Multifamily: Coronavirus Affecting Rent Collection, Plan Reviews
An online survey conducted by NAHB between April 3 and April 9 reveals that 90% of multifamily developers said the coronavirus has had an adverse effect on how long it takes to obtain a plan review for a typical multifamily building, and 88% said it has had an adverse effect on timely collection of rent payments.
The poll collected 49 responses from members of NAHB’s Multifamily Council, NAHB’s Affordable Housing Group and NAHB’s Multifamily Leadership Board.
The poll listed nine aspects of a multifamily developer’s business and asked if the coronavirus has so far had a major, minor or no adverse effect on each.
As the chart below shows, after plan review and rent collection, the most widespread problems are:
- Supply of n95 respirator face masks (86% of multifamily developers);
- Traffic of prospective buyers/renters (85%); and
- Costs related to renters’ health and safety (82%).
Delving deeper on rent collection, NAHB’s multifamily poll shows that 96% of multifamily developers reported that some portion of their tenants missed their last rent payment. The most common response (from 39% of developers) was that between 1% and 10% of tenants missed their last payment, but 18% said the missed-rent share was more than 30% percent. On average, 18% of tenants missed their last payment.
NAHB Senior Economist Paul Emrath provides more details in this Eye on Housing blog post.
Latest from NAHBNow
May 30, 2025
NAHB Members Provide Final Recommendations for New WOTUS RuleNAHB members concluded their participation in multiple “waters of the United States” (WOTUS) listening sessions with strong showings in Washington, D.C., and Salt Lake City. In total, 12 NAHB members and four staff members from NAHB and state home builder associations (HBAs), representing 11 states, provided oral statements at listening sessions.
May 30, 2025
Statement from NAHB Chairman Buddy Hughes on DOL Decision to Pause Job Corps Center OperationsNAHB Chairman Buddy Hughes issued the following statement after the Department of Labor announced it was pausing Job Corps center operations nationwide.
Latest Economic News
May 30, 2025
Multifamily Absorption Moves Lower for New ApartmentsThe percentage of new apartment units that were absorbed within three months after completion continued to trend lower, according to the Census Bureau’s latest release of the Survey of Market Absorption of New Multifamily Units (SOMA).
May 29, 2025
Treasury Yield Increase Drives Mortgage Rates Higher in MayMortgage rates continued their upward trend in May due to market volatility triggered by fiscal concerns and weaker U.S. Treasury demand. According to Freddie Mac, the average 30-year fixed-rate mortgage rose to 6.82% — a 9-basis-point (bps) increase from April. The 15-year fixed-rate mortgage increased by 5 bps to 5.95%.
May 28, 2025
Aging-in-Place Remodeling Work Fell While Familiarity and Receptiveness Remain HighOnly 56% of professional remodelers undertake projects designed to allow homeowners to Age-in-Place (AIP), according to results from NAHB’s Q1 2025 Remodeling Market Index (RMI) survey.