Nothing can compare to the crushing economic tsunami created by the coronavirus pandemic, but in the housing market specifically, there are some parallels to natural disasters.
Flooding resulting from Hurricane Harvey in Houston, Texas. Lessons learned from those devastating events are helping the industry cope now.
"The fact that we have gone through Harvey and other hurricanes, having to close our home office meant that the ability to work from home and provide service to residents was something we already had a blueprint for," said David Singelyn, CEO of American Homes 4 Rent. In the multifamily market, rent payments in mid-April were still made at 93% the rate of the previous month, according to the National Multifamily Housing Council.
Consumers are starting to receive checks from the government's stimulus program, but they may not be using that money to pay the rent. Less than half of U.S. adults plan to prioritize housing as an expense to continue paying during the coronavirus crisis, according to a survey conducted by The Harris Poll in April and commissioned by Tally, an automated debt management app. Groceries and utilities ranked higher on the priority list.
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