The first half of 2020 has proven to be one of the most volatile periods in recent memory. During the first two months of the year, the economy and the multifamily markets were performing quite well. Beginning in March, extreme levels of market disruption arrived suddenly and unexpectedly in the form of COVID-19, altering both the current landscape and the short-term outlook.
To this point in the cycle, the multifamily market has recorded fairly steady performance, particularly when compared to the economy as a whole. Unprecedented levels of volatility in the labor markets have not carried over directly to apartment property performance. Vacancies at the national level have been mostly steady, and rent collections are only trailing levels from one year ago by a few percentage points.