, Yardi Matrix reported Thursday. That being said, compared to Q2 GDP growth, which saw the steepest quarterly drop in some 80 years, Q2 apartment rent per

U.S. retail sales snap back; high unemployment, rising COVID-19 loom over recovery

It seems to us here at PGP that, as consumers get more comfortable living in a "phase 2" kind of world, activity is really picking up. Our tenants are reporting strong traffic in their locations and we are seeing good leasing activity. Many restaurants in particular are doing quite well with mainly curbside, takeout, and delivery options. The vacation towns on the coast have been packed. This short article on Reuters is confirming what we are seeing. Yes, there are risks around a resurgence, but we firmly believe that more mask wearing and common sense behaviors will start to slow the spread once again as we enter August and September - and perhaps we will see that slowing first in the "hot

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    Prudent Growth Partners, LLC  (2017)    1829 E. Franklin St, Suite 800-F, Chapel Hill, NC 27514  (919) 590-4119