Our data indicates that for the week ending on April 22, traffic was down 55% nationally from the same time last year. However, it was up 21% on a week-over-week basis. Meanwhile, the average U.S. apartment community signed 2.1 leases during the seven days ending on April 22.
April Rent Wasn’t Down As Much As You Think
Many data outlets reported that 30% of renters were not able to pay rent in April, but a new report from LeaseLock shows a nominal decrease in payments in April compared to the first three months of the year. According to their data, payments in April were only down 5% compared to January through March for renters
Construction Delays Run Rampant in Multifamily
The Novel Coronavirus is wreaking havoc on the construction of multifamily communities. The challenges could exacerbate the already growing affordable housing crisis as the available supply of apartment housing will lag further behind demand after the pandemic eases.
Rent Payments Trending Down in Crisis
According to several reports released between April 1 and 6, rent payments have been trending downward by up to a third, compared with the same period in March and April 2019.
Engrain Acquires DeliverHere App, Extends Market Penetration
Engrain announced recently that it has acquired DeliverHere, an app that displays apartment property maps to assist delivery drivers and help improve their efficiency and save time. The acquisition will enable Engrain to add to its largest database of maps in the country while expanding its user base and client reach.
LMC Acquires Novel Stonewall Station Apartments
LMC has acquired Novel Stonewall Station, a luxury transit-oriented apartment community located in Uptown, one of Charlotte’s most sought-after rental submarkets. The transaction marks LMC’s first acquisition of an existing multifamily community.
CAPREIT Acquires Parkway Gardens Apartments
CAPREIT has acquired Parkway Gardens, a senior affordable apartment community located less than three miles east of Downtown St. Paul. CAPREIT will renovate the five-story community, which features 160 apartment homes and commuter-friendly access to the Twin Cities.
PetScreening and First Communities Management Announce Partnership
PetScreening announced it has partnered with First Communities Management to implement its platform at more than 53,000 apartment homes spanning over 200 communities. By partnering with PetScreening, First Communities is streamlining its pet processes and freeing its onsite teams from the burden of service and assistance animal verification.
Easing Restrictions On Pets Could Help 8.75 Million Pets Find Rental Homes
Non-profit organizations Michelson Found Animals Foundation and the Human Animal Bond Research Institute (HABRI) today announced the launch of the Pet-Inclusive Housing Initiative, a research and resource development initiative that promotes access to the joy of pets in every home.