by Michael Leithead
This spring, due to the COVID-19 pandemic, the national unemployment rate reached a peak of 14.7 percent—the worst figure ever recorded in the 72 years that unemployment data has been tracked.
When stay-at-home orders were issued, millions of Americans lost their jobs overnight and are soon going to be unable to pay rent when extended unemployment benefits end. Millions more felt the brunt of lost wages. The surge in unemployment sent the multifamily industry scrambling for both immediate and long-term solutions. Despite the work of on-site teams to structure payment plans that help renters maintain residency, the loss of income has undeniably impacted operating budgets.
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